Retailers have a specific affinity for their inventory, which also makes up the central hub of their business. The practices and management techniques applied to this essential part of your business will have far reaching effects in terms of progress and profitability.
Segmentation is one of the ways inventory management can be made less problematic and more time-efficient. The traditional method of ciphers and spreadsheets was fraught with human error and costly setbacks. Today’s modern inventory management software solutions, like DataQlick for example, have some highly developed inventory control features that can provide a precision balance between your sales and stock levels.
The proper application of segmentation features will result in better stock and inventory efficiency and improved customer service. Following are some of the most common segmentation styles and how they are beneficial. Read over them and decide which would work best for your situation.
Brand Segmentation — If your business is a provider for a wide variety of products from different manufacturers brand segmentation may have some benefits for you. This segmentation process will provide insights into which brands are selling well and which are being left on shelves.
There is a good chance that a small minority of your products being sold is generating the vast majority of your profits. If this is the case, it would be great time to renegotiate your deals with suppliers. There’s a good chance to find better deals from different brands and suppliers.
Custom Segmentation — There is a wealth of insight and education on the products your business is processing and providing to be found in tracking these goods. The success of your ad campaigns and even the response your target demographic is giving specific products can also be tracked by placing special tags on elements of your stock.
Utilizing the all-encompassing benefits of cloud inventory managements systems, online marketers can access detailed data sheets on their tagged inventory.
General Segmentation — All you products can be segmented into type, as product parents or brands will give you a better way of interfacing with your varied inventory. Knowing exactly how your inventory is being selected, stored, processed and delivered will allow you to make important process adjustments that can result in better efficiency.
The benefits of streamlined inventory control and efficient data collection are too good to passed up by any business of any size. But, small business can’t be without these effective inventory software solutions that provide a competitive edge in the modern marketing world.