Expanding what you offer is usually a good way to not only provide better service for your existing customers, but also to attract new people to your website or store. The trick, of course, is in choosing the right products that fit with what your customers want and the image you want for your business.
Business Intelligence systems can help make this decision easier. Companies that have an integrated BI system able to pull data from inventory, sales and purchasing can track inventory flow to identify products that flew off the shelves as opposed to those that wound up taking space longer than they should have. Normally, this information is used to improve inventory management but it can also be used to enhance your product line.
Understanding what already piques the interest of customers can easily give your company insight and ideas on related products either through the same vendors or by branching out. It can also help you to identify vendors who go above and beyond to ensure shipments arrive on time, in good condition and with their support so that you know the true cost of your inventory. This, in turn, gives you a clearer idea on what your real profits are and where to invest time and resources when it comes to expansion.
Using Business intelligence in this way adds a whole new dimension to your strategic planning for purchasing and marketing, helping your company grow and diversify seamlessly. Ultimately this can improve your reputation with customers, relationships with vendors and your bottom line.
