fbpx

Why Keeping Track of Stocks Is Integral for Digital Businesses

Products are the heart and soul of a business. The product stock changes frequently through the course of a business’s operation. Sales, new supplies, returns, rejected items, etc. all affect the stock of a business. In order to make operation seamless and provide the best service, it is very crucial to keep track of the stock in real-time.

Here are the key reasons you should keep track of your stock –

Never run out of the hottest selling items – fewer missed sales

When you keep accurate track of the most-selling items, you can easily predict when the existing stock will most likely run out and plan reorders accordingly. This way, you will always have the most demanded items in stock – never missing a sale!

Identify high-performance products – understand your customer base

Every business has a few hit items that sell the most. Instead of relying on your memory, keep track of the number of products sold and restocked. This will provide you with an accurate record of the highest selling products, which is a valuable insight. Some products on the list may even surprise you!

By knowing what your customers like the most, you will build an understanding of the ongoing trends and the general taste of your customer base. This will allow you to introduce new products that are very likely to be a hit amongst your customers. You can also discontinue unpopular items.

Identify high-performance categories and subcategories – better cash investment and efficient supply chain

Along with the high-performance products, it is also important to know the categories and subcategories that sell the most. This is another insight that you can find by keeping accurate stock of your inventory. It will allow you to invest your capital wisely by stocking the right quantity of each item – enough to meet the regular demand but not so much that the products stay in the inventory for ages. Slow-moving products cost a business in two ways –

  • By taking up inventory space that could have been occupied by fast-selling items instead
  • By becoming expired or unsellable over time

With insights on product categories, you can manage an efficient supply chain, where stock-outs happen rarely and slow-moving products don’t sit in the inventory for too long.

Locate products and categories for campaigns

Stock keeping will help in locating specific products and product categories for promotional campaigns. Suppose, you run a cosmetics and perfume business. With real-time stock keeping, you may notice that assorted sets of products sell more during the Christmas or Eid holidays – indicating that sets are a popular product type for gift giving. With this information, you can launch a campaign during the holidays for this product type; chances are this campaign will be very successful.

Similarly, you can also identify the time of the year when a particular product type loses its demand. From this information, you can plan discount promotions to drive up the sales of the specific product or category during the off-season. Important insights from stock keeping are the key to having successful campaigns.

Efficient reorder process

By accurate stock keeping, you will know how fast or slow each product sells. You can set up reorder schedules for different categories of products based on that. This will make the reorder process efficient because you will not face stockouts, and your warehouse space will be used more effectively.

Loss and theft reduction – identify problems quickly!

When you are keeping track of your stock in real-time, any product loss or theft can be identified quickly. Apart from this, any other errors can also be identified fairly quickly. For example, suppose a warehouse manager makes errors when categorizing and updating newly stocked items. Real-time stock-keeping will quickly point out that something is wrong. Otherwise, this error could have persisted for months, possibly causing more issues down the supply chain and disrupting operational efficiency.

Process more orders – time-saving

When you are aware of the current inventory of your business, the packing and shipping process runs more efficiently. This is because your employees will not have to spend time searching for stock-out products and managing orders related to those products. So, your business will end up processing more orders in the same amount of time.

Happier customers

Lastly – and most importantly – keeping accurate track of your inventory will allow you to provide the best service possible to your customers.

You will always have highly demanded items in stock. In case of product queries, you can check the current inventory and provide accurate information to your customers quickly. Incorrect product shipments can also be identified sooner if you regularly keep track of your stock.  Finally, with knowledge of current stock levels and upcoming supplies, you can make sales in advance to your customers. In short, your customers will receive prompt service and always find the products they want. This will result in greater customer satisfaction and loyalty, keeping you ahead of your competitors.

Ezassist – Your Companion in Keeping Stock

Ezassist has a products feature that will help you with keeping track of your inventory. You can add or update stock. The available stock will continue updating seamlessly as customers place orders, which makes real-time stock tracking a breeze. Lastly, the insights feature will show you the most popular items, which you can use to make stocking decisions. Try Ezassist today to get all the benefits explained above!

Leave a Comment

Your email address will not be published.