The use of automated inventory management systems for eCommerce has become a critically important part of operating a successful business. Low or mismanaged stock not only stops you from making sales but also affects your reputation and conversion rates. This can drop your average order value and ultimately hurt your bottom line.
eCommerce inventory management is a key business process that ensures businesses can maintain supply, address consumer demand, and keep track of their inventory. In today’s fast-paced world of eCommerce, automation has taken on a dominant role in optimizing business processes–especially when it comes to inventory.
And yet, a staggering 46% of small businesses do not track their inventory at all or do so manually. This leads to lapses in the supply chain, and when this happens, you open the door to bad customer experiences. This will definitely hurt your business, as 91% of customers ditch a brand after experiencing poor service.
Traditional inventory models are costly and they fail to provide up-to-date information. Companies need to be efficient in managing their assets; therefore, eCommerce platforms can use multiple methods including ERP-based inventory management and the use of stock alerts services to manage inventory smartly and cost-effectively.
With inventory management software, like Smart Merchandiser, you can get your business on track, fast. With a feature-rich interface, you can build an eCommerce website that effectively captures your target audience. With Smart Merchandiser, you can also set up stock alerts to help you inform your customers of the status of your current product offerings.
What Are Stock Alerts?
When it comes to eCommerce platforms, keeping track of your stock is one of the most crucial processes if your business is to grow. Stock alerts are a vital part of this process. Brands that have a multichannel sales approach and multiple outlets would benefit the most from using stock alerts.
Also known as inventory alerts, stock alerts allow you to notify your team if there are any major changes in your inventory levels. You can also set up notifications for bulk orders, slow-moving stock, and incoming stock.
The type of alerts you should set is totally dependent on your products and services. You can customize stock alerts however you want. The takeaway here is that stock alerts will greatly improve your eCommerce inventory management strategy and help you to better connect with your customers.
Why Are Stock Alerts Important?
Trillions of dollars are lost each year because of mismanaged inventory. With stock alerts, you can maximize the use of your storage space and reduce holding costs–positively impacting business revenue. Additionally, stock alerts can help you predict the popularity of a product before it even gets launched to the public. This can help you make key business decisions in terms of the types of products to carry.
Stock Alerts Create Demand and Urgency
By using stock alerts in your eCommerce inventory management strategy, notifications for low stock or fast-moving items can create a sense of FOMO–fear of missing out. This will impact customers’ purchasing decisions, with the possibility of losing out driving them to close deals quicker.
A key offering of Smart Merchandiser is its Low Inventory Alert feature. With this tool, you can send emails to users about products that are low or out of stock. To make it more intuitive and interactive, the email will contain images of your product or service, the name, and the item number.
On the Smart Merchandiser interface itself, you can set a threshold for visual trigger alerts for each product, warning when inventory is getting low (orange bar) or is completely out (red bar). The result? Merchandisers can take appropriate action and customers have improved shopping experiences.
With Smart Merchandiser’s Core Size Low Inventory Alert feature, you can fire off emails to customers when the core sizes of certain products are low. These alerts will also contain product images, names, and item numbers. Smart Merchandiser also displays how much inventory is available for each color so you can make adjustments to your online storefront as needed.
Back In Stock Alerts Show Buyer Demand and Intent
When it comes to eCommerce sales, it is critical to keep your finger on the pulse of your consumers. Back-in-stock alerts are the perfect way for business owners to gain insight on product demand and customer intent, offering them fresh perspectives using data.
This is particularly important for eCommerce businesses that deal with fashion. With back-in-stock alerts, you would see how fast customers would purchase a certain item, and you will also see which items are fast- or slow-moving. This eCommerce inventory management strategy helps brands reel more customers in and build anticipation for their products.
Smart Merchandiser’s Back In Stock Alert tool sends emails to customers to notify them which products are back in stock. These emails feature product images, the product name, and the item number which help consumers make more informed purchasing decisions. By automating back-in-stock alerts, shoppers who find something out of stock can simply activate the notification. When the item is back in stock, they’re notified. As a result, you’re less likely to miss out on a sale.
Leverage Smart Solutions with Smart Merchandiser
When it comes to eCommerce inventory management, businesses must optimize their processes by utilizing smart solutions. Stock alerts can help business owners gain deeper insight into their customers’ behavior and preferences, and can also be useful for building stronger, deeper, and enduring customer relationships.
Smart Merchandiser can help your business set up the stock alerts you need to connect with your customers. With these stock alerts, your customers can learn more about your current product offerings and adjust their purchasing decisions accordingly. Optimize the way you manage your eCommerce inventory–schedule a Smart Merchandiser demo today!