Most retailers sell through multiple sales channels, where stock control systems are essential. Updating stock data on these channels is usually a mandatory part of doing business with them, but the efficiency of these systems has massive implications for rankings and, therefore, sales through these channels.
Problems with stock control management can lead to oversold positions, which result in cancelled orders, poor reviews, and actions by selling platforms that damage product rankings and sales for months to follow.
This is especially true in peak sales periods such as Christmas and Sales events where order volumes increase and stock control management becomes much more stressful. Integrating stock control feed with the sales channels API provides the solution, so sales through one channel immediately alter the stock control management system on all other channels. Customers see the actual stock figures and can make their decisions accordingly. With the stock control system preventing overselling and the associated dangers, rankings and sales positions are preserved.
Stock control and sales channel profitability
Maximising profitability through sales channels is always challenging with high sales costs and a highly competitive market. All retailers know that not all sales channels are equal, with wide variations in cost of sales and expected volumes. This is where a more sophisticated stock control management system can assist. When stocks are high and the business is all about shifting volume sales through all channels, all is well. However when stocks begin to dwindle a different approach to stock control management can come into play. Using a rules-based system, an efficient stock control management system can cease allocating product to sales channels where margins are under maximum pressure. By restricting availability through these channels, the stock control management can automatically ensure continued availability through the most profitable channels.
Stock control – visibility to competitors
Having your stock control management system make the data available to all sales channels initially sounds great, but is showing your stock control to competitors such a good idea? What if they respond to your stock control management with reactive prices? Lowering prices to diminish your sales and profitability on items where you are overstocked, and increasing their prices on items that you can see are in short supply. To enhance their profitability at your expense? Stock control management systems showing stock levels up to a maximum number can solve this problem, leaving customers with adequate stock control numbers, which still give an incentive to purchase now, but don’t communicate these figures to competitors.
Expected stock availability
For items in short supply, fully integrated stock control management can create advance orders based on the expected availability of products on purchase orders. As soon as expected delivery dates are entered against purchase orders, a stock control management system can publish this data to create forward customer orders. This use of stock control systems can help retain listing positions on sales channels, with the benefit that these forward orders can be dispatched by the stock control management system as soon as the product arrives.
Cyrane Order Management Systems Key Features
- Integrate with multiple e-commerce channels, including Amazon and eBay
- Instant stock allocation to prevent overselling, as well as keeping a close eye on stock status
- Tailored for telesales and customer service teams
- Integrated Retail App to allow for retail sales and payment processing on the shop floor, at an event or at an exhibition
Businesses implementing a Stock Control Management System enjoy improved cash flow, reduced holding costs, and better customer satisfaction.
Cyrane can offer you all of the above and so much more! Contact us today to get a system in place ahead of the summer shopping sprees!