Devoting time to find good, innovative products at great prices is crucial for sales growth and profitability. Verifying suppliers’ information can be frustrating. Automate your supply chain operations to spend less time integrating your suppliers, less time managing your inventory and more time marketing and growing your business.
Get your levels right
You don’t want your money tied up in slow-selling stock, and you don’t want to oversell your fast-selling items. Make sure that your physical products and your virtual products are always in stock. Understand how fast your inventory is moving, how much stock you have left, and when you need to re-order. Set up automated rules for re-ordering and purchase orders.
Get your feeds right
Make sure your supplier feeds – for physical or virtual inventory – are accurate and updated regularly. Get automated feeds where possible from your suppliers, rather than having to phone up, send emails or get information by other manual methods. Integrate your supplier feeds directly to give you a more efficient process, freeing you up to grow the business.
Create kits & bundles
When you put products together to create kits and bundles, you effectively create a new product and extend your range. As well as broadening your range, you’re also driving more sales and higher profitability, as well as delivering better value for your buyers who know that they can come back to you for more items since your range is so broad.
Know your metrics
Great reporting can give you a real insight into what’s happening across your inventory range. Analyse sales performance and stock levels by supplier, channels, regions and time periods to keep the well-performing items stocked and discontinue the poorly-performing ones. Get the information you need to manage your inventory, orders and suppliers.
Getting great at inventory breadth
When you get great at inventory breadth you can grow your revenues more effectively. Volo helps companies grow their sales and average order values through intelligent supplier sourcing and automating inventory management processes. Office consumables merchant The Ink Squid uses Volo to manage its inventory and saw its revenues jump 30-40% in 3-4 months.