Whether you’re a multichannel, e-commerce or bricks-and-mortar merchant, 2023 has so far been anything but plain sailing.
The cost-of-living crisis, sky-high inflation rates, supply chain pressures, war in Ukraine and ongoing digital transformation have all caused chaos in the retail sector, with online sales slowing to pre-pandemic levels according to experts.
Understandably, many brands are looking for ways to boost sales – and that’s where we can share some good news.
Inventory Planner helps businesses large and small maximize profit, adapt to market changes and save time with smart forecasting and reliable buying recommendations.
Here are three ways you can use it to increase your sales right now…
1. Focus on high-margin bestsellers
Do you know which of your products make you the most money? Are you clear on which SKUs are – or could be – your bestsellers?
Inventory Planner gives you granular-level insights across your entire inventory – even down to variant level. It notifies you if a product is selling like hot cakes (so you can order more) and it flags up slow moving inventory so you can liquidate it to free up cash to reinvest in more popular stock.
Inventory Planner’s advanced reporting gives you a simple way to zero in on exactly what customers want right now. Perhaps you already know that a product is popular, but maybe you don’t know that it only performs well in three of the six available colors, or perhaps two sizes are much more sought after than the rest. Inventory Planner shows you this data so you can get ruthless about what’s not working and focus your time and money on what is.
These advanced insights are proven to boost sales – especially in the current market, as $100M cosmetics brand Snow has discovered.
Trevor Martin, Snow’s Vice President Operations, says: “Inventory Planner is critical for helping us maximize sales. A few times it’s flagged up that I need to order more stock and, frankly speaking, I’ve doubted it. I’ve been like ‘what are you talking about Inventory Planner, I’ve got 60,000 units in stock!’.
“And then I do my analysis and sure enough, the software has spotted a trend and altered forecasting to account for it. That’s game-changing functionality.”
2. Make Informed Decisions with Real-time Data
The ever-evolving whims of modern shoppers, along with influencer culture and unpredictable supply mean it’s easy to get caught out by trends that emerge (sometimes literally) overnight, and miss the opportunity to cash in. That is, unless you have Inventory Planner.
Unlike other inventory planning tools, Inventory Planner takes into account seasonal spikes, location and channel-specific trends and even how new subscribers or influencer marketing might impact on your sales. Then it provides detailed reports and buying recommendations so you can make sure you never miss a sales opportunity by being understocked again!
Access to always up-to-date data has had a huge impact on sales for sports brand Cycology. Its founder and CEO Micael Tomchin says: “Inventory Planner shows us patterns and trends across our regions and warehouses.
“It gives me the clarity I need to confidently make truly informed inventory decisions. It helps me see which products might be slow moving so I can adjust my sales strategy accordingly.
“Our Inventory Planner subscription is one of the best investments we’ve made and it gives us a huge productivity boost.”
3. Utilize Expert Recommendations to Optimize Stock
Using spreadsheets or other manual methods to forecast sales and work out what to buy is renowned for being tedious and fraught with costly errors – yep, even if you know your way around Excel like the back of your hand. All too often it results in excess stock or stockouts – both of which are cashflow killers that can put your business at risk.
Inventory Planner is different. It accurately forecasts demand, based on your sales data along with supplier lead time and your stock cover days, then it analyzes the data and translates it into easy-to-understand buying recommendations for every variant, across every location and every sales channel.
Having forecasting data you can count on is key for boosting sales and customers have achieved tangible, impressive results – including online furniture brand FurnitureBox.
The brand’s Head of E-Commerce, James Ewens, says: “Our sales revenue has jumped by around 20% as a direct result of using Inventory Planner, which is a huge sum of money!
“It analyzes your data and gives you sales forecasting and buying recommendations that you can actually trust. It’s incredible.”
How Inventory Planning Software Can Help You Boost Your Profit
Inventory planning tools help businesses keep track of stock, stay on top of orders, and easily forecast demand. They automate the whole process, ensuring you have the right amount of stock without the guesswork. Some cool features include:
- A single platform to track product quantities
- Simplified purchase order management
- Automatic reordering to keep stock levels in check
- Smoother operations overall
- Fewer errors and a better workflow
Using inventory planning software tools makes everything run smoother by giving you real-time data to make smarter decisions. It cuts down on manual tasks, boosts accuracy, and helps you forecast demand more accurately. This software is a game-changer if you want to save time, reduce stress, and keep your stock levels just right. No more overstocking or stockouts—just better control and more profit for your business!
Use inventory planning, take control, and watch your sales grow
To wrap it up, effective inventory planning is a game changer for your business. With the right software and strategies, you can optimize stock levels, forecast demand, and avoid costly mistakes. The best part? You’ll save time, reduce errors, and increase efficiency while boosting your sales and profits. So, why wait? Start planning smarter, not harder, and watch your business thrive!
FAQs
- What is the most common inventory management software?
Popular inventory management software includes solutions like TradeGecko, NetSuite, and Zoho Inventory. These tools help businesses track, manage, and optimize their stock efficiently in real-time. - Can I use Excel for inventory management?
While Excel can be used for essential inventory management, it’s limited compared to dedicated inventory management software. For larger businesses, using specialized software offers better automation and accuracy. - Is there a free inventory management software?
Some free inventory management software options are available, such as Zoho Inventory’s free plan and Sortly. These tools offer essential features for small businesses or startups with limited needs.
Book your free demo to find out more about how Inventory Planner can boost your sales.
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