Peer Proven Results For Leveraging Your Inventory ROI
As we continually adapt to how we conduct commerce, the same old performance improvement questions arise. Most often, the questions about enterprise improvement revolve around two consistent areas; people and product.
The typical focus is on the sales team’s use of digital tools, but we’re switching it up. The spotlight is on the other side of the equation, products. Specifically, maximizing inventory views and the increased ROI available with the digital tools you have.
We are not going to beat the usual topics up; there is no sense in that. The goal is to introduce an easy method to help you leverage your inventory investment, and with the same techniques, you can test out new products and trends before committing to the goods.
Businesses that inventory and sell products to clients, often ask, “How do we increase our inventory turns?”
When you hear the word inventory, a few different scenarios fill your mind. Some will think “Control” when they hear inventory. Others may feel they have too much or too little of it. One verifiable truth about inventory is the bottom line: it is dollars invested in an item that sits on racking, waiting to turn into profits.
Merchandising The Client Journey:
The DNA of the shopper has not evolved much over the decades. What has continually changed is how they shop. Well over 95% of all purchases begin online, meaning the idea and function of “window shopping” can morph from discovery to purchase with the click of a button. Now you have the power to influence what your client can see in your curated digital showroom.
The foundational standard for your business is a properly structured digital catalog that is content-rich, providing accurate and up-to-date information.
As a prospect or customer begins to dig into your product offerings, what do you want them they see first?
You may agree with me and want the client to see your in-stock products first. The ones you have an investment in. Additionally, you can highlight the vendors who are your best partners—being able to decide and direct what products to show first to test new styles or products in your market before deciding to put them in stock. All it takes is a quick product edit and a simple “smarketing” process.
Most of the competition will leave product search to chance. Clients are often presented with a collection of products based on how the category is set up. Then based on the client-applied filters, the items displayed are pared down but still left to chance.
Now let’s explain how to leverage your inventory over the competition and maximize your ROI using these tools from Bravo Business Media.
Profit From Process:
As I mentioned above, a digital catalog is a shore point of the foundation bridging digital commerce with brick and mortar businesses. Merchandising the way your products are presented is advantageous and is accomplished in two ways:
Display Overrides:
Display override is a feature that puts you in control of your Bravo Business Media “storefront.” Based on your business rules, you can manually override the calculations used to determine the order that products are displayed. This empowers you to present the items you want to be shown to the prospect first.
Another benefit when applying this process is the focus. When the client or the internal team uses the catalog, they are directed to the categories deemed; “first sell priorities.”
The function is as simple as entering a number. Now you control the order of the way your items are displayed in the search results of the product catalog.
Customized Visual Indicators:
Like signage hanging on a display or in the aisle of a store, customized graphics (or “flags” as many call them) can be a significant sales and marketing tool as it applies to your digital catalog and website because they are part of the navigated search. These graphics can be applied to any product and managed simply.
When maximizing the ROI on your inventory, combining a custom flag labeled “in stock” or “featured” with a search here first “sales process” maximizes the views of stocked goods.
