While dealing with the eCommerce industry, it is essential that your product must be available there 24×7 to meet the demands of your customers. It is one of the challenging factors of the eCommerce business. Managing location-wise product availability is not that easy; it requires standard inventory management on a regular basis. As a brand, if your business is expanded all over the country and you are selling your products at almost every location in India, then it can be stressful for you to manage the availability of your products at every location. As much as your business will expand, you must take care of product availability and inventory.
Availability is the crucial aspect of our new eCommerce strategy called SCRAP. Having adequate products at the right amount in the right location is imperative to running your online business successfully. Believe it or not, the success of your brand also depends on how well you manage your stocks, especially location-wise stocks. If you cannot do it, it can terribly affect your business in terms of customer satisfaction and revenue generation. Just a little missed management of stock availability can ruin the entire effort you have implicated in your online brand establishment. In this blog, we have covered the significance of hyper-local analytics.
Five Main Advantages of Hyperlocal Fulfillment Analytics
Handling the location-wise product availability is essential in terms of trust-building. To gain the trust of your customers, it is crucial to keep a check on location-wise product availability. If your Products are not available for the customers at the time of making a purchase, it will automatically impact their trust in your brand. They can even move to your competitors to buy the same product. However, with the help of stock analytics software for eCommerce, such as etraKY BS, you can handle this most critical aspect of the eCommerce business as they provide synchronized information identifying your conversion and fill rates of that particular location.
Helps Track Your Stock Availability Regularly
It is not that easy to track your stocks regularly. You just can not count it on your fingers, as manual tracking involves the chances of errors. The manual process of stock tracking can impact the measure of order receiving and order fulfillment. Several products that are damaged but do not get removed from the stock can also lead to significant errors in your counts. The happening of these types of errors at multiple locations can leave you with an inaccurate inventory count. To ensure stock availability on a regular basis without any error, you need to take the help of stock analytics software for eCommerce. With the help of such software, you can effortlessly manage your inventory under one single panel. It provides visibility of handling the stocks for various channels at multiple locations. In such a way, you can easily handle stock availability or product availability at various locations.
Application of Hyperlocal Fulfillment Concept
It is a brand new concept in the eCommerce industry. The eCommerce platforms have moved to a hyper-local fulfillment model. Hence brands need to get actionable insights at a pin code level. It is an ultimate beneficial concept that is emerging as a therapy for the challenges that make order fulfillment more complex in terms of managing the stocks. This concept relies on various fulfillment centers located in various urban locations in India. It can be either downtown or close to the core to stock and ship out products for your eCommerce orders. Bringing the product closer to the customers’ locations and then dispatching them is an excellent way to fulfill the orders faster without facing the situation of Oos (Out-of-stock). To take advantage of hyperlocal fulfillment service, you can get along with etraKY BS, as it provides information on stocks from various pin codes.
Adoption of Stock Analytics
Stock or inventory analytics is another effective way to handle the location-wise product availability for brands. In making vital decisions about your online brand, you require high-quality data in real-time. It generally applies to all aspects of your business, including stock availability. Powerful data can help you understand the upcoming trends and demands of the market and your valuable customers. To adopt the stock analytics, you need to integrate your system with robust cloud-based Stock Track Reports software such as etraKY BS. Via this software, you can access stock analytics that can help you take real-time actions, forecast upcoming demands, and help you in making the right decisions regarding your stock.
Smooth Integration with Your Suppliers
Undoubtedly, handling location-wise product availability can be challenging for you. However, integrating with your suppliers can make managing an accurate stock level based on various locations effortless. It allows you to view the essential information about available stock, price, and backorders. It can make the order fulfillment process much easier and more efficient for you and can also minimize the risk of stock-out situations. Integrating with your suppliers also ensures that they have specific products available in their stock whenever you need them. Your suppliers can also view the drop level of your stocks, and they can send you the right amount of stock you require. However, this is also a brand new process but highly beneficial to online businesses.
Easy Backup of Your Stock Data
Backup of your stock data or inventory data can also help you in the future in handling location-wise product availability. Losing your stock data from various locations can destroy your eCommerce business. It may take time to recover those crucial data, and in the meantime, you can lose various orders. It can impact the overall performance of your online business, so you must prevent your brand from these losses. A stock analytics software for an eCommerce business can help you in this situation. Using such software, you can keep your essential data safe and use it per your business requirements.
Thus, these vital advantages may help you in handling location-wise product availability. By following these above-mentioned tips you can never miss out on any of your customers. If you want to expand your business to the next level, you must get along with stock availability software such as etraKY BS. It can help you immensely in handling stock availability from various locations at a pin code level. It can effectively and accurately streamline all your eCommerce operations. Being an online brand, you can face several consequences in lack of poor stock management. That is why it is essential to power up your brand now by taking the help of such robust software available in the market. So, what are you waiting for? It’s now or never; take a stand and make your brand as powerful as it ever was.