Out of Stock or Stock Analysis is a situation that takes place at a time when demand rises with the decline in the supply of the product. Generally, there is a huge rise in sales in the marketplace at the time of festival seasons or so. Here, considering online brands, it gets difficult to build a good mechanism of stock management. If the management is not effective, it may badly affect the organizational goal. However, there are few parameters through which healthy inventory management can be performed.
The shortage of inventory is a huge deal of loss for any brand operating in an online business. If the customer wants to buy products from the digital store, there is always disappointment from the brands’ side showing it “Out of Stock”. So, what can be done to rectify the upcoming scarcity of inventory and provide it a quick solution for meeting the market’s pressure of demand?
Let us first understand the setbacks of ill management of inventory or stocks?
Tag Stock Alerts
Define your Rules
Going Out of Stock
When any product faces unavailability at the time of purchase, the demand for that particular product automatically goes low. This eventually gives a wrong impact on the sales performance of the brand. In addition, online customers’ behavior is very dynamic. They may not look for the same product again in your brand outlet to buy it. This creates a need to always assure your products are visible and available for customers to make purchases. In this aspect, etraKY BS works for building a better mechanism by having a check on a real-time basis about the sale rate and recurring demands for the future.
When customers rely on your brands for a certain product, they count on you. But the situation of OOS (Out of Stock) creates a partial trust between you and the customers. This may create a struggle for you in building more customers. As digital platforms include a feedback feature, this brings an image of your brands in front of the targeted customers in the wrong way. Finally, it hampers the product’s reviews or sentiments. This needs to be considered with the quick action that etraKY performs for brands. We ensure to build a good control over inventory or stock management that does not let your customers face any inconvenience for your brand’s product.
Customers looking to purchase products from your brand may not choose to waste their time again and again with you when you often go OOS. This is why sometimes, the e-commerce industry is very alert on not losing a single customer. Since we operate in an oligopoly market, customers are flooded with options for a particular product. Here, a brand needs to put effort into behaving extraordinarily as this is a subject of concern for each brand. etraKY understands the importance of it and builds a tracking record of your inventory on a real-time basis to give you a healthy space to compete effectively.
Many brands lose better deals because of ill management or poor management of inventory. Lack of systematic surveillance would result in bad ways, therefore, etraKY BS makes it easier and simpler for you to always have a check on the marketing activities of your products and sellers. When organizations do not plan things like meeting demands, optimization of stock management, reducing inventory waste, etc become the reason for OOS.
Listing Quality has to do a lot with the product performance. If there would be no rectification and solution of the related issues of the product’s name, description, image, etc customers may not get attracted to make a purchase. Therefore, to let you be on the buy button, etraKY BS assures brands with a report on issues related to these subjects. That helps you improve your selling rate and compete at par with other brands existing in the marketplace with popular keywords and fill the listing gaps.
As every brand has some authorized sellers to deal with their product on e-commerce, there needs to be discipline and control over authorized sellers for sale. Unknowingly, e-commerce platforms sometimes allow unauthorized sellers to operate for a brand without the brand’s consent. etraKY, hereby, follows a cloud-based mechanism to track your unallowed sellers who are selling your products under your nose and notify you right away in this regard. This hijack is necessary because of the following reasons:
- Inappropriate Invoice Creation
- Lower Price Offering
- Impact on Brand’s Goodwill
etraKY BS is a software that tracks the level of product about how much the product is currently available, how much is needed, and how much inventory must be procured looking upon the future scenario. That is to maintain the systematic and organized method of stock monitoring. Details like these play a significant role in maintaining the required level of stock for deals in eCommerce.
etraKY BS looks after the customer response over a product to make a better analysis to support marketing strategies. With this, it is easy to understand the market and the current trend. Customer reports play a crucial role in the strategy making and increase of sales through better and innovative promotional ways for attracting customers.
etraKY BS provides an analytical report on orders returned from the customers’ side. This covers the older time and current time drop-offs of the product details to transparently dig out the demand and supply and plan accordingly for the market. Also, we include courier returns in this report. Analyzing returned orders helps in better management of inventory because it provides feedback related to your products from customers’ perspectives. Including this, brands can resale the return products which are good in condition as inventory add-on.
etraKY BS is a cloud-based architecture that focuses on increasing the flexibility of the brands and works towards it. As a tool, we track your problems related to stock availability and send you a report on a real-time basis . This mechanism works globally where we provide you accurate and instant solutions to all the e-commerce related issues to the brands for betterment. We help you determine the behavior of the market, customers and competitors to make efficient and effective decisions. So, if you are a brand facing the same problem and want to solve this, join us with just one click to get rid of these hustles.