Good e-commerce managers resolve their problems, while the best ones predict them.
There are certain challenges attached to an e-commerce website, and one of them is inventory management. You have responsibility for the flow of thousands of products and challenges appear even far beyond logistics. Out-Of-Stock ( OOS ) might not seem like such a consequential problem for many businesses because of no liquid losses, but that should not fool you. A study finds that 30% of customers feel that products being OOS hurts their shopping experience. Numbers add up even more when you take into account the negative feeling an OOS product triggers in people. There is a certain dissonance between being hyped for a product and finding a website selling it ( triggering expectation and anticipation ) and the disappointment generated by not being able to purchase it. That highly annoying contrast is what later creates negative reviews, bad customer sentiment, and high bounce rates. This also generates a halo effect that jeopardizes the credibility of your entire website. Users might, quite often, switch stores to buy the same product from another retailer because of this. They might even switch brands entirely, making any platform vulnerable to this challenge. It is not only about customers. E-Commerce Managers spend an inconvenient amount of time managing the inventory. The bigger the shop the bigger the problems. That’s valuable time that could have been used to upload new products, developing new strategies, and perfecting the customer experience.
Now we know the problem. What’s the solution?
A flow of thousands of products requires the latest technology to keep up with the responsibility. ClaroBI's stock prediction feature is the perfect solution to all of the problems discussed above. It automatically analyzes empyrical data from previous sales to create accurate predictions about future ordering levels and thus letting you know when your stocks will dry up. This helps every e-commerce manager stay 2 steps ahead of their inventory problems. A retailer that never runs out of stock and can always provide for the demand is a trust-worthy partner. ClaroBI accurately informs you about what products are out of stock, with low stock, and with good stock levels.
You can view detailed reports with several variables about every product in your store so you have a perfectly clear business overview. You get insights about your stock levels and you can also set up complex goals that translate into valuable KPIs for your business. ClaroBI provides an integrated Sell-Through feature where you can keep track of the sell-through rates of every product. This helps you know which items are worth buying from your manufacturer and which are not thus saving you money in the long-term. Stock prediction and management are the first steps every manager has to take to stimulate brand loyalty and customer retention because you ought to let people know they can always count on you and your products.
Stay with 2 steps ahead of your problems. Stay with ClaroBI.