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Inventory analysis software: making money-saving decisions

Alex Borg, Product Development Manager at Zendbox, shares how inventory analysis software can help your eCommerce business.

As an eCommerce store owner, it can be hard to have full oversight and control over your stock. Online retailers know this frustration all too well, and a lack of visibility can often lead to avoidable waste in terms of both products and money. However, inventory analysis software could be the solution that your business needs. Zendbox has created a new cloud-based tool, packed with features specifically designed for eCommerce retailers, providing access to in-depth analytics on a user-friendly system.

Here are five top reasons why an inventory analysis tool can help you make smarter business decisions whilst minimising waste: 

1. Facilitates efficient and speedy re-ordering from your suppliers

Regardless of whether you sell via one or multiple channels, important information is available about your stock in one place with inventory analysis software.

Its data-driven demand forecasting capabilities mean you can accurately pinpoint when to replenish stock and at what quantity. This promotes a closer relationship with your suppliers and speeds up the re-ordering process, which in turn, maximises sales.

You can also leverage replenishment recommendations to achieve the ideal stock level for each of your products to avoid overstocking and missing out on potential sales. This is crucial for attracting and retaining customers, whilst staying ahead of your competitors. 

2. Prevents overstocking so you can release and re-invest cash

Now that there’s a solution to that pesky problem of overstocking, your storage costs will be cheaper. Cash that would once be tied up in overstocked products can then be released. In turn, this will allow you to re-invest capital into other areas of your business to encourage continued growth.

3. Minimises waste

It can be extremely costly and time-consuming to keep track of when your perishable goods are soon to expire, particularly if you stock a range of products with different expiry dates. Inventory analysis software can automatically check product expiry dates so that you can take decisive action, such as running a promotional offer to clear this stock quickly. As a result, waste is minimised and your business will benefit from a boost in sales.

4. Informs your decisions on targeted promotions 

Software like the Inventory Analysis tool empowers online retailers to identify which products would benefit from targeted promotions.

For instance, you’ll want to run a marketing initiative on overstocked products before they chip away at your bottom line, which this software can highlight automatically. Similarly, it’s wise to carry out targeted promotions for your best-selling products to generate a higher rate of sales and ensure the greatest return on investment. 

5. Allows you to capitalise on popular products and emerging trends 

Ensuring that your most popular products are always available promotes customer retention and increases your chances of positive online reviews, which are crucial for eCommerce stores to stay competitive in the current landscape.

Inventory analysis software also signals emerging trends; all you need to do is order more stock to capitalise on this and elevate your profits. 

To find out more about how the Inventory Analysis tool can help your eCommerce store, visit the Zendbox website

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