You may think that your business is getting along just fine without the use of an inventory management system. However, do you realize that a lack of properly managed inventory may be negatively affecting your customers?
On the flip side, when your company’s inventory is managed well and of-the-moment accurate, you have the power to create happiness in your customers. How can inventory management do that? By allowing the accuracy and flexibility to do the following things for your customers.
1- Give Them Accurate Inventory Information
Most everyone has experienced the disappointment that comes when you order a product online only to find out, after the fact, that your purchased product is actually out of stock and your order will be canceled.
Don’t let this happen to your customers! If you do, they will shop somewhere else.
With an inventory management system, you will always have the optimal number of items in stock so you will never run short.
2- Lower Product Prices
The less time stock sits on your shelves, the less it costs your business. When you take the time to think about how much it costs you to store your products, you may be surprised.
Is your stock time-sensitive, perishable, seasonal, or trendy? Are you stocking large items which take up a lot of space or items that tend to move slowly? These types of products are expensive to keep for an extended period of time so it’s important to stock only as much as necessary.
When you lower your own inventory storage costs, it empowers you to pass your savings on to your customers. This will make them very happy and retains their loyalty to your company.
3- Maintain a Short Fulfillment Time
Waiting is so passe! With an inventory management system, you can maintain a short fulfillment time, rendering patience a virtue of the past.
The ability to analyze required stock needs to account for product sales, limited quantity merchandise, and special orders will eliminate guesswork. Keeping items in stock and ready to fulfill in a moment’s notice will truly make your customer’s day.
4- Efficiently Arrange Returns and Exchanges
Returns happen but poor customer service is never justified. Keep your customers happy by processing return exchanges quickly and efficiently.
Having the ability to maintain inventory levels and costs that accurately reflect return rates will keep you happy as well!
5- Increase Overall Satisfaction
Customer service is king and that counts for customer orders as well. It takes a lot of effort and money to win over a customer, so once you do, you can’t afford to lose them due to inaccurate stock or shipping issues.
When it comes to managing your inventory, just winging it isn’t a viable option. There simply is no substitute for an efficient, well-managed system. Technologically advanced, automated, and cost-effective, an inventory management system will cut costs and increase satisfaction.