Inventory Tracking Solutions Move the Needle for Retailers

By December 11, 2019Asset Tracking, Blog, Use Case

 

At a time when the retail sector is being challenged to keep up with changes in the marketplace, the brands who are not only looking ahead but also inward are those who will fare best. Inventory tracking solutions help retailers meet consumer demands. That’s harder than ever today. In its 2019 Retail Outlook, accounting and professional services firm Deloitte confirms that today’s digital consumer “is increasingly connected, has more access to information, and expects businesses to react to all their needs and wants instantly.” At the same time, “the retail market is negotiating a change in the competitive structure of the industry. A myriad of newer, smaller, and tech-enabled competitors are stealing shares while players from other sectors are developing their retail platforms? The result? A marketplace in which more brands have exposure.” In short, any measures a retailer can take to ensure efficient operations and happy customers are well worth the investment.

 Inventory tracking can increase customer satisfaction

Before the Internet, if a customer didn’t have a good experience with a retailer, none of us would be any wiser. Today, however, all it takes is one disgruntled customer to create the potential for a crisis. An angry post or negative review can go viral in a matter of hours. While retailers can take the appropriate measures to address customers’ concerns quickly, peer recommendations carry significant weight. We put considerable stock in the opinions of friends, family members, and even stranger’s online reviews. And, let’s face it, negative reviews often capture our attention faster than positive ones. The more variables a retailer can control, the more likely they are to successfully manage operations and avoid dissatisfied customers and reputational damage.

Consider these eye-opening statistics:

  • 78% of customers have left an intended transaction because of a poor experience (source: American Express)
  • 48% of customers who had a negative experience told 10 or more people (source: Gartner)

Benefits of Easy Inventory Software

Inventory tracking solutions help retailers stock enough inventory to prevent outages. This discipline may sound easy, but it’s not. When every single customer is important to a retailer’s future, business owners must consider all sorts of variables, including seasonal shifts in demand, the lag time between inventory ordering and delivery, and the potential for unexpected events like weather-related delays. No retailer wants its inventory to languish on the shelves; that represents lost revenue. Inventory management is simply too complex for large retailers to manage without inventory tracking solutions. Thankfully, these platforms don’t have to be complicated to use, and their benefits are almost immediate, saving retailers significant time, money, and frustration.

Those benefits reach far beyond customer satisfaction. Inventory tracking solutions help reduce theft and loss, create an organized warehouse, and allow your employees to focus on other priorities.

Asset Panda’s free mobile inventory tracking solution syncs with the cloud and includes a built-in scanner so your employees can track and manage your inventory from any location. Completely customizable and intuitive, Asset Panda is simple to use, cost-effective to implement, and gives you the real-time data you need to make decisions about your inventory needs. To learn more about what Asset Panda can do for your business, or to learn more about our free 14-day trial, visit assetpanda.com

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