E-commerce companies such as Amazon are setting a high bar for the industry. They not only carry an extremely large and varied amount of products they can deliver in just one-day’s time, they also carry it in bulk.
Unfortunately, the majority of e-commerce businesses are not capable of that. But while you may not be able to always have everything in stock at a moment’s notice, you should at least know what products you can offer and when. Product information management (PIM) software provides companies a clear view of overall product data, including inventory.
So, how does a PIM software keep your entire team abreast of out-of-stock inventory?
One entry goes to the whole team
When you’re using a PIM software, you’re using just one centralized interface. When it comes to keeping up with out-of-stock inventory, this is particularly helpful because everyone from the warehouses to the logistics team to suppliers will be notified when a product is out of stock, without you having to enter the information into multiple systems. Everyone will have the same information, never contradicting each other. This way, you won’t be promising items you don’t have.
One entry goes to every channel
To compete in today’s retail market space, you most likely offer your products through multiple channels: mobile, web, in-person, etc. PIM software is a great resource when you have multiple teams. You don’t want to be offering an out-of-stock item on any channel because you forgot to record it on one of your many channels. Your PIM software will let you record it once so the information is stored in the database of all of your retail channels.
Communication with your supplier is strengthened
You cannot control your supplier…until now. Your communication with your supplier plays a huge factor in if you are able to accurately communicate or even be aware of out-of-stock products. Your PIM software will keep a record of your supplier’s contact information, their locations, their delivery deadlines, inventory transfers and more. Know if and when you’ll get your stock at all times.
While you may never be able to compete with the amount of products that Amazon offers and the speed at which the company delivers them, you can still run a solid retail business by knowing what you have and how long it will take you to restock it. Additionally, you’ll be able to communicate this with your customers, including in-store, web and mobile customers. PIM software keeps you up to date on all of your product information, from one central location, including the ever-important amount of inventory you have and if you’re out of stock.
If you’re looking to keep better track of your products, keep your team actively communicating or simply want to know what you have and when you will have it, consider utilizing a PIM software at your business.