Businesses with dynamically changing portfolios require a flexible data management system and a real-time view of inventory. Both of them are essential for your business longevity and survival.
Catalog Machine allows you to create a centralized product catalog for all your needs, from online and PDF product presentation, tiered pricing, backed with the inventory management system. Today we will tell you how efficient inventory management helps to expand your business lifetime. And how a catalog creation becomes a perfect way to manage your data.
First things first, all you need to know about inventory management
There are multiple definitions of inventory management, as it varies from a company operation process. Generally, it refers to ordering, storing and using (selling) the company’s assets. Inventory could include finished products or raw materials and components, depending on the business and industry.However, the purpose is similar among all companies. Keep on the loop which products you have on hand, where those products are being sold, and when items are running low.
Why is it crucial to have the right number of items in your stock?
There are two ways of consequences if you estimate your inventory stock wrong.
- Shortage. A shortage of inventory means lower customer satisfaction, lower sales, and lower cash flow.
- Abundance. A large inventory carries the risk of spoilage, theft, damage, or shifts in demand.
If inventory management is not handled properly, it can result in a business either losing money on potential sales that can’t be filled or wasting money by stocking too much inventory. For this reason, inventory management is vital for a business of any size.
Are you in retail?
Inventory management is an essential part of a business in every industry. Meanwhile, if you are operating in the retail industry, inventory management importance starts to play the first fiddle. Just because without inventory, the retail business is useless.
Catalogs & Inventory management
A catalog combines all the inventory information you want to present or to know: wholesale and resale prices, product variants, description, image, etc. Taking this into account, a catalog could become not only a way to present to your customers up-to-date information and enable them to buy but also an effective data management system. One of Catalog Machine clients is working in the Art industry. It’s a medium-size retail company that are organizing pictures exhibitions. They told me that they need their catalogs for data management. One catalog is equal to one exhibition. So, they can keep on track in terms of sold out and presented pictures.
It is just one case of how the catalog could be used for effective inventory management. If you are planning to grow your business or at least stay in the game for a long time, we would recommend you to create a catalog with all your products included.
Why Catalog Machine for your catalog and inventory management?
- Organize your inventory. Keep all the inventory in one place. Easily create multiple catalogs. Put your products into categories and collections. Have different variants of one product (different colours, sizes, etc.)
- Become fast and flexible. Import product at one click using integration with Shopify, Etsy, Magneto, eBay, PrestaShop, WooCommerce, Zapier. Easily export your inventory. Create a catalog that will be presented on your website and ranked by Google.
- Facilitate online experience. Create on Online Store and Online Catalogs. Get notified when someone places an order.
- Scale your business. Capture and consolidate product data across all channels in real-time to serve catalog and inventory data, at scale, all the time.
- Improve performance and customer satisfaction. Automatically present to your customers only in-stock items. Enable them to order right from the catalog or online store.