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What is Inventory in your eCommerce store? How to apply it to your Merchandising strategy?

Shane
|
April 1, 2023
|
Min read

There have been so many articles on the web about how to increase online sales or how to boost your eCommerce revenue but only a few talk about an important element that will determine the success or failure of your store -- your inventory.Your products that make up your online store's inventory are at the core of any eCommerce merchandising or marketing strategy you may adopt. Having the right inventory at the right time is equal to meeting consumer demand and increasing eCommerce sales. Not doing so may diminish any competitive advantage that your online store may have gained through eCommerce merchandising and marketing strategies.This is where the importance of merchandising with inventory consideration steps in. The secret to getting this right is tapping into the data along with dynamic merchandising solutions like Tagalys. Let's learn more!

eCommerce reports

What is Inventory in eCommerce?

The term "inventory" is the total amount of goods or services you offer to your consumers and potential consumers for sale online. In layman's terms, inventory is the total number of products that you have at any given time to sell on your eCommerce store. For example, clothes, jewelry, food, household items, gadgets, etc.

Why is Inventory Management or Planning a crucial element for higher profitability? What are the merits & demerits?

Optimal inventory facilitates sales. If you plan your inventory well, you can boost your profits. These are the merits that highlight how important inventory planning is for your eCommerce store:

  • Prevent/reduce out of stock products.
  • Make more people purchase by decreasing the bounce rate through such out of stock products.
  • Increase the conversion rate in the long run by always being prepared for consumer demand
  • Fulfill your orders faster.

But if you do not have optimal inventory planning, you face these demerits:

  • Ineffective marketing campaigns, when the landing page leads to an out-of-stock product.
  • High bounce rate leading to an increase in cost per acquisition.
  • Affects your brand value in the long run.

How to use Inventory data in your eCommerce Merchandising strategy?

If your merchandising strategy was a race car, data will be its nitro boost. There are multiple ways in which you can use inventory data for your merchandising strategies. Here are the three most important ways:

  1. To promote high-inventory products along with your bestselling products to prevent longer stocking times.
  2. To filter out low-inventory products at the time of product promotions or marketing campaigns. Product demotion is also necessary for your eCommerce store.
  3. To create customized product listings for 'Clearances' / 'Sales'
eCommerce reports

Getting actionable insights from Tagalys reports

Tagalys' reports can help gain insights by deciphering traffic and consumer behavior.Vital questions for inventory planning that Tagalys' reports can help with:

  • What to order? You'll know what products are working well.
  • How much to order? You'll know the bestselling products and when to order extra quantity.
  • When to order? Know your buyer behaviors and predict your next order.
eCommerce reports

Tagalys allows you to create customized and dynamic landing pages so you can choose what products from your inventory you want to highlight. Tagalys' solutions also offer an array of reports like product segment reports, tag reports, listing page reports, etc. that offer invaluable insights to help you plan your inventory better.And there's more! Learn about how our intuitive merchandising solutions for your eCommerce store can improve your collections/categories, site search, and offer product recommendations.References:

  1. https://www.freepik.com/free-vector/spreadsheets-concept-illustration_6450135.htm#page=1&query=inventory&position=1
  2. https://www.freepik.com/free-vector/data-report-illustration-concept_6195527.htm
  3. https://www.freepik.com/free-vector/site-stats-concept-illustration_7140739.htm
  4. https://medium.com/analytics-and-data/optimal-inventory-quantity-for-e-commerce-websites-559675f160d6
  5. https://exponea.com/blog/top-5-e-commerce-inventory-management-techniques-2-better-ones/

The Evolution of KYC

KYC is a fundamental regulatory requirement aimed at preventing money laundering, fraud, and identity theft. Historically, KYC involved manual verification processes that required customers to submit physical documents, leading to delays and potential errors. The advent of digital KYC has transformed this space, enabling faster, more accurate, and seamless verification processes.

Image courtesy of Vlada Karpovich via Pexels

Vision and Approach

Neokred is at the forefront of this digital transformation, offering cutting-edge solutions that simplify and streamline KYC procedures. Their approach is rooted in leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain to create a secure, efficient, and user-friendly KYC process.

“In a world older and more complete than ours they move finished and complete, gifted with extensions of the senses we have lost or never attained, living by voices we shall never hear.”

Key Features of Digital KYC Solution

  • AI-Driven Verification
    Neokred uses sophisticated AI algorithms to verify customer identities in real-time. By analyzing patterns and detecting anomalies, AI ensures that only genuine documents are accepted, significantly reducing the risk of fraud.
  • Seamless User Experience
    The platform is designed with the end-user in mind, offering an intuitive interface that guides customers through the verification process effortlessly. Users can upload documents, capture selfies, and complete verification steps from the comfort of their homes.
  • Blockchain Security
    Blockchain technology enhances the security of KYC data by creating an immutable ledger that is resistant to tampering. This ensures that customer data is protected and can be audited with transparency.

Success Stories

Neokred is at the forefront of this digital transformation, offering cutting-edge solutions that simplify and streamline KYC procedures. Their approach is rooted in leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain to create a secure, efficient, and user-friendly KYC process.

Conclusion

Digital KYC solution represents a significant leap forward in the way businesses approach identity verification. By harnessing the power of AI, blockchain, and seamless integration, not only simplifies the KYC process but also enhances security and compliance. For businesses looking to stay ahead in a competitive market, embracing innovation could be the key to unlocking greater efficiency, cost savings, and customer satisfaction.

Share it with the world!

There have been so many articles on the web about how to increase online sales or how to boost your eCommerce revenue but only a few talk about an important element that will determine the success or failure of your store -- your inventory.Your products that make up your online store's inventory are at the core of any eCommerce merchandising or marketing strategy you may adopt. Having the right inventory at the right time is equal to meeting consumer demand and increasing eCommerce sales. Not doing so may diminish any competitive advantage that your online store may have gained through eCommerce merchandising and marketing strategies.This is where the importance of merchandising with inventory consideration steps in. The secret to getting this right is tapping into the data along with dynamic merchandising solutions like Tagalys. Let's learn more!

eCommerce reports

What is Inventory in eCommerce?

The term "inventory" is the total amount of goods or services you offer to your consumers and potential consumers for sale online. In layman's terms, inventory is the total number of products that you have at any given time to sell on your eCommerce store. For example, clothes, jewelry, food, household items, gadgets, etc.

Why is Inventory Management or Planning a crucial element for higher profitability? What are the merits & demerits?

Optimal inventory facilitates sales. If you plan your inventory well, you can boost your profits. These are the merits that highlight how important inventory planning is for your eCommerce store:

  • Prevent/reduce out of stock products.
  • Make more people purchase by decreasing the bounce rate through such out of stock products.
  • Increase the conversion rate in the long run by always being prepared for consumer demand
  • Fulfill your orders faster.

But if you do not have optimal inventory planning, you face these demerits:

  • Ineffective marketing campaigns, when the landing page leads to an out-of-stock product.
  • High bounce rate leading to an increase in cost per acquisition.
  • Affects your brand value in the long run.

How to use Inventory data in your eCommerce Merchandising strategy?

If your merchandising strategy was a race car, data will be its nitro boost. There are multiple ways in which you can use inventory data for your merchandising strategies. Here are the three most important ways:

  1. To promote high-inventory products along with your bestselling products to prevent longer stocking times.
  2. To filter out low-inventory products at the time of product promotions or marketing campaigns. Product demotion is also necessary for your eCommerce store.
  3. To create customized product listings for 'Clearances' / 'Sales'
eCommerce reports

Getting actionable insights from Tagalys reports

Tagalys' reports can help gain insights by deciphering traffic and consumer behavior.Vital questions for inventory planning that Tagalys' reports can help with:

  • What to order? You'll know what products are working well.
  • How much to order? You'll know the bestselling products and when to order extra quantity.
  • When to order? Know your buyer behaviors and predict your next order.
eCommerce reports

Tagalys allows you to create customized and dynamic landing pages so you can choose what products from your inventory you want to highlight. Tagalys' solutions also offer an array of reports like product segment reports, tag reports, listing page reports, etc. that offer invaluable insights to help you plan your inventory better.And there's more! Learn about how our intuitive merchandising solutions for your eCommerce store can improve your collections/categories, site search, and offer product recommendations.References:

  1. https://www.freepik.com/free-vector/spreadsheets-concept-illustration_6450135.htm#page=1&query=inventory&position=1
  2. https://www.freepik.com/free-vector/data-report-illustration-concept_6195527.htm
  3. https://www.freepik.com/free-vector/site-stats-concept-illustration_7140739.htm
  4. https://medium.com/analytics-and-data/optimal-inventory-quantity-for-e-commerce-websites-559675f160d6
  5. https://exponea.com/blog/top-5-e-commerce-inventory-management-techniques-2-better-ones/

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