We are firm believers that an open approach to sharing data can be business beneficial for all parties involved. This has never been more evident than in the sharing of physical stock data from brands to retailers & back again.
Ultimately, for a brand to succeed, you have to make sure your stock is available where the most consumers are, both online and offline. In a market where cash flow is tight, this can elevate your brand to make sure your full stock holding is available to buy. Having been on the brand side & now currently working on the retailer side, I am here to share my top tips to make this successful for everyone.
Be as open as possible with your data. Share actual stock numbers. This grows your ability to get more consumers to buy your products. Fact.
By opening up the portfolio, this can lead to greater insights about the market conditions, in real time, which can further support pricing, merchandising and promotional strategies.
Limiting your exposure actually creates a point of difference. Opening up your stock feeds to all customers can actually become counter intuitive. Choose your partners wisely.
Be flexible. Some companies struggle to extract their data from their ERP system. If it’s available, but there is some manual work involved then assess whether it is worth the effort.
Just taking the stock feed, uploading and then expecting sales to roll in just isn’t enough. You have to create the demand and work to acquire these customers. You will not be the only retailer doing this.
Your portfolio will grow significantly, so training and development of colleagues is important to make sure consumers receive great knowledge and service.
Detailed analysis of the inventory can lead to dynamic pricing strategies, aid purchasing decisions and drive margin development.
