Why Improving Inventory Management Is The Key To B2B Growth
Not of lot of a B2B distributors and wholesalers recognise that improving inventory managements is the first step to growth. However, the key to building online sales can depend on the optimisation of inventory movement. Getting
this crucial part of ecommerce right is helping successful brands stay ahead of their peers at a time when B2B ecommerce is gaining real momentum.
In this article, we look at how real-time data plays a crucial role in not just shifting inventory but storing it too. For expert insights, we asked Dani Attard, a co-founder of Comgem, to explain why improved management of
inventory is so important.
Real-time data and inventory
Dani says she always advises distributors to invest in an ecommerce platform that delivers real-time data. “It is important to know what is going on in warehouses and sales channels simultaneously,” she said. “Having current
information to hand can help you better manage inventory. For example, data that shows one product line is slow-moving could prompt you to reduce prices. You could use dynamic pricing to ensure it receives better exposure
online while keeping within your profitability thresholds.
“Without this type of data, you could be stuck with stock you can’t shift. As well as having an impact on the bottom line, it will also have a knock-on effect on warehouse capacity. In addition to being able to track stock
availability, you should have the capability to manage purchasing based on what is happening in the market at any given time. This is where inventory management is making real inroads.”
Identifying tools to improve inventory management
Any distributor or wholesaler considering ways of improving inventory management needs to look at the tools required. Dani says a website that delivers an all-in-one business solution will automate the management of stock based
on thresholds as well as integrate with third parties. She said: “Today’s inventory management is all about keeping stock moving. You can achieve this constant turnover by investing in tools that give you the clearest possible
picture of market trends, so you can price your stock to sell.
“Once you have recognised the importance of the management of inventory, you can improve efficiency. If you can identify the areas of your inventory management that need shifting up a gear, you can then find the technology
that will deliver the tools you need to push your business forward.”
Further information about tools designed to help distributors and wholesalers is available here.