Your sales tracking and inventory management are two key components to the success of your global fulfillment business.
Without them, there is a high chance that you may encounter difficulties. Avoiding problems is essential for keeping customers happy and your business profitable.
Every time there’s a hitch within the business, it will take time and money to win back and retain customers.
Why Is Sales Tracking So Important To Your Ecommerce Venture?
Sales tracking is one of the most important functions now for any business:
It helps track the position of prospects and customers, from their entry into your sales process to the successful delivery of their product. At any moment, you should know where a customer is in the sales process and what the next step is to convert them to a paying customer.
This has become more important, as we have moved away from a short sales path to a more complex path.
In today’s market, it is 80% likely that there will be 5 to 12 interactions between your brand and the consumer, before they make a purchase. You can ensure it is at the lower end of that figure by having good management of the prospect during the initial interactions – but that requires good tracking tools and intuition on consumer behaviors.
For instance, you need to know when they are in a position to buy a product. This can only be determined virtually, based on their interactions, like cart abandonment, for example.
By using tracking you can also notice when customers are interested in substitute or complimentary products. This allows you to create tailored offers aimed at encouraging them to complete purchases, therefore increasing your revenue.
After the sale has been made, sales tracking will enable the customer to keep track of their order. By knowing that their order is progressing along the fulfillment process, they will be reassured that they’ve spent their money with a professional organization. This helps to reduce customer enquiries about order locations, saving you time and money.
Why Is Inventory Management So Important To Your Ecommerce Venture?
While sales tracking helps you determine when your customer is ready to make a purchase and helps them realize when the package is getting to their location, inventory management is important for making sure you have the products in demand.
When customers can’t find a product on your website, they are likely to look elsewhere and if they order from another ecommerce shop, then they might switch loyalty and you may have just lost a potentially significant source of revenue.
Your inventory management should also be linked to your sales tracking in order to monitor peaks in demand for stock replenishment.
If this is done automatically, as described, then this saves you a considerable amount of time that can be put to better use. It also ensures that mistakes aren’t made, like too much inventory–which costs money in storage–or too little.
Managing Inventory on your Phone
In today’s day and age, everyone carries around a mobile phone. You may therefore want to simply use it to manage and track your inventory. The guys over at JoyofAndroid.com compiled a list of the 5 best small business inventory apps for android. Check it out.
Sales tracking and inventory management are two of the most important aspects of running your business.
You can do it manually, but by having software complete the work instead, you can concentrate on other areas of your business.
The advantages to your international ecommerce business is that both systems, when working together, can tell you when customers are ready to buy certain products and ensure there is stock available for them.
Therefore customers aren’t disappointed, they continue to return to your brand and you can increase the customer lifetime value.
- Do you have an integrated sales tracking and inventory management system?
- What have been your experiences?
- Find five tracking tools and learn how to use them.
- Train your staff in their use.
- Use their data to increase sales and the management of your inventory.
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Ready To Upgrade Your Logistic Solution?
Speak to Floship ecommerce logistic consultant about improving your global support chain today