In the context of the ‘Traede on Product Management’ blogpost it seems relevant to let inventory management be an issue as well. Product management and inventory management are two connected and equally important issues to a business. Every product represents a value whether it is money, sentimental or personal value, it is important to manage all products with care – and that is the importance of inventory management.
By Katrine Elbek
By using the right inventory management tool you should be able to keep a complete overview of all Stock Keeping Units (SKU) and manage your inventory with ease. Or at least this is the design philosophy we kept to when creating the inventory management system in Traede.
Below I will explain which tools we have created in Traede and why we find them important when professionally managing inventory.
Inventory management and the online bliss
When all relevant products have been uploaded in the product management system and the B2B webshop is created it is time to do inventory management as well.
In Traede you can do this by using the ‘stock types’ function and categorizing inventory lists in 4 different availabilities of your choosing by colour and/or quantity. Fx ‘green, in stock’, ‘blue, remotely in stock’, ‘orange, on the way’ and ‘red, discontinued’. This function should be of great help to both you and your customers in terms of creating transparency and effective communication.
Because both the B2B webshop and inventory management system are online the inventory list will automatically adjust when an order is placed in the webshop and will therefore always be up to date. This creates trustworthy sales communication to retailers when they purchase products in your B2B webshop.
If you have a B2C webshop as well just connect it to Traede and all inventory will be joint in one coherent inventory management system.
Be smart; create inventory transparency
It is up to you whether customers should have the possibility to know the exact amount of numbers on a specific product, if they only should see if a product is in stock, remotely in stock, on the way or discontinued by the color codes or if they should not have any knowledge of the stock at all.
This function has two stories behind its creation:
- You should always have the flexibility to choose and customize how you wish to manage your business. Using this function it is easy to see the inventory level on a specific item and then know when and if to produce more of a specific product, put it on sale or take it off the webshop.
- When you create transparency for customers, it is my experience from the fashion industry, that everybody saves time on the phone, email or even fax to check up on inventory, reordering or pre-ordering products which give your retailers more time to manage their business.
Transparency should save time and working hours for both you and your retailers by having an online inventory list through the B2B webshop where retailers can check inventory any given time of the day.
Hallelujah; Automatic inventory update
In Traede, you select when the inventory lists adjust, whether it should be when customers basket an item, by a time limit or when an invoice is made. Additionally, you decide if customers’ should have unlimited access to purchase or not.
These functions are made to create flexibility for any business to set their own rules based on what specifications meet their customers best.
All in all …
When managing inventory, sales and products online your business should become more holistic and streamlined hence easier to manage. Or at least this is our vision with Traede. What is your feedback on these subjects?
Have a great day out there!