Inventory Data Management in Ecommerce
Importance of inventory data in E-commerce
Reporting and analytics are essential to any retailer because they are true indicators of all key indices in a business. Analyzing your data correctly enables you to make educated business optimization decisions around things like stock ordering, promotions, and staffing. E-commerce analytics refers to any tool or strategy designed to analyse large amounts of data generated by customer behaviour on an online platform, in order to produce actionable insights. E-commerce generates complex, comprehensive datasets. Inventory data is a very crucial aspect for any e-commerce business for forecasting demand and planning supply, this greatly influences fund allocation and marketing budgets and thus is an integral part of E-commerce analytics.
In the following article, we will be informed about various use cases of Inventory Data.
Inventory data for marketing
Product Listing Ads or PLAs are a type of ads that display more detailed information to users than standard text ads. Usually, information like the product picture, price, offers, user ratings, etc. appear in these types of ads and this makes them more user-engaging. This ensures better visibility, user engagements, click-through rates or CTRs, and ultimately better conversions. Also referred to as shopping ads, they can appear on various Google properties. Additionally, PLAs can also be run on other platforms as well like Facebook, Instagram, etc. The basic principles of how these ads work are similar to PLAs on Google network. Generally, these ads are CPC (cost per click) type ads meaning, you only pay when a user clicks on the Ads, no matter how many impressions the ads get. So, being a more engaging form of Advertisement and a CPC type means the ROIs are much higher in PLAs and that’s why marketers love them.
Product listing ads acquire data about the product based on a customized data feed, that ensures real-time updates of various information like Price, ratings, offers as well as inventory data. Google or any platform decides the impressions of the ads based on this data feed. Inventory data thus becomes a crucial part of this data feed as products that are out of stock or running low in stock are given lesser priority by Google on the PLA listing section. Meaning, if your competitors have better inventory stock than you, Google will show their Ads instead of yours when target audiences are searching for the product.
Inventory data for Website Product Listings
In order to stay in business, you need to track your inventory intricately. Inventory data is to be kept in sync with marketing activities and product listings to ensure customer satisfaction. The brand becomes negatively affected when a user clicks on an ad or an organic product listing only to find out that the product is out of stock or unavailable for their particular location. Thus, especially for large businesses having multiple stock points and logistical routes, it becomes crucial to ensure that the right amount of stock is available so as to meet user demand. This is where an effective analysis comes into play by ensuring that the listings appear to customers where the demand can be met or the listings come with an out of stock badge so as to ensure the brand integrity in front of the user.
Inventory Data for Omni Channel sales
Omni-Channel selling involves creating a unified customer experience across all sales and marketing channels. It is a modern approach to commerce that focuses on designing a cohesive user experience for customers at every touch point. This differs from traditional marketing, where individual channels were optimized without necessarily taking the whole experience into consideration. The biggest challenge lies in the fact that the customers in various channels are always in flux, hence the inventory data needs to be consistent and transparent. Conflicts arise when inventory data is not synchronized and analysed regularly, leading to an imbalance in supply and demand in a few sales channels, leading to a poor customer experience that affects the entire brand.
Inventory Data management with Daton
Daton, the data pipeline created by Saras Analytics is ready to solve these conflicts with effective data integration from various inventory management systems like Vinculum, Olabi, Unicommerce, Ad platforms such as Facebook Ads and Google Ads. These pipelines will extract data on a regular basis from these sources and store it in data warehouses from where you can monitor your inventory as well as product listings across websites and Ad platforms. All you need to do is sign up to Daton.This replication will take away a lot of pain from e-commerce retailers in syncing their inventory data with the cost spent on PLAs and matching with the customers’ demands promptly.
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