In these times of high competition in the retail industry, it is no surprise that retailers have a need to keep a lookout on their competitors. The retail industry remains the single largest private sector with 1 out of 10 people being employed here. The competition is severe with limited barriers to enter the market. But there is a silver lining to this, with technology advancing there is a huge scope for retailers to emerge as market leaders if they make the right decision.
One of the most organic objectives of a retail business is to grow their profit margin and sustain in the industry with greater market share. Apart from setting the price right for your products, there is also a need to be efficient in operations management.
With the upgraded software system, many retailers are using inventory management software to maintain a database on the stock levels. This is the most fundamental requirement that every business follows- to ensure there is a stock management system in place.
Is the inventory management system enough?
The kind of inventory management required changes with the type of business. There is a big difference between warehouse management and inventory management.
Although inventory management and warehouse can have overlapping functions, their differences lie in the purpose of the same. While warehouse management relates to maintaining the stock categories that will help the business to maintain the books of accounts. Inventory management provides an insight into consumers’ preferences and fast moving products. This helps the business to forecast what products should be stocked more in the future.
Most retailers have inventory and warehouse management systems in place. Almost every business integrates a system to track their inventory and maintain a database in their operations.
Then, what gives the brand an edge over its competitors?
As we know the integral element to improve profit margin in tracking the business inventory for analysis, tracking warehouse inventory for efficiency but to effectively increase the margin, a business needs to make more strategic decisions.
With competitor monitoring software like pricechecker, your business can be upgraded to actually take advantage of the market. This is the advanced software every retail business needs to make meaningful decisions about their stock management.
What is competitor stock monitoring?
The market has plenty of competitors who sell products similar to your product line. There is a need to track their stock position along with your inventory to leverage in business decision-making.
Integrating a software like pricechecker will help you in monitoring your peers’ prices, stock and promotion details.
If you are wondering what this information means. It is a goldmine of data that will support the sales buyers team to make strategic decisions.
For example, imagine your competitor is selling laptops similar to yours and with pricechecker you can find out the if your competitor has the particular product out of stock. This information is vital for your stock management. It will allow your team to identify the products with market advantage so the prices can be set accordingly.
Why lose an opportunity to increase the price? Find out your stock position among your retail competitors and price your products and make inventory decisions based on the information.
As an advanced established retailer, just inventory management is not enough. There needs to be a competitor monitoring system in place for your company to take the first mover advantage.
Take the lead in your industry, convert any industry threat to your opportunity with the help of pricechecker.
In addition to your inventory management software, bring in the competitor monitoring to stay ahead of the competition.
