89% of the businesses use social media in some capacity to market their products. And why shouldn’t they? With billions of people actively connected over various platforms, it presents a huge opportunity. But, how does social media relate to inventory management for a business?
Well, let’s find out.
Promotional Sales and Discounts
You sell online and in-store. If your items come with an expiry date, sell them quick to avoid incurring costs you shouldn’t. Hence, it becomes important to track the ins and outs of your inventory . Expiry date is king here. We recommend:
– Using a robust inventory management system to verify the status of goods.
– Implement FIFO for perishable items.
If you use Facebook, Twitter, Instagram for promotion your sales and discounts, you now have more leverage. As your goods approach their lifetime, you know what to do. Prioritize your sales and engage your marketing according to your inventory. Additionally, you can easily use social media to let your customers know of upcoming specials.
Going viral on the internet has become easier over time. And companies tend to use it to their advantage. For example, demand for products like Dollar Shave Club, Hand Casting Kits, all skyrocketed after their viral content. How does that apply to you? Let’s say your social media content generates buzz and gets you more customers. Inquiries for your products go through the roof. You may or may not have planned for such a response. But if you have an order management system, you will be able to make the best out of this opportunity. In fact, full visibility of your goods across the supply chain will help you to:
– Better customer service by fulfillment on time
– Avoid Stock outs for your popular products
– Offer easy returns and repairs
New Product Launch
Social Media is an effective platform to launch new products. Taco Bell did it with their cool ranch tacos. You can do it too. Moreover, use social media to guide your inventory management. The interaction rate, engagement, and overall response should give you a good idea as to how your product will sell. Then, use these analytics to set your parameters for minimum, maximum and reorder points. Unlike the other two cases, here your social media will complement the inventory management practices. Further, you should compare the information from both, and forecast your needs during the regular season.
In conclusion, the importance of social media for a business is ever growing. So, it also becomes vital for you to learn how to leverage your inventory to boost your revenues. Once you achieve full inventory control, you can make social media easily the stepping stone to ultimate success. Interested to know how CLEAR SPIDER can help your inventory management? Feel free to reach out to our experts for a demo.