Creating a virtual inventory and virtual item cataloging for your online or brick-and-mortar business delivers various pros over carrying a single traditional physical inventory. It is especially effective if you want to provide a product mix that rivals larger competitors without purchasing such a large stock of products!
What is Virtual Inventory?
A virtual inventory includes all of the products a business or store has on hand, whether in a back room, at a warehouse, or on a retail floor.
When a customer asks for a specific item, an employee will check the stock to see if it is available and where it is. The employee will then retrieve this product or submit a request for the product to be delivered to the store or the shopper’s house.
A virtual inventory not only lists all of the products in your company’s possession but also includes those your company can order from multiple sources and sell to the customer.
Pros of Virtual Item Cataloging
Product Wider and Deeper Product Mix
Virtual item cataloging will give your business/store an advantage over your competitors, provided it offers a wider and/or deeper product mix than the competition.
Width involves how many product lines your company offers, such as clothing, tools, or kitchen gadgets. Meanwhile, depth refers to how many products are in each line, such as how many men’s pant styles a company offers customers.
With a bigger product inventory, your company will stand a greater chance of attracting more customers searching for a product.
If your company buys products with the intention of reselling them, you assume a degree of risk. There is no guarantee that shoppers will purchase the products, and you have no idea how long it will take to sell them all. Virtual item cataloging allows your company not to have to carry all of the products, resulting in lowering the risk it takes to deliver newer products to your customers.
If a customer can’t find a particular product in your business, they will turn to your competitors, causing a loss of revenue. Having a virtual inventory and virtual item cataloging can reduce the likelihood of a customer looking elsewhere for a specific product, increasing their loyalty to your business.
As you can see, there are many benefits to virtual item cataloging, including effects that your business has or doesn’t have on hand. So stay ahead of the competition by contacting us immediately to create a virtual inventory and properly catalog products.