Impact of Customizing Inventory Management on Customer ExperienceBy CIOAdvisor Apac | Friday, April 19, 2019
Behavioral analytics, which was once an unknown concept to the world, has now become an evident part of the marketing strategies. Now, most of the monetized content comes bundled with ads relevant to the user. While some may consider collecting historical data as an invasion of their privacy, others feel that as long as the data is used for predictive analysis and nothing more, such a practice is nothing to be bothered about. These trends have even reshaped ecommerce and the way people interact with online purchases.
Inventory management, for example, is one among those optimized strategies within the ecommerce domain to achieve adequate balance between supply and demand. Products such as electronic goods are known to witness an upsurge of demand during the end of the year. Such intervals are optimal for the release of newer products and the lowering of cost for older models of the same product. By doing this, manufacturers are giving customers a reduction in pricing while making room for their newer product releases. Tech connoisseurs term this strategy as smart inventory management of seasonal products. Electronic equipment are termed as seasonal products as they follow an annual cycle for newer versions. Few other manufacturers deliberately hype the demand for their product. By adopting flash sales and pre-booking methods to give customers a chance to buy a certain product, manufacturers are fulfilling the pre-requisites for the required stock piling of their inventory. Though criticized largely by the masses, these strategies are proven over the past couple of years as effective channels of supply and demand.