Centralized Product Management At Its Best
Retailers can make their product management practices much more efficient is they centralize them. Rather than have each store manage its own inventory, pull it all up to the operations level where you can efficiently manage your products, make your retail chain more profitable, and streamline your processes.
Follow these easy tips to make your product management operation run more smoothly:
- Use a multi-tiered data management approach – You can’t get around managing your data, and it’s not all at the operational level. In fact, most of your product data is going to be at the store level. If your retail operation has regions and departments, then you’ll definitely need to track and manage your product data on multiple tiers.
- Define your own attributes – Not all retail operations are the same. That’s why you should use product management solution that allows you to define your own attributes.
- Optimize your transfers – The time will come when you’ll need to transfer product between stores. You may even need to transfer some inventory between regions or warehouse. Streamline that process and make it more efficient with centralized product management.
- Beef up your reporting with strong analytics – You can’t change what you don’t measure. Use a robust analytics tool to measure the right data so that you can be more efficient and profitable.
- Get granular with product matrices – You’ll have a much better understanding of your product situation if you can see all of your purchases, allocations, transfers, distributions, and more at a glance. Put all of your data attributes into one powerful matrix so that you can manage your products more effectively.
Product management is absolutely essential for every kind of retail operation. Don’t leave it to chance. Centralize it and make your operation more profitable and efficient.