The problem with stock management

Stock management is a crucial part of a retailer’s day-to-day operations.

But what are the pitfalls of stock management and what can you do to avoid them and run your forecourt as efficiently as possible? We discuss a powerful solution to this challenge in this webinar.

Clarity is key

Trust is key to be a successful retailer but right now 3 in 4 car buyers are worried that online information is incorrect.

It’s crucial that all the information about the vehicle is correct and remains the same wherever the vehicle’s advert is displayed, whether on your website or on a marketplace. It may seem simple but time and again we see details of the same vehicle differ on different platforms.

It’s also essential that the data displayed on your vehicles advert is correct. Only 55% of retailers add the correct spec when listing vehicles potentially causing problems for would be buyers and risking profit being left on the table. One way to get around this is to acquire vehicle specifications from a single, reliable source. This data which comes from manufacturers, and is known as taxonomy data, is hugely important in ensuring a vehicle is accurately described. You can find out more about this data from our Insight Director Nick King’ video.

The rest however is up to when it comes to condition, mileage, price and availability, with 68% of consumers getting annoyed when an advertised vehicle is no longer in stock.

Relying on resource

It’s not just about ensuring that vehicles are displayed correctly for potential buyers though.

Despite the digitisation of stock management, it remains a hugely time-consuming process. A process that is only worsened by using multiple different data feeds for multiple different tasks. The use of multiple data sources also leaves you susceptible to errors along the way since there is not easy way for these platforms to communicate with each other.

The solution to this is to have a single platform to manage your stock leading to a significant time saving in the creation and management of stock in multiple different systems.

It’s crucial then to start looking at how you can start to bring your stock management data all under one roof, allowing to have the most accurate and up to data stock profiles and saving you time.