Technology is a great tool to help you manage your business –it can help you save time when looking to replenish your inventory and allow you to check off other tasks on your to-do list with just a click of a button. In this video from the Tire Review Continental Tire Garage Studio, we’ll discuss how data can be used to order the right SKUs in your shop.
Consider this situation: Let’s say you have an analytics platform and it finds that you’re only selling 55% of the SKUs in your inventory. This gives you, the dealer, useful information that you can act on to stock the right tires for your market.
Data and analytics platforms can help you understand the demand for specific tire sizes at each of your locations, which can help remove unsold tires and leave you room to order tires that sell. This information allows you to compare sell-outs against market demand, in turn, allowing you to optimize your stocking strategy and increase your efficiency of working capital.
Analytics software can also save you time. If you add an automatic replenishment feature to your analytics platform, you can keep tires that fly off the shelf in stock and never miss a sale. This frees you up to interface more with your customers, instead of spending time manually ordering the same products.
You can even use analytics platforms to look at your top 10 tire sizes based on sales history and market demand, which again helps you determine which tire sizes to keep on hand This replaces the time it would take to do these things manually, which saves time and is good for business.
