Each day with product out-of-stock issues is one too many! Not only do you risk losing sales, but you also risk reduced customer satisfaction and lower loyalty levels.
Here are 4 metrics brands must consistently monitor to ensure the availability of products across online retailers.
1. Availability Rate
Consumers cannot buy your product if you're not available for purchase. That's why you should daily check the availability rate for each online retailer that is selling your brands' products.
The availability rate shows you the percentage of products available within the total portfolio. Look at the availability rate per brand, retailer, or seller and zoom in to a product detail level. So you can take targeted action.
2. Product Listing Completeness
Did you know that 20 to 40% of products disappear, or never show up on the online shelf? Monitoring product listings completeness shows you which of your products is missing online.
Get the complete picture and answers to:
Which of my products is missing online?
Are resellers respecting the launch date of new products?
Are resellers selling obsolete products?
3. Days out-of-stock
Each day is one too many. Track the length and timing of each product stock-out and anticipate potential supply issues in the future.
Buyers aren’t waiting to switch to other products when their favorite product is out of stock.
4. Lost sales
Stock-outs lead to lost sales, but also result in reduced customer satisfaction and lower loyalty levels. The more days a product is sold out, the more buyers will be disappointed and the more sales you will lose.
Lost sales are one-to-one tied to your out of stock rates. It means that if a product is out of stock for two days, you take how much you would sell on average each day, multiplied by two, and you know your lost sales.
Start monitoring daily
Stop risking lost sales and consumer loyalty by monitoring product availability across all online channels. Get daily-updated views on which products are out of stock on retailers websites, how many days products are out of stock and lost sales. Also find out what a retailer communicates to shoppers about it.
Stay on top of out-of-stock issues by monitoring availability every day, so you can take action as quickly as possible!
Contact one of our specialists!