A now pivotal area of retail management which has only come to the fore in the past couple of years is social media. The rise of Instagram, Snapchat and Facebook Live has fundamentally changed how retailers interact and promote products to consumers online.
One of the most credible forms of advertising is “real consumers” talking about your product. Social media is an excellent gateway to allow your customers to trial, discuss and spruik your product. These days simply posting about a product on your brand’s social profile won’t attract as many potential consumers. Retailers need to engage their customers through out of the box online campaigns and interact in real time.
The use of real time social media allows companies to quickly engage with their audience, but this fast sales pitch can create unpredictable inventory management scenarios. Social advertising creates sudden spikes in sales from both self-generated promotions and unexpected online media. For planned activity, V Net can improve the accuracy of stock management by providing forecasts ahead of time, taking into account store/SKU level lifts from previous and current campaigns, factoring in expected sales lifts from upcoming campaigns, and generating required promotional orders. For sales activity created by unexpected social buzz, stock may be quickly required outside of regular ordering schedules. The V Net system and our inventory experts monitor activity on a daily basis, identifying anomalies and actioning requests to ensure that suppliers can receive urgent top up orders immediately.
Social media marketing is a valuable resource as long as all areas of the business work together to ensure the promotion is successful. The V Inventory system ensures your inventory levels support your message to consumers.