eCommerce specialists Volo has announced the launch of a stock notification functionality that is designed to enable online multichannel sellers to always fulfil customer orders without tying up much needed cash in excess inventory and 'buffer' stock.
The functionality enables businesses to identify the speed and likelihood of sales, and the lead times for replacement of any given SKU. This is then fed into the system to provide proactive alerts for the likely timing of a stock out, enabling the business to order replenishment, before an item runs out. This not only improves customer service by ensuring orders can always be fulfilled, but also drives growth by aligning investment in stock more keenly to demand.
"The sheer speed of success and the velocity of sales, often catches many online businesses off-guard," said Paul Watson, CEO, Volo. "Stock outs are a cause of major frustration for customers and lead to lost sales. With this new functionality a business can not only look at stock levels but also the number of day's stock remaining based on the last seven, 30 or 90 day's sales.
"This gives a critical insight that balances sales velocity and replenishment lead times. This can then be automated using email alerts that warn when stock levels run low, not only preventing cash being tied up in excess inventory but also ensuring stock is always aligned to demand. This improves customer service and drives growth, helping businesses to truly take off."