WHY USE A DIGITAL INVENTORY PLATFORM?
In the past, inventory information was stored in one place - often a binder, or a set of binders. Printed and hand-written pages had to be created and updated frequently.
As times changed, this approach became more and more impractical. Not only is physical inventory management expensive, but it often fails to account for a growing business’s future needs. Revisions to the entire inventory are costly and time-consuming!
Physical inventory management in Powersports, and frankly most industries, has historically been fraught with inconsistencies. Good inventory managers are hard to find and it was not uncommon to face challenges where an inventory manager may spell words differently or use different strategies for listing out the facts and features of a product or have illegible handwriting.
This made searching a physical inventory a dubious task. Indexes pose a problem because if new products are added to a section, the index is outdated and sometimes an inventory manager would overlook updating the index page. The “binder tab” system, too, as it is usually not specific enough to allow for quick browsing.
Physically, inventories are also greatly hindered by the sheer lack of feasible space. While computers are able to consolidate a massive amount of information about a single product, including all of the facts and features of a vehicle. The idea of adding a pricing history, popularity data, a photo collection, and other such additional information - all for one product - is borderline insanity!
Physical inventory systems are much more prone to error. Providing customers with factually incorrect information can be a costly mistake.
While a number of different strategies for physical inventory management exist, and some are more efficient than others, they all still share two major points of failure:
- The inventory is only accessible in one place, which can greatly decrease efficiency on the sales floor
- If lost, stolen, or damaged beyond repair, the inventory will have to be rewritten from scratch.
POWERSPORTS RETAILING SOLUTIONS
Technology has essentially solved most, if not all of the issues with physical inventory management. By using technology, businesses are able to quickly and easily back up their inventory for safekeeping.
The inventory records can be made accessible to multiple people in the team - everyone from management, to sales. Software systems designed for organizing inventory are fast and easy to search. Team members can search for vehicles using a variety of filters - purchase date, for instance, in the case of pre-owned vehicles.
Software-managed inventory offers options to your team that physical inventory would never be capable of. Sales associates can quickly and easily find all of the vehicles that match a customer’s wants and needs. Software-based inventories can store much, much more data and imagery on a product than would ever be feasible with physical inventory management systems.
Rather than leaving organization up to the discretion of a human being, a software-based inventory solution provides you with a uniform template to use across all inventory products. This greatly improves the consistency of the information. This software also includes relevant information about purchase dates, pricing, stock amounts, and more.
Most serious businesses these days are not shy about moving from the old to the new when it comes to using software technology for inventory management.
LOOK FOR THESE FEATURES
- Choose a platform that will find that it can provide them with control over your inventory.
- Provides you with pricing insights and data that you need to ensure that you are providing your customers with the best service and information possible.
- Makes it easy to take photos and upload them to the information about the vehicle, and then to push out all of that information to all of the digital solutions you are using, such as your website and social media - even third-party sale sites.
- Everything that you need to do to manage inventory can be done via a mobile application.
- The visibility that will make it easier for your customers to get much of the same type of information that your sales staff has.
- A system that can be used by your inventory team to look at current and past sales and to get a better idea of the type of machines, down to unity specs, that sell the best at your location - making it easier for them to know what they need to order in the future.
- Provides sales staff access to information about the vehicle at their fingertips.
HOW PSXDIGITAL IS THE BEST INVENTORY MANAGEMENT PLATFORM ON THE MARKET
PSXDigital gives Powersports dealerships an even better advantage. Generic retail and dealer management software (DMS) offers you generic options for managing your inventory. Dropdown menus, checkboxes, and selectable feature lists are all written with automobiles in mind. Some software is even less specific, requiring you to fill in everything, every time, without being able to quickly select options. This greatly slows down the process of adding new inventory and editing pre-existing inventory.
PSXDigital +Inventory is specifically geared towards the Powersports industry. Our interface is carefully designed with your machines in mind so that managing your inventory is fast, efficient, and incredibly straightforward.
PSXDigital offers special features that will make a world of difference in your dealership’s efficiency. Our fully-integrated (Customer Experience Management powered by Artificial Intelligence) CXMAi Platform - CRM, Inventory Management, Websites, and Marketing Automation - is also partnered with many of the third-party resources you already use.
Because PSXDigital is much more than just inventory management software, we also include tools that will help boost SEO and Marketing, automate offers and pricing, automatically change stock amounts to reflect recent sales and purchases, and track customer conversations and data to show trends in popular products and generate leads.
By converting your physical inventory to a technology-based solution, you can greatly impact your dealership's efficiency and reliability while decreasing costs and maximizing profits. However, inventory management software, alone, will not provide you with the customer data analytics, website support, and advertising support that will take your business from efficient, to truly thriving.
That is why PSXDigital's consolidated CXMAi all-in-one platform is a no-brainer for Powersports dealers looking to seriously increase their bottom line.