Product Tracking Systems, and How They Benefit Your Business

 

In a global economy that's increasingly going online, and is dominated by world-renowned retailers like Amazon and Alibaba, meeting your customer's expectations and demands is vital, and a big part of that is how long it takes to ship and deliver your products. Imagine how disappointed your customers will be if their item which is “guaranteed” to arrive in 2 days takes a week or more instead, because of inventory delays! This explains why new product tracking systems are needed, not just to meet customer expectations but to enhance the overall supply chain too. 

Inventory Tracking – What's it All about? 

For starters, a product tracking system Australia allows retailers and businesses to track their inventory levels in real-time. It also enables them to track which items they have in their possession, the locations in which they store them, and what quantities are available at each location. 

Here's an example of how an inventory or product tracking system Australia works. For example, Merchant A knows that they have 1,021 white baseball caps and 479 red baseball caps in their warehouse in California, and 720 black baseball caps and 325 green baseball caps in their New York warehouse. 

Based on their manufacturing times, warehouse receiving timelines and customer demands, Merchant A will know the exact stock levels for each product and how many they need to make a purchase order to get the needed inventory to each location so that these don't run out.   

However, Merchant B has a few thousand baseball caps of various colors in each warehouse, but they don't know when they're running low or when to order more. So, which among the merchants is doing a better job of tracking inventory? I think it's Merchant A!  

What's an Inventory Tracking System?

Again, according to asset-tracking experts, a product tracking system Australia is actually a type of inventory management software, program or dashboard which allows businesses to track in real-time inventory levels for each products, for better inventory control across their stores. 

Through this system, the business entity will find out how much of a product is ready to be shipped if customers ordered that item now, or if they need to send the products elsewhere. The use of inventory tracking software or systems is hailed as the most efficient method for tracking inventories, as it ensures greater accuracy and transparency than other methods.  

Who Uses It?

So, who uses product tracking system Australia? Well, I guess it's almost any business who sells physical goods, from retailers to wholesalers and manufacturers. The software or system can range from free tools or apps to quite expensive tracking systems.  For example, e-commerce giant Amazon spent a whopping $220 billion for their operating costs in 2018, and this included inventory tracking. 

In Fact, all sellers need inventory or product tracking system Australia  to know where their products are, and when the shipments or deliveries will arrive. These systems are also good for managing inventory turnover, which measures the amount of times the inventory is sold, and then replaced, in a designated period of time.