Intro

Combination of customers and events is the basic concept in Bloomreach Engagement. While customers can have various static attributes (such as email or name), they can also have a history of their actions (e.g. in your e-shop). We call this actions´ events.

Tracking events allows you to create useful analyses and target customers through our campaign module (e.g. sending a cart reactivation email after unfinished purchase).

Bloomreach Engagement is working with customers and events for some time already, but in E-commerce triangle we need to work with also with Products.

What is Inventory management

Tool which helps to improve cash flow of your business, by optimising:

• Inventory turnover ratio
• Product’s stock levels
• Product’s prices

Inventory management is designed to help e-commerce better manage their products and inventory. This feature helps businesses to avoid over/under-stocking with forecasting based on products trending and purchase history. Take advantage of dynamic pricing, and proactive omni- channel promotions and optimize your campaigns and stock levels to maximize profit not just revenues.

Components of Inventory Management

• Reporting
• Inventory Optimizer
• Price Optimizer
• Integrated Recommendations

1. Reporting

Selected features

• Integrates ERP data with online product impressions and sales data
• Extracts valuable insights from your product data (e.g. estimated time to sold out,
  product impressions, revenue/profit per visit)
• Creates product groups like Trending, Restock, Outlet (e.g. you can choose a different
  approach or strategy for each product)

Benefits
Well organized products in predefined groups like Trending, Restock and Outlet, or grouped by your custom rules. Suggesting products which need more attention of your category manager from stock level / forecasted sell perspective.

2. Inventory Optimizer

Selected features

• Suggests recommendation to buy/discount products to your category manager
• Calculates reorder point, reorder amount, safety stock level and other useful indicators
  for inventory optimization (for each product)
• Detailed overview of all products with history of purchases and restocks

Benefits
The main benefit is optimized average inventory turnover time. Improved data-driven decision- making process for category manager with a higher level of automation. Inventory costs optimization. The easiest way is to find underperforming products (so you should pay special attention to them).

3. Price Optimizer

Selected features

• Automated product price optimization (e.g. based on forecast, history of purchases, etc.)
• Define your own rules for dynamic price recommendation

Benefits
Increase of margins or flash sales with dynamic pricing. Help to sell out products that are likely to remain in your stock for an inefficiently long time. Price optimization can help you prevent understocking while you are waiting for new supplies.

4. Integrated Recommendations

Selected features

• Profit driven recommendation (based on your margin)
• Recommendations based on product trending or product sales

Benefits

It is the first time you can optimize and recommend products to maximize profit, not only to maximize your revenue. With history of stock level, product prices, and purchase price we can recommend and promote the right products (based on stock level, products with the best margin, or products which are on sale). Recommendation optimization based on product quantities (preventing running out of stock).

Integration / prerequsites

• Purchase event tracking
• View item event tracking
• Long-term data storage feature
• Product catalog (with required fields)

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You can read the release notes here.