You know that old saying about life happening while you make plans? Well, replace plans with websites, and you’ll have an insight into the start of 2018 for the Beagles. Before we knew where we were, things had been built, projects begun and, despite bold resolutions, it looked suspiciously like someone had been at the cheese.
So what have we made? Our first serious job of the year was to build an app and launch a supporting website for Inventosaur – a Magento inventory analyst and marketing tool extension. Now, full disclosure, this app is a Where beagles Dare! creation, devised, designed and built by our Collective.
Inventosaur is powerful e-analyst that takes aim at the problems of cash flow and overstocking, helping small to medium retailers get on top of their inventory levels, and promote poor performers – all within the same interface. Pretty cool.
”Strip away all of the marketing, and e-commerce is mostly a logistics game. Your stock comes in, you sell it (or, 'turn it') and you do it all again. But along the way, the sheer number of SKUs becomes unmanageable, sales fluctuate and seasons pass.
But it’s not just the Magento inventory analyst we wish we’d had during our retail career. Inventosaur is also one of the first e-commerce extensions designed & built from a retailer’s perspective. Empathy is all well and good (like how I’m trying to empathise with the cheese-thief) but unless you’ve had your head in the fire, you’ll never know what being in the business of retail is all about.
Strip away the marketing, and e-commerce is a logistics game. Your stock comes in, you sell it (or, ‘turn it’) and you do it all again. But along the way, the sheer number of SKUs becomes unmanageable, sales fluctuate and seasons pass. The danger, of course, is that you end up sitting on stock rather than selling it. And stock is money; piled upon shelves and disappearing down the back of the virtual sofa that is your online store.
Inventosaur does two things exceptionally well: On the one hand, it identifies slow-moving items, refined to the level of ‘good seller gone bad’, or ‘added to cart but not often bought’. And on the other, it provides an amazingly simple interface to promote those poor performing lines across your website in the form of responsive, beautifully-styled pop-ups.
Under the hood, Inventosaur is a vastly complicated Magento inventory analyst (its algorithms and database schematics are patent-pending), but up top, it’s simple. And that’s how all good software should be.
Estimated cost and time savings are a bit of a black hole, but considering that Inventosaur is simply a better inventory analyst than a human could ever be and that its Opportunities (Inventosaur-speak for items that are not selling fast enough) are promoted on your site in seconds, savings would have to be in the region of 100k+ per year, and run to weeks of time.
And that’s before you add up the benefits to your bottom line of holding less inventory for the same, or higher level of sales.