Multiple car models are running low on inventory. How do you prioritize restocking efforts effectively?
As car model inventories dwindle, it's crucial to prioritize restocking in a way that optimizes your resources and satisfies customer demand. Here are effective strategies:
- Analyze sales data to identify high-demand models and allocate resources accordingly.
- Consider supplier lead times and opt for models with shorter restocking periods.
- Engage with customers to understand their preferences and adjust inventory plans based on feedback.
What strategies have you found effective in managing inventory shortages?
Multiple car models are running low on inventory. How do you prioritize restocking efforts effectively?
As car model inventories dwindle, it's crucial to prioritize restocking in a way that optimizes your resources and satisfies customer demand. Here are effective strategies:
- Analyze sales data to identify high-demand models and allocate resources accordingly.
- Consider supplier lead times and opt for models with shorter restocking periods.
- Engage with customers to understand their preferences and adjust inventory plans based on feedback.
What strategies have you found effective in managing inventory shortages?
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A minimal shortage is always great as it creates an optimal vacuum to create a demand pull . However if the demand supply gap is high you have to strategise to avoid loss to competitors 1. Pitch the next available model at a best price 2. Load few additional features to next available model so that the gap can be made opportunistic to sell out aging stocks 3. Data aligned forecasting for waiting period communication . If a compensatory reward is added for the wait , it can make the customer more delighted
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"Everbody Drives A Used Car"... and if the new model your desperate for is short of supply it's as much that so many have been sold in that last 12 months that you're looking at the wrong end of the supply chain! Source the 1-2 yr old preowned units that are out there in volumes and save your customer the frustration and wait time associated with waiting for that new one!
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Some ways to get started : - Check market and sales data to identify high demand vehicles. - List previous customers who own interesting cars and have a high likelihood of new car purchase. - Contact these customers and ask if they would be interested in a price estimate of their current car or a test drive of a new model All of this takes time but it’s worth it. You will have a more loyal customer base and a better stock ! If you don’t want to do this yourself check if your CRM has features that can help you automate this !
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Las grandes empresas dedicadas a la fabricacion de camiones hace ya varios años definieron la fabricacion segun demanda y evitar los grandes stock de partes, bodegas, repsicion, logistica, etc. En Automoviles debe ser similar pero con algunos matices, requiere un muy buen estudio de la demanda dado que el cliente no espera ni especifica tanto el producto como en el segmento anterior, sin embargo es necesario optimizar la produccion y eso requiere bastante estudio de mercado.
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The inventory decision is actually a trade off between the cost of stock out vs cost of inventory. If cost of stock out is too high, you’re better advised to keep high inventory. If cost of inventory exceeds cost of stock out, then you can manage with JIT inventory. In certain cases, other parameters such as replenishment time, availability of substitutes, degree of customer loyalty, CLTV, etc also matter in the decision.
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