On Tuesday, we hosted a webinar with our partner, ChannelAdvisor, on the importance of product availability to maximize buying options for consumers and increase drive-to-store.
After the session, we thought it’d be helpful to share the highlights and key takeaways from our webinar for those unable to attend or participate for the entire session.
So what is product availability and why is it important?
Product availability is knowing where your product is available in-stock and for purchase both online and in-store. Obviously, if you’re spending money on ad campaigns to drive consumers to purchase a new or featured product, you want to make sure that when they get there, they can actually buy it. If your product isn’t in store, you run the risk, among other things, of causing a negative experience for the consumer, losing the sale of that product entirely or even driving the consumer to purchase a competitor’s product. By knowing and leveraging product availability, you can eliminate those risk factors, and drive consumers to stores where that product is actually available for purchase.
What are the best practices for leveraging product availability?
We focused on three best practices for leveraging product availability to increase buying options:
- Adding product availability insight to mobile proximity campaigns to better optimize campaign budgets and targeting, send shoppers to the right store at the right time with greater relevancy (e.g. is the store open when you’re sending the shopper there?) and provide local offers.
- Optimizing the landing experience with truly available products to better represent the brand’s store presence, minimize brand substitution, and highlight a new or featured product.
- Utilizing web-based product/stock locators to drive foot traffic to better promote store traffic through specific product availability information vs. general store locators.
What are the opportunities?
There are many opportunities when it comes to leveraging product availability, but most importantly, there are three areas where there is the most potential for growth: accessibility to retail and sales data, maximizing ad spending, and taking advantage of the consumer shift to BOPIS (buy online, pick-up in-store) with CPGs. With greater communication and transparency between brands and retailers, there is a greater opportunity for leveraging and optimizing product availability.
For more information about the webinar, send us an email at firstname.lastname@example.org.