A true PIM at your disposal
MarketRock's inventory offers you power and flexibility, as it is a full-fledged PIM (Product Information Manager).
The advantages of having your inventory on MarketRock are numerous and pertain at a minimum to these four categories:
- DATA MANAGEMENT
Having a single space where you can store all the information about your products, regardless of the distribution channel, makes you more efficient in managing data.
- OMNICHANNEL
Being able to manage product information simultaneously across multiple distribution channels sets you on the path to an omnichannel management culture. For example, you can align prices or stock levels automatically and promptly for superior customer service.
- ADMINISTRATIVE PROCESSES
Being able to manage invoicing according to different VAT rates depending on the buyer's nationality, through the use of what we call Tax Classes, allows you to access consistent data across different departments.
- COMMERCIAL FIREPOWER
When your Inventory is consistent with the information within your organization, it can be easily distributed to third-party sales partners.
In this article, we will cover the following topics:
Basic Concepts of MarketRock Inventory
Managing Products on MarketRock gives you great flexibility.
The information you input can be detailed so that it can be differentiated by distribution channel and country.
For example, you can list a product at one price on Amazon Italy, another price on Amazon France, and yet another price on eBay Germany.
Sellers often adopt different prices per destination country to include shipping costs in the offer.
Additionally, the way the information architecture is structured gives you the opportunity to manage particularly sophisticated synchronization scenarios without needing to modify what you have for sale in any way.
Products listed in MarketRock's inventory can be synchronized with those you have published on a Distribution Channel.
When we talk about synchronization, we specifically refer to the update between MarketRock and a Distribution Channel regarding Prices and Quantities.
Synchronization between MarketRock and a Distribution Channel mainly concerns Prices and Stock availability.
For example, you can configure MarketRock so that changing a price results in the modification of the same product’s price on Amazon’s Seller Central. It is not a mandatory requirement, but you can plan for it.
Best Practices for Maintenance
Inventory can be tedious to set up but—above all—very challenging to maintain, especially when the number of items grows beyond dozens.
For inventories exceeding thousands of units, it is essential to have appropriate automation tools for their maintenance.
If you have yet to start distributing your inventory on marketplaces, a good practice is to adopt a consistent product coding system.
When the same product has one SKU on the company's e-commerce site, another different one on Amazon, a separate one on eBay, and yet another on a different Distribution Channel, communication breakdowns are just around the corner.
Images may be required in different formats and with different backgrounds for each Distribution Channel. Using watermarks will not protect you from their potential misuse by third parties and will undoubtedly complicate any necessary processing you may need to do.
Prices are always indicated inclusive of VAT since taxes vary depending on the destination of the goods, the country of origin, and the nature of the buyer (whether private or business).
Bulk or Automatic Inventory Updates
In many circumstances, the need arises to implement bulk or automatic mechanisms to modify inventory information.
Bulk modifications are handled through a function we call Simple Import, while automatic modifications are managed through a mechanism we call Synchronization Management.
To illustrate when to use each function, here are two examples:
Imagine you need to modify the price of all products in your MarketRock Inventory in preparation for an upcoming promotion granted by your supplier. You will need to restore the prices to their original value after 15 days when the promotion ends. In this case, you would use Simple Import.
Now, imagine you have an agreement with a supplier to sell their merchandise via dropshipping. Every day, the supplier sends you a file containing the product list, price and stock variations, product removals, and information on newly added products. Every day, you need to modify your MarketRock Inventory based on the changes in the supplier's file. In this case, you would use Synchronization Management.
Evolution of PIM
In this video, you will find more information about PIM and its theoretical evolution. Needless to say, MarketRock embodies the vision expressed in the video.
Useful Resources
For more information on creating and managing an inventory, you can register for free on our community platform for e-commerce managers.