We were very excited to announce our new product that is revolutionizing inventory management with an intuitive and innovative interface. I am ecstatic about what this product means for Shopventory in terms of innovation, but I’m like you, not an engineer! I need this new product to be explained to me in layman’s terms to really understand what the benefits are for customers and why the co-founders, Rares and Bach, built it. I reached out to learn more and am very happy that I now better understand what this product means for small business owners.
Dalia: Rares and Bach, I appreciate you chatting with me. When you joined TechStars in May you came with a product. What triggered making changes and updates to the product after leaving the accelerator?
Rares & Bach: The initial product was very basic. It had minimum usability and we always had plans to continue developing it and making it a more complex system based on our customers’ feedback. TechStars was a bit more hectic than we anticipated, so we saved our major update for right after the program ended.
D: So, you made an update ... but exactly what was the update?
R&B: User feedback unanimously stated that it was hard to edit inventory - they had to enter it one at a time and it required many clicks. It was tedious and time consuming. We made it so now the inventory is editable in bulk - much faster and easier, and with a lot less mouse clicks.
We also wanted to have a fresh, modern interface. We noticed that in general, inventory software is outdated and lacks an element of design. We made the overall look and feel better as well as easier to use. You shouldn’t have to be a software engineer to use our systems, it should be simple and intuitive.
Overall, our goal is to make our users, tech savvy or not, more efficient with our tools. Through lots of testing, brainstorming, and iteration, we created an easier and more visually appealing experience for our customers.
D: You focus a lot on your customer which is great. Let’s role play. I’m a small business owner - your customer. Sell me the three updates and/or new tools and tell me why I need them.
R&B: Absolutely. First, it is now super easy to enter your inventory. You simply hit edit, and you can tab around your inventory grid and update hundreds of entries at a time, saving you lots of time.
Second, at a glance with our new dashboard you can see how your business is performing. You can see data at a day, week or month level and also see trends.
If you enter cost of goods sold, you can see your profitability during a specific time period. This data can aid in making better informed business decisions - this is powerful stuff for your business! Lastly, we’ve added customizable alerts for your business. For example, we can push messaging to you via the dashboard and/or email to alert you automatically when items are running low so you don’t run out and miss a sale. You wouldn’t want to miss a sale.
D: I absolutely wouldn’t. Sounds like some very important tools I should take advantage of as a small business. You mentioned earlier that you are better than other inventory management software. Can you elaborate a bit more on your differentiator(s)?
R&B: Well, we did mention our modern user interface. It may sound simple but we want to make sure our non-techy customers can easily use what we are offering.
We also integrate with Square and PayPal Here. The older inventory management software can’t and doesn’t do that. Using Shopventory and your existing Square or PayPal Here accounts you are up and running in minutes - there’s no need to re-enter any of your existing information or items.
Since our tools are simple and created with our customer’s user experience in mind, you will work faster. We save you time and money by tracking your cost of goods sold and tracking items that aren’t selling. We also enable you to increase sales because we can notify you when you are running low on items so you don’t miss a sale because the item is out of stock, and with the dashboard view you can see trends in your sales, immediately giving you a great idea of how your business is performing.
D: All of this is great but do I need it? Why is intelligently managing my inventory so vital to my business?
R&B: It is important to understand that as business intelligence software for managing your inventory, we are not solely focused on inventory. Shopventory helps you accurately manage your business’ cash flow. Inventory runs your cash flow. Your business is healthy when you have enough inventory but not too much where your cash is all tied up in it, or too little where you miss out on a sale. “The right stuff at the right time” is a phrase we’ve been playing with around the office.
D: That is a very important point. Managing cash flow accurately as a small business is essential to survive and I love that Shopventory is enabling their customers to do just that. Thank you taking the time to explain the product and benefits to me as a non-techy.
R&B: We’re always here to help! Thanks for chatting.