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IT-enabled inventory: A key to lead the next-gen omnichannel

Smarts software can be used to make smart decisions, and it will also aid reliability, preference, and clarity for the retailers to make their service optimum ensuring a frictionless consumer journey.

Jan 9, 2023

3 mins to read

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Every successful retailer is built on the fundamentals of customer satisfaction. Retailers must increase sales and get merchandise out the door as efficiently as possible while sometimes sacrificing profitability and efficiency as customer expectations change rapidly. Because of this, a plan that was initially designed to put the customer first ultimately fails, resulting in customers receiving delayed deliveries or having their transactions canceled.

However, it is possible to establish cost-effective and accountable promises. There is also no time to squander.

The importance of omnichannel retail in today's world

To serve customers better, retailers around the world put a high priority on omnichannel operations. Moreover, many retailers haven't defined their approach to promising and how it may directly affect customer journey since they are in a haste to deliver seamless customer experiences and handle omnichannel complexities. In fact, 35% of merchants lack a clear omnichannel fulfillment plan. At the moment, businesses depend on the system to indicate stock, after which they figure out the delivery time. However, businesses cannot know what is truly available before promising it to clients without real-time inventory information. In addition to inventory, there are many more aspects to take into account, such as manpower and capacity to create orders, along with cost variables and limits. In an effort to ensure a balance between profitability and productivity, retailers need a comprehensive solution that combines real-time inventory transparency with powerful fulfillment functionality. By giving customers more assurance, options, and openness throughout the purchasing process, retailers can maintain consumer trust in their brands. Additionally, this technology enables retailers to boost inventory turns while achieving near-perfect delivery time service level agreement compliance, a decrease in split packages and shipping costs, and an increase in digital conversions and in-store sales.

Impact of a smart solution on retailers

Smarts software can be used to make smart decisions, and it will also aid reliability, preference, and clarity for the retailers to make their service optimum ensuring a frictionless consumer journey.

Reliability: Provide precise promise dates throughout the purchase process for consumers to know exactly when an order is arriving. Retailers may decrease order cancellations, increase cart conversions, and feel secure about their financial position when customers see what is available with reliable delivery dates.

Preference: Provide customers the ability to search for or filter items based on availability, delivery schedules, and fulfillment methods, ensuring easy-to-configure functionalities that are based on enterprise-wide inventory, resulting in faster delivery and more selections for customers.

Clarity: Either the products are out of stock or in shipment, they must be clearly stated to customers. Retailers may control pre-purchase expectations for any uncertainty about on-time, complete delivery owing to anticipated supply chain interruptions by using inventory information, data from carriers, and other processing and fulfillment parameters.

Shoppers will go somewhere else if they are unable to view the inventory online. Offering a precise inventory display will increase conversion. Orders that incorporate third-party services (like furniture assembly) and multi-brand orders are examples of the most complicated scenarios that optimization logic supports and impacts throughout the order cycle. Even the most complicated cases, such as orders that incorporate third-party services (like furniture assembly) and multi-brand orders, may be supported by optimization logic, which impacts potential along the order cycle.

Better functionality and profitability for omnichannel retailers

It is high time retailers developed the capacity to optimize and operate fulfillment at scale across multiple thousands of fulfillment variations as consumer expectations increase and omnichannel gets more complicated. The multi-objective optimization process must be driven by advanced analytics and artificial intelligence. Start creating promises you can fulfill after laying this foundation, and your sales and profitability will increase. Prioritize company goals like profitability and customer satisfaction early in the customer journey while taking into account various fulfillment considerations (distance, prices, capacity, schedules, special handling needs), so you can quickly calculate the lowest cost for each customer. Utilize AI to estimate demand based on seasonality and predict sell-through trends, minimizing stockouts and markdowns to increase revenue and profitability. Start developing cutting-edge omnichannel experiences with smart, compelling merchandise to enhance the shopping experience, promote online and offline purchases, and raise the profitability of multichannel conversions embedded with advanced technological measures.

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