In today’s retail landscape, where the customer demand for click and collect, or buy-online/pick up in store is ever increasing, omnichannel inventory management is vital. In order to run a smooth and seamless omnichannel operation however, you need a system robust enough to manage all of your products across different selling platforms in real-time.
Here are three benefits of implementing omnichannel inventory management:
1. Increased Revenue Potential
The importance of omnichannel to the retail industry cannot be overstated. Successful retailers understand that offering more avenues for shoppers to find and buy their merchandise opens more opportunities to increase your customer base as well as your revenue potential.
E-commerce allows customers to shop at your store wherever they are, and have their purchases delivered directly to their homes. This provides customers with much-desired convenience and accessibility to your store, especially for those who don’t live nearby.
The buy online/pick up in store, or click and collect model allows customers to view inventory beyond what is carried in brick-and-mortar stores, and purchase using convenient methods, while saving money on shipping costs. Allowing customers to buy products online and pick them up in store provides your sales associates with additional opportunities to upsell or cross-sell.
The key to increased revenue potential is deploying an inventory management system that is capable of accurate tracking and maintaining of stock in real-time. The right system will allow your business impeccable control over your inventory across all channels.
2. Improved Cash Flow
After labor, your inventory is one of the biggest and most expensive assets in your business. If it isn’t managed properly, it could end up eating away at your bottom line. Efficient inventory management can boost your cash flow, and help you fully optimize your resources.
With multiple channels, it can be difficult to anticipate demand for specific inventory items. An omnichannel inventory management system can provide better forecasting, so you will be well equipped to meet demands without ending up overstocked or out-of-stock.
An adept inventory management system will come with robust reporting features, providing you with deeper insight into operations across channels. With this data, you can identify and solve operational gaps blocking cash flow, effectively increasing your bottom line.
3. Increased Customer Satisfaction
Omnichannel inventory management allows you to offer additional conveniences to your customers, while increasing the potential for revenue growth. Shoppers are already using click and collect, as well as buy online/pick up in store methods to save time and money.
In fact, a recent study titled “The ROBO Economy,” which stands for Research Online, Buy Offline, showed that 82% of smartphone users consult their phones on purchases they are about to make in-store.
Your customers are already expecting your store to be omnichannel. If you haven’t made the change yet, it’s time to meet customer demands.
The Evolving Retail Landscape
Customer expectations are continually evolving, and successful retailers are meeting this evolution head on. While there are challenges to operating omnichannel retailing seamlessly, your store can rise to the occasion by implementing an omnichannel inventory management solution. Beyond managing inventory, your business will benefit from streamlined processes that increase productivity, as well as providing the shopping experiences that turn your best customers into loyal customers.
