A true omnichannel strategy enables customers to transact seamlessly across multiple channels. While creating an integrated storefront between your digital and physical channels is the first step, creating a true omnichannel inventory management process is what enables long-term success.
In an IDC retail survey conducted in May 2021, 55.8% of retailers reported that they are currently implementing an in-store workforce and task management solution or planning to within the next 12 months. Likewise, 60.7% reported that they are currently implementing a curbside pick-up/click-and-collect management solution or planning to implement within the next 12 months.
For retailers with a strong brick-and-mortar presence, the primary challenge is to reimagine the inventory model from a warehouse to store model to an omnichannel model. This requires a fundamental shift in thinking across the entire organization – product mix, sourcing strategies, warehouse locations, store inventory & shipping models.
Imagine a scenario where a customer in Seattle orders a product that needs to ship from your warehouse in Springfield, Illinois. However, the same product can also be delivered from your store in downtown Seattle, or the customer can do a curb-side pickup. Sounds simple right?
Now scale this to a hundred thousand products per day across thousands of orders. Suddenly, your teams are confronted by out-of-stock items, long delivery lead times, misplaced orders, escalating shipping costs and excess inventory.
These issues arise because Omnichannel Fulfillment strategy needs to be designed and executed at an organizational level with a very high level of synchronization between different functions.
Now, let’s turn our attention to what you can do to overcome these challenges. How can you leverage omnichannel inventory management to deliver seamless customer experience?
Iksula, with over 15 years of experience in enabling e-commerce businesses, is helping retailers globally in implementing their Omnichannel Strategies. Talk to our consultants how we can help your business implement the right omnichannel inventory solutions.