There is a lot of talk about Omnichannel Inventory Management in the e-retail world. Inventory management across all channels can be tracked and managed from one central location. The product inventory levels will be visible in real-time, sold in-store, online, or through a third-party e-Marketplace. Understanding inventory can positively impact your bottom line. In this blog, we will discuss 3 Barriers to Omnichannel Inventory Management.
#1 Inaccurate orders
The more moving parts, the more critical it is to have a system that can keep track of every order and ensure accuracy. Real-time order visibility across sales channels will allow you to make adjustments. Reduce errors by automating order fulfilment and shipping.
Managing omnichannel orders can be a complex task, but it can significantly impact your business, so you should take advantage of our DSM Suite 2.0+ e-Marketplace, a fully integrated B2B e-Com platform supporting multiple e-Marketplaces, e-stores, languages, and currencies, as well as millions of SKUs. You will be able to track orders, improve stock accuracy, increase revenue and margins, and improve customer satisfaction, all of which will result in a lower cost of doing business.
#2 No visibility of inventory
You can't manage your inventory effectively if you can't see it in real-time. The process of updating inventory and processing orders requires much effort to ensure they are handled correctly. Inventory visibility can help you avoid overselling products, which can result in unhappy customers and lost sales. Every channel is independent, so changes in one do not affect others. Due to inefficient inventory visibility, stockouts and delayed deliveries occur.
A technology solution can provide you with the visibility you need. Through DSM Suite 2.0+ e-Marketplace, you can keep track of inventory across all sales channels, making it easy always to know what's in stock.
#3 No collection of inventory data
As you expand your sales channels, you are more likely to collect customer information and track their buying patterns, allowing you to understand your inventory better and what's selling. This will also help you find irresistible offers for your customers. Data shows how customers buy from your e-Stores or e-Marketplaces, where orders come from in inventory, and where they need to be shipped. Your inventory levels can be accurately tracked, and orders are fulfilled correctly.
Our DSM Suite 2.0+ BI & AI predictive solution offers machine learning and predictive analytics for predicting potential purchases, resolutions and product suggestions that impact inventory.
Final Thoughts
Bring your supply chain together.
Integrating your supply chain will allow you to track every step of the process - from when an order is placed to when it arrives in-store or on a customer's doorstep. Through this level of visibility, you know where your inventory is at all times and when they are expected to arrive and be purchased. Also, you can identify any potential inventory issues quickly so that you can take steps to mitigate them. You could update your website or app if you see that an item will be delayed, so customers are aware of the delay and aren't frustrated. Furthermore, by integrating your supply chain, you can track inventory levels, make adjustments, and ensure you are always adequately stocked and have the correct quantities on hand.
Get a better start with Zooloo. Our team is happy to assist you with your journey towards digital transformation. You will enjoy immense growth opportunities if you partner with the right service provider. Please contact us at sales@zooloo.asia.
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