Big retailers use the omnichannel hold their own against the likes of Amazon. True, these corporations spent years to develop services like buying online for in-store pickup. But with the right planning and inventory management in place, retailers of any size can do it. Ultimately, the omnichannel is about giving your customers a seamless experience across channels. And that’s within retailer’s reach.
Inventory management pivotal for omnichannel
Over recent years, consumers spent more time shopping online, less time browsing aisles. Consequently, retailers built on big stores to service high-volume foot-traffic had to change to compete. Along with reducing footprints, they adopted new technology and inventory management to unify their online and in store shopping experience. The result has been positive for giants like Zara and Walmart. But lots of retailers are doing it as the business model and the technology mature.
Turning the tide
Walmart reported its best quarterly sales growth in ten years. And oneits well-published effort to build in-store pick-up areas at 1800 of their locations. While other factors, such as expanding to groceries, contributed to its performance, their omnichannel effort paid off. The buy online/in-store pickup option , in fact, helped Walmart increase quarterly eCommerce sales by 40%.
The omnichannel is simply giving customers more reasons to buy your brand. One online or retail POS sale is, simply, one transaction. But adding fulfillment options such as buy online, pick-up in store builds is about customer experience. Altogether, the omnichannel requires work to figure out how much inventory to keep in store versus your warehouse. In other words, how can a brand anticipate when a customer will want to buy in store or online? The first step to figuring that out is having a single view of the entire supply chain. Ominchannel inventory management is a lot more difficult, if not impossible, if you can’t see where and how much products you have to sell.
Cin7 helps brands build their omnichannel strategy. By integrating eCommerce, stores and warehouses in one inventory management solution, they get complete visibility of their stock and orders. Plus, reports and forecasting tools help brands optimize inventory for every location to deliver on the omnichannel promise. Click below and learn more how Cin7 can help you develop your omnichannel strategy.
Book a Demo