How fully integrated inventory services boost multichannel retail business?
Fully integrated inventory services are of great help in boosting multi channel retail business. Retailers too are making immense use of the opportunity by opting for advertising business through various channels that include the web, catalogs and other platforms. This helps retailers improve business and stay ahead in competition.
Strategies Adopted by Retailers to Overcome Challenges
Order fulfilment services come in many different forms, from the very simple manual order pick, pack and dispatching through to fully automated and fully integrated inventory management. All forms if chosen well will make life a lot easier for any multi channel retail business. However to get the most from your order fulfilment services, you are left with only one option.
Fully integrated inventory management has benefits for both a retailer and customer. It has greater benefits for the retailer and also the fulfilment partner. To maximise your order fulfilment services, integration is the only way to go. It allows the Fulfilment partner to integrate directly into the retailer web site(s) and other platforms for selling and delivering revenue streams.
When this integration is fully up and running you gets a lot more than just order fulfilment services. All orders will flow directly from all sites to the fulfilment partners Warehouse Management System (WMS). These will automatically be pooled and created into pick notes ready for picking and dispatch in order of preference and parameters set out by the customers. This means that there is no need to send or organise orders, to add extra details. In essence, this method has a lot of benefits. It helps to get rid of a lot of admin and increases efficiency as well as accuracy. The reason is because there is less human integration and less human error within the order fulfilment services process.
In effect it will stream line your multichannel retailer into one for all order management and process. This method will offer massive information to assist the retailer in stock management, sales etc. It will also assist the order fulfilment services partner in accuracy and speed of processing your order.
Inventory Management System (IMS) safeguard multi channel retail business by helping to totally eliminate human errors. An IMS that is well implemented is of great help in protecting against formulating transactions that do not comply by the firm’s inventory management policies.
Despite the many benefits offered by integrated inventory services to multi channel retail business, several challenges like bringing in line organizational structures, dividing merchandising and inventory management into various parts still continue to exist. In order to overcome these challenges certain strategies like taking the opinion of customers and building organization structure have been developed by multi channel retailers.