Nowadays, we all reside in a world that is run by the omnichannel business model. Customers can shop online and pick up their purchases in-store. Or vice versa, customers can come to the shop, examine the product, and pay online and have their purchases delivered to their front door. These are the different behaviors of consumers nowadays. And as business owners and operators, you need to make sure that all of these options are available for your buyers. Thus, omnichannel inventory management in POS (point of sales) is critical to ensure an omnichannel experience for both you and your customers, and for your retail business to thrive.
In today’s article, we’ll present you with 8 tips that we find meaningful for your proper omnichannel inventory management.
What is omnichannel inventory management?
Omnichannel inventory management is synergetic inventory management of the multiple customer touch-points that enhance and optimize the operation across many channels. This helps ensure a smooth and seamless practice among physical stores, online terminals, and warehouses. When the behavior of consumers alters to recent trends, the retailers adjust accordingly by changing multi-store management, upgrading staff management, or switching to other shipping methods. All in all, inventory management remains constantly at the center of all developments.
By using an omnichannel management system, businesses are enabled to manage multiple warehouses from a single centralized location. The following are some of the things that you must consider when managing omnichannel inventory:
- Do you currently use any software for the management of omnichannel inventory?
- Do you know what, when, and how, your customers want about your products or service?
- Do you have a forecasted inventory plan to manage your stock?
- Does your business need an omnichannel inventory management system at all?
Tips for proper omnichannel inventory management
Connectivity is the key
One of the common barriers to the progressiveness and development of your business is the lack of connectivity. Your brick-and-mortar stores and online stores should be connected and synced, in real-time. With that being so, both of your offline and online consumers won’t miss out on any intriguing offering, such as flash sales or seasonal deals. It’s fruitful for all of your touchpoints to be housed in an omnichannel inventory system.
On the other hand, if your multiple inventories are not synced and connected properly, customers can experience a lack of visibility of items. This can lead to various problems such as delayed delivery, incorrect status, overselling, etc.
Updated and visible omnichannel inventory
All of the warehouses should be upgraded and updated regularly. It is a complicated task that requires a lot of effort and time. But with the help of omnichannel inventory management in POS, businesses can update their inventory status and deliver products right on time and in a proper way. Visibility of inventory is the most beneficial feature of the centralized system of omnichannel inventory management.
Accuracy of the order
It is a fact that many brands make mistakes and delivers the wrong products to the wrong address. This causes a lot of distress to the buyers. As a result, it ruins the loyalty of your customer and lessens your reputation in the market. Automated omnichannel inventory management in POS can help you deal with such a problem as it minimizes human errors. Thus, retailers can regulate orders more accurately and efficiently.
Tracking of the order
When inventory appears attractive to consumers, they are more likely bound to shop. The order tracking goes hand in hand with the visibility of the inventory. A great order tracking system is one that tracks the order in a streamlined process. An omnichannel inventory management system in POS tracks the order from multiple channels efficiently with great accuracy. It also impressively and scientifically tracks the order for research purposes.
For instance, businesses might track the order with the help of omnichannel inventory management for studying the behavior of the consumers. Then, accordingly, they can make improvements in their business operations.
Supply chain integration
Omnichannel inventory management software connects various ends of the supply chain. You should keep in mind that the chosen software should be capable of integrating various parts of your inventory such as social commerce, accounting, shipping, etc.
When you have your supply chain integrated into your omnichannel inventory management in POS, you, your managers, and your employees can work more efficiently. Entire inventory data and activity becomes visible with just a click. Thus, you can perform good control over your business through a single centralized platform.
Improvement of the policies: return and exchange
A suitable investment in the return and exchange policy is worth the time, money, and effort required. You can forecast the behaviors of customers and optimize their experience online. A good return and exchange policy increases the confidence and trust of customers in you.
According to a study, over 81% of customers say that they are more loyal to retailers that have a “generous” return and exchange policy, and over 73% also say they are less likely to buy from a store with a restrictive one. So, your customers like to feel secure and safe knowing that they can have their purchases returned or exchanged once they want to. With the right omnichannel inventory management in POS, you can effectively return and exchange the order.
When your omnichannel business grows to a greater extent, your omnichannel inventory system should also grow. You cannot store a large number of products in the same inventory storage. In the beginning, you can rely on one distribution center. Then, you cannot ask the supplier to send products to different distribution centers. All of the supplied products can go to one centralized location. Then, products go to your other warehouses.
One of the greatest ways to support this business model is to use efficient omnichannel inventory system software in POS. It assists you in taking the right step in the right direction to scale up your retail business.
Creation of the contingency plan
Humans are smart, but we need some assistance sometimes. Omnichannel inventory management in POS can help the business owners and operators with the creation of high-quality and amazing contingency plans for customers. Thus, businesses can save themselves from the wrath of angry customers and save their faces in critical times.
Remember that bulk of the contingency plan relates to the return and shipping policy of the company. So, utilize your omnichannel inventory system and bring out the best solutions for satisfying your customers.
Above is our little present for you, as business owners and operators, to manage your omnichannel inventory effectively. We hope that you like it, and have formed a big picture of how to seize the opportunity for your businesses to thrive, leveraging omnichannel inventory management in POS.
You can get started with the great omnichannel inventory system software such as ConnectPOS. We, ConnectPOS, take our pride in the ability to help you with updating your inventory, tracking orders, and accomplishing great accuracy for the work. Our POS deems to be one of the best cloud-based POS solutions to strengthen your omnichannel retail business with numerous features that are handy and meaningful.