If 2020 taught us one thing, it’s to be prepared for anything. Now one month into the new year, it is important to note the upcoming inventory management trends so you can make your business the best it can be, no matter what the future brings.
Omni-Channel Online Retail
Over the past year, online shopping has skyrocketed. Due to COVID-19 stay-at-home orders and safety protocols, consumers were able to shop for all their essential needs with the click of a button. Retailers at every level offered a fusion of online, mobile, and social media shopping environments in addition to traditional brick-and-mortar stores so as to keep business alive and consumers happy. It is this omnichannel online retail environment that allows retailers to capitalize on the opportunity to increase sales.
An omnichannel retail environment provides your customers with more opportunities to reach your products. If customers shop in-store, their purchase is immediately theirs and subtracted from your inventory reports. However, online shopping results in a delay from the time an order is placed to when the customer receives it. This can lead to inconsistencies in reporting and miscalculated capital.
To efficiently and effectively manage your omnichannel retail environment, it is crucial to implement an automated inventory management system that can integrate warehouse management, inventory management, accounting, and point of sale data to ensure you have one set of accurate data in real-time. Properly accounting for all channel sales can help prevent stockouts, keeping you and your customers happy.
Order Time gives you the opportunity to connect with Shopify, BigCommerce, WooCommerce, Volusion, or Magento eCommerce to sync all your customer data and inventory records in one convenient place. With the click of a button you can control orders and shipping for these channels via integration with your online cart.
Multiple Distribution Centers
Implementing an omnichannel retail environment allows your customers to reach your products from many different locations, which can make it difficult to fulfill orders. To reduce shipping costs and shorten fulfillment times, it is recommended to add multiple distribution centers near your customers. Managing more distribution centers also allows you to shift inventory from one center to another, preventing stock outs and lost sales.
Personalized Marketing
More than just knowing your customer’s name, personalization allows you to view customer shopping habits and insights to help build a seamlessly personal user experience for each customer. Using real-time analytic tools lets you track customer trends, inventory management, and prevent stock outs by preparing for high seasons.
Compiling these consumer insights helps create a unique experience for each customer spanning from marketing efforts to check out. Increasing efforts into personalization not only increases engagement, but also heightens brand loyalty and sales.
Order Time monitors fluctuations in production and inventory so to automatically calculate stock levels, costs, and supply chain operations. To add additional personalization to your customer’s experience, you can use tokens in your email templates to input the company name, first and last names, and any other important fields you may need to enhance your emails.
Advanced Report Building
Personalization and reporting have a direct relationship: as the user experience becomes more individualized, the need for constant stock increases. Consumers can expect you to always have what they need, when they need it. To prevent lost sales, it is imperative to utilize advance report building sales forecasting.
With greater visibility into good’s status in their supply chain, you can monitor fluctuation patterns of demand, costs, and adjust accordingly. Order Time’s report builder includes all the tools you’ll need to make the most of your forecasts, including inventory valuation, inventory movement, ledgers by location, and sales reports. The new ‘Item Transactions and Open Orders’ report gives you an accurate look at the ins and outs of your items so you can track as they are received and what open orders exist by item. Heading into 2021 prepared is a crucial aspect in your business’ success, so let Order Time assist in creating all the important reports you’ll need.
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We're always adding new Features, so if you have one you can't live without, let us know using the Contact Us Form.For more information check out our Order Time Cheat Sheet.
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