You Can’t Meet Expectations Without a Clear
Inventory management is critical to any omnichannel retail strategy and empowers organizations to better forecast demand, avoid stockouts and continue to deliver the experiences customers crave. But forget about hand counts or even location-by-location tallies — without visibility across your entire inventory footprint, you won’t be able to meet customer expectations in today’s environment.
Older or more traditional processes won’t be enough to satisfy consumers today or to implement a comprehensive strategy. This is where omnichannel inventory management comes in. It’s a ‘must-have’ capability for retailers today, and without it you’ll lack the ability to deliver the utmost in customer service.
That matters in the highly competitive retail environment where customers have the ability to shop seemingly anywhere at any time. The customer needs an accurate picture of what’s available and where they can get it. If you don’t provide it, they’ll go somewhere else.
Omnichannel retail is about integration and matching inventory to where the customer can easily acquire it. Omnichannel inventory management means being able to track your inventory across all sales channels and locations. With every brick-and-mortar location now also serving as a distribution center — and physical retailers now opening more stores than they’re closing thanks to improving customer experiences — you need visibility into each.
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Sidestep Roadblocks to Omnichannel Inventory Management
Of course, managing inventory across your entire footprint and every channel is easier said than done. Products and processes need to be in sync — all the time. Omnichannel inventory management challenges can thwart retailers’ effort to gain clarity and give their customers the seamless experience they seek.
- Segmented Processes — Omnichannel demands connectivity, which runs counter to siloed supply chains. Segmented elements lead to problems with order fulfillment, like delivery delays and mistakenly advertising out of stock products
- Lack of Visibility — This is the biggest barrier to omnichannel inventory management. Without good visibility into every aspect of your inventory accurate data will be hard to validate. Bad data means potential issues with customer expectations.
- Lack of Technology — Omnichannel simply can’t be pulled off manually. Retailers need automated technology to streamline processes and ensure order fulfillment is synced across channels at the same time. Other elements like RFID help keep track of inventory data.
Reap the Rewards of Omnichannel Inventory Management
Retailers need the tooling and technology to provide oversight and management for their inventory — no matter where it’s at currently. With automated processes, new technology, and a proven, world-class UEM partner, they can:
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- Integrate the Supply Chain — Eliminating silos and expanding into elements like accounting and channel management creates a more efficient process and inventory data that serves the entire enterprise.
- Achieve True Visibility — Don’t alienate customers by offering products you don’t have. Real visibility into stock levels grants real-time transparency and trust that consumers seek.
- Improve the Return Process — With integration and visibility comes the ability to craft seamless return policies that generate loyalty and enhance the customer experience.
- More Effectively Stock Across All Locations — Supply chains that grow beyond a single hub respond to demand forecasting, but this only happens with omnichannel inventory management that brings all distribution centers under one system.
Tackle Omnichannel Inventory Management with TRG
Overcoming omnichannel inventory management challenges and unlocking the benefits is easier when you partner with TRG. With comprehensive solutions, a global reach and an incredible breadth of capabilities, we’re ready to throw our considerable weight behind your omnichannel efforts. From evaluation to retirement
, our complete portfolio of lifecycle management services power your projects, enhance customer experiences and maximize ROI.
You don’t have to find your own way through omnichannel retail.
TRG has blazed a path forward through this complicated landscape. Lean on us to get your organization where it wants to go. Get in touch with us today to discover everything you wanted to know about omnichannel
and how to make it work for you.