When it comes to inventory businesses, there can be a lot to manage. Between back-end processes of stock management, to order fulfilment and returns, small businesses often find themselves struggling to spin the plates, so it’s easy to see how things can run out of control when multiple channels are added into the mix.
Omnichannel retailing is now commonplace, and consumers expect a seamless experience across all touchpoints with your business. Omnichannel logistics comes with its challenges – so how can you improve?
Here are 4 tips for improving your omnichannel inventory management.
When operating multiple channels which need to be seamlessly woven together, integration is key. Uniting your channels and your processes internally will allow you to provide a more united service externally.
Consider your inventory management as a small (but vital) portion of a greater whole. Integrate your inventory management with other systems, think your sales and CRM systems. This will ensure you have full oversight and accuracy over metrics like inventory levels- avoiding issues like stock-outs or slow order fulfilment.
Integration provides better visibility – and visibility is crucial for a clear and accurate overview of how each element of your business is performing.
Gain oversight of your multiple channels by implementing an integrated inventory management system. Make the most of your system to view and analyse all your to-the-minute data on sales, orders, and suppliers- no matter which channel orders are placed through.
Gaining visibility with better omnichannel inventory management software has multiple benefits, including easily spotting space for improvements in your stock management.
The insights offered by a well-integrated software can show you where perhaps, a warehouse is required in a new location to reduce lead times or reach a wider audience.
It’s easy to see returns as an unwanted by-product of online selling, but returns are a huge indication of how easy your business is to interact with, so instead you should think of returns as a core part of your omnichannel experience.
To optimise your omnichannel inventory management, make returns as easy as possible for your customers, and for you. Implementing a software which can coherently track inventory as it leaves your warehouse, and as it comes back, you’ll be provided with an accurate picture of your inventory needs.
As eCommerce brands push to become increasingly available to customers, providing an effective omnichannel experience is becoming crucial to many businesses. Optimising your omnichannel inventory management is the path to optimising the omnichannel experience you offer. Try following the above steps to improve your omnichannel inventory management.
To find out how Workhorse’s comprehensive and customisable inventory management software can help you transform your omnichannel inventory processes, learn more online today.