Omnichannel is now a reality in the retail industry. The pandemic has made it more important for online channels to adapt to changing needs. This does not mean physical shops will disappear. Many retailers are opening new centers, with a new concept that adapts to changing shopping habits and the needs of customers. Omnichannel stock management is about having one stock that customers can use from all channels.
Why is omnichannel so important? Analyticalways, a leader in technology for stock management, developed 5 key principles that retailers must remember in order to successfully manage all channels.
- Have a clear strategy Learn about the behavior of customers in all sales channels.
- Segmentation of consumption areas. Based on the consumer profile, group sales outlets into clusters.
- Integrate all the agents operating in the value chain. All departments should be aligned to the company’s Omnichannel Strategy: sales, marketing, logistics, operations, etc.
- Know the logistical possibilities of the company. Last mile centres and BOPIS (buy Online Pick Up in Store) are very helpful to reduce logistics costs and delivery times.
- Measure, learn and correct. It is impossible to improve what isn’t measured. Key indicators are needed to measure operations and identify problems.
Applying these keys makes it possible to be more competitive in the operation, which ends up having an impact on being more competitive in the price of the product, as the operational cost is reduced, meaning that the company’s profit is more closely linked to the commercial margin. Artificial Intelligence allows for a more efficient stock management system that decreases lost sales and eliminates excess stock of unsold products. The consultancy team is a group of retail experts who work with customers every day and add value to their business.
“It’s not just about having the right technology, the key is to get the maximum benefit from it”, Amancio Junior, CEO of Analyticalways.