Quarterly Inventories Are Obsolete, E-Commerce Demands Weekly Counts
Already on the rise, e-commerce grew exponentially when American consumers found themselves housebound due to the COVID-19 pandemic. While the move to online purchasing benefited businesses hit hard by fewer in-store customers, it added challenges to managing inventory and supply. Businesses will need to adjust as online purchasing remains popular even with the reopening of physical stores. Brands and retailers must implement weekly or even daily inventory tracking to stay competitive in today's omnichannel market. Industry leader SimplyRFID can help them succeed.
"SimplyRFID helps prevent customer loss by providing our clients with the ability to quickly and accurately track inventory and better navigate the omnichannel environment overall," said SimplyRFID CEO Carl Brown.
Essential up-to-the-minute accuracy is made possible with SimplyRFID products like the Wave handheld reader, which can update over 1,000 items of inventory in two minutes. A built-in feed called "In Stock" allows the retailer to quickly publish results by store location, allowing them to push SEO and other marketing information by geography to let customers know that products have been freshly restocked.
Inventory accuracy is essential to having the right products available when the customer wants them. Inability to forecast and track buying trends causes inventory problems, which leaves retailers unable to fulfill orders. While inventory management has always been a challenge for retailers, new buying options have made the process more complex. Today's retailers must prepare to fulfill sales online, in brick-and-mortar stores, and through initiatives like BOPIS (buy online, pick up in-store) and SFS (ship from store). Businesses relying on outdated methods of inventory tracking and order fulfillment processes will not be able to compete.
"When a retailer posts a product it doesn't have in stock, it both loses a sale and negatively impacts customer loyalty," said Brown. "Today's online customers expect their orders to be filled, and they expect them to be filled fast. Inventory isn't something done every quarter for a report. It's now part of the operations of the company and needs daily or weekly attention to provide a top customer experience."
Meeting immediate demand is more important than ever as U.S. consumers continue to set records for e-commerce. Digital Commerce 360 estimates that the pandemic contributed an extra $218.53 billion to e-commerce's bottom line over the past two years. As business management consulting company Conners Group reports, inventory management is key to success in today's omnichannel retail market. According to Connor Group, "If done well, a retailer may experience higher sales and increased customer traffic. If not, retailers run the risk of wasting labor looking for products that may not exist, ultimately leading to a negative impact on the customer experience."
Learn more about obtaining accurate inventory counts and positively impacting all areas of business. Visit www.simplyrfid.com for details or contact Creative Director William Montalbo for more information.