Combined Inventory And a Single View of Stock
A single view of stock and a central stock pool are fundamental aspects in making omnichannel fulfilment possible for retailers, however these systems can also offer compelling additional benefits once implemented.
Access to real-time inventory data is key in achieving a single view of stock and allows retailers to continuously measure sales and growth for each channel. This enables more accurate predictions of customer demands based on sales history across each channel, and a better chance to spot potential problems before they become major issues.
Harnessing this data can lead to greater efficiencies and means that over time, businesses can learn where best to place products for optimum profitability. Knowing where certain products will sell best can be a powerful advantage when it comes to older stock and sale season, as excess stock can be moved to a more profitable location, reducing the need for markdowns.
A clear, real-time overview of the entire stock pool also provides greater visibility and more precise inventory tracking, allowing businesses to benefit from faster and more accurate fulfilment. For a customer, there’s often nothing worse than finding out the item they’ve ordered is now out of stock and unable to be fulfilled. With a definitive view of all inventory, these issues can be avoided, and profits can be maximised across the network.
By enabling stock to be in the right place, at the right time, retailers provide a more seamless customer experience and ensure consistency across their brand and services no matter how buyers choose to shop.