How to Increase Customer Loyalty: High-Quality Omnichannel Data
Retailers have been implementing technologies in almost every step of their organizations to get to have more data to help them run their businesses more efficiently, smoothly, and cost-effectively. However, there are some challenges out of their hands. Even if they acquire technologies to find out the demand, they always need accurate visibility of their inventory helping them to make the right decisions. There are few things worse than losing your customer who’s willing to buy a product and letting them down as you don’t know if you have that item in your stock, and even if so where it is.
Not only do retailers lose the chance of selling that product but their customers for good. Once customers face such problems, they tend to try other options, and unfortunately, gaining customers back is more costly than only losing one transaction because of stockout. Where there is a challenge, there is always an opportunity there for retailers to take advantage of. Having up-to-date data about orders and inventory and most importantly, having the capability of meeting inventory with customers no matter what is the key. Smart order management systems that have the ability to orchestrate orders “omnichannel”, reduce frictions of inefficiency both customers and retailers face. Let’s have a look at what are the main advantages.
Make every single inventory visible
Customers can face stockouts at any channel, it can be whether a physical store, webshop, or marketplace. Retailers try traditional ways of fulfilling the item from another location but while doing that give their customers hope ending with disappointment from time to time. However, they can not use these old-fashioned methods for their online customer. With an easy touch to their operations and placing a real-time inventory visibility module on top of their ERP systems, both retailers and customers can access the most up-to-date information on stock availability. The “secret sauce” is that, not only they can access the data of specific sales channels but the centralized inventory that is available for sale everywhere gives retailers to use their inventory wisely and keep their customers satisfied with a smooth shopping experience.
Now retailers have access to a centralized accurate inventory view, how do they sell?
One of the challenges is solved when retailers have access to stock availability of each channel in the most accurate way possible. But, here comes another challenge; how they will be able to sell the inventory efficiently when it is located in another location?
It’s hard to manage cross-channel sales without placing a smart algorithm in the center but not impossible if retailers are fine with fulfilling orders without doing cost optimization and also facing frictions caused by manual actions. There is no need for these inefficient actions with an omnichannel order orchestration engine in place. The second customer completes checkout, the algorithm can find the best place to fulfill the order based on the retailer’s business rulesets. These algorithms allow retailers to decide how important is time, distance, and channel’s current stock situation in order to find the most optimal way to fulfill an order.
Sales channels are increasing each and every day and retailers keep implementing those channels to have a presence to reach every potential customer. Here it gets complex to manage the inventory, but with detailed data of each sales channel and their real-time stock information, retailers can set safety stock to eliminate overpromising.
Better build the future with valuable data
These algorithms not only help retailers to make automated instant decisions but collects valuable data to make right further decisions. It gives them a snapshot of how their operations doing, what are the achievements, and what are the blind spots that they have been missing out on in a single place. As the advanced platforms allow decision-makers to change any variables in seconds without needing needs, enabling them to see the inconveniences, and immediately change them.
If you are a retail decision-maker who is facing those challenges in your operation, it’s time to meet Shopi! Shopi’s Omnichannel Order Hub gives you extensive control over your inventory involving you to decide on some variants and automates even the most complex scenarios with its smart algorithm based on your rules. Shopi guarantees to make each and every inventory to be available to sell at any sales channels, increase your sales volume, and provide a more customer-centric shopping experience. If you’d like to find out more about Shopi’s omnichannel capabilities, contact us now!