All major retailers endeavor to provide exceptional customer experiences, yet most fail with this objective because they are challenged with omnichannel execution. To some, these seem to be a singular goal, however, the difference involves inventory management and labor utilization.
Les McNeill, Founder and Chief Technology Officer of Impulse Logic, and Rob Oglesby, Senior Director at The Parker Avery Group argue that achieving exceptional omnichannel execution requires a fundamental paradigm shift about the role of stores in the modern retail environment. Based on decades of retail industry experience, their strong conviction is that retail stores are not a dying breed, but rather a critical asset to omnichannel execution.
In this article, in conjunction with Impulse Logic, Parker Avery outlines five steps retailers can take to adapt to the dynamics of the modern marketplace and achieve exceptional omnichannel execution. These steps infuse the use of artificial intelligence (AI) and machine learning (ML) technologies through predictive analytics with business process, store, and role changes to drive inventory accuracy, labor optimization, and ‘always assured’ inventory availability to customers. Further, implementing the new paradigm is both possible and can be quickly proven to provide meaningful benefits through improved inventory accuracy and better labor efficiencies.