Omnichannel inventory optimization is an ever-evolving practice that most retailers are striving to achieve. It is increasingly imperative in today’s dynamic and disruptive world. With customer expectations for product availability at the store, online, or via catalog and fulfilled in a variety of methods, the tasks of tracking and managing inventory location, customer activity, and pricing can be daunting. New business processes, supported by technology investments have become a necessity for many retailers aiming to achieve the most balanced blend of supply, demand, and pricing. The solution and investment that is right for your company must begin with prioritizing the problems that need to be solved.
When implemented and used correctly, there are a number of technologies available to enable omnichannel inventory optimization capabilities. Such capabilities include:
- Helping employees provide accurate inventory levels, availability dates, pricing and location of the inventory in real-time
- Providing customers accurate inventory visibility as well as purchasing and fulfillment options for their desired products
- Better management of inventory across channels allowing for lower inventory levels and cost reductions
All of these factors can help retailers realize improved customer satisfaction and revenues, more empowered employees, and a stronger bottom line.