The pandemic has forced retailers to progress "years in months," with omnichannel becoming central to their business model faster than most had anticipated. Retailers must stop expecting the market to go back to ‘normal’ and make permanent changes to combat the challenges and survive in the post-pandemic era.
Retail Challenges
- “Experience is Key” - Bringing innovation to the masses by operationalising digital at scale across the business. After the pandemic, a growing number of consumers are moving towards convenient digital solutions. Since digital tools have not been a priority of many retailers, this becomes a challenge for retailers across the globe.
- Supply & Distribution – The pandemic has resulted in a global lockdown with several trade and transit restrictions. This has impacted the supply chain and distribution network of retailers around the world. The challenge is to create more and better data to support assortment, supply chain and pricing decisions
- Warehouse & Stock Management – With low in-store footfalls and constant change in consumer demand, retailers are in a constant flux on how to manage warehouse inventory and stocks. Here again, finding the right balance between organic investment and partnerships is the challenge.
How can Izoleap address challenges and build momentum?
Improved oversight of inventory - One of the top advantages of an Izoleap order management system is the enhanced inventory oversight that is given. With this product in place, supervisors can be sure that orders are filled accurately and delivered within the proper time. In today’s market, consumers are using various channels to conveniently shop their products. So, retailer need to use all available online and offline channels for their sales and marketing efforts. By using a multichannel order management (MoM) system, retailers can easily track and trace orders from all the channels efficiently. The MoM system also helps retailers maintain consistency across all sales points.
Cost reductions through order accuracy - Boosted order accuracy can also lead to considerable cost savings. Izoleap noted that these cost reductions can extend to both inventory and labour expenditures. These savings can lead to the order management system paying for itself within the first few months of use, especially when it comes to a reduction in costs associated with incorrect or late orders.
Real-time order status for better customer service - An order management system can also provide real-time updates on the status of all inventory and current orders. Along these lines, managers have the most up to date data available on hand and can pass this information on to the client’s organizations. Rather than waiting for a package, customers can receive automatic updates to find out exactly when to expect the shipment. This leads to better customer service and an enhanced overall experience for consumers.
Online-to-Offline - For a brick-and-mortar retailer, digital transformation is a high-risk task. This is because most of their framework is based on offline sales and marketing. Therefore, they should be smart in using digital tools. Online-to-Offline (O2O) is a strategy that will help brick-and-mortar retailers to use WhatsApp, mail, social media and other digital tools to nudge online consumers to make offline sales.
Smart Stock Management - Stock management during the pandemic period is a tough task as retailer cannot properly gauge product demand and customer behavior. If retail chains do not have proper product data, they can end up stocking products that don’t sell or run out of stock of in-demand products. Therefore, retailers need a smart stock management system. One option is using a PIMS (Product Information Management System) to collate product purchase and sales information into a single screen. This will help predict product demand and automate product purchases. PIMS also manages stocks smartly across multiple sources efficiently.
Intelligent Logistics & Fulfilment - Due to transit and logistical restrictions, supply chain and distribution has become a major challenge for retailers. Moreover, the demand for direct-to-consumer sales methods like drop shipping has completely changed retail distribution. First and foremost, retailers need to concentrate on local suppliers to have better control over their product lines. In addition, they should also shift to a connected supply chain that uses IoT and AI systems to track, forecast and ship products in a fast and efficient manner.
Conclusion
The above-mentioned points will help retailers address retail challenges in the post pandemic era and build momentum. Retailers of all sizes can partner with experienced platform provider like Invenzo Labs to improve their competitive positioning and expand sales. Invenzo Labs can help retailers accelerate their sales through its digital platform suite and solutions. To know more visit www.invenzolabs.com.