When you talk to business owners about their business model, it’s clear that the internet has drastically changed the way retailers make sales and manage inventory. For the past decade, most retailers have taken a broad omnichannel-business-model approach. That means they market their products to an expanding customer base, and they don’t depend on just one avenue to make sales.
Today’s customers are buying products from their laptops, mobile devices, over social media, as well as in person at their favorite stores.
While the omnichannel business model allows you to open up multiple sales channels, you still need to integrate your business processes in a way that results in a unified system. Inventory visibility is key. A unified commerce model will let you know how many products are available for customers at all warehouse locations in real time and across multiple sales channels using NextGen supply chain innovations.
The NextGen supply chain strives to bring uniformity to an omnichannel supply chain where product inventory can fluctuate drastically and cause inaccuracies in supply numbers at warehouses. This type of supply chain uses customer-analytics tools to forecast customer demand for every item of inventory and even relays information on where this demand originates.
It also provides real-time data regarding your entire inventory supply, showing you which warehouses stock certain products, the number of products available, and customer demand for those products.
The main advantage of the NextGen supply chain lies in its ability to provide inventory flexibility for retailers. That flexibility means:
• You can better forecast customer demand.
• You can shift inventory levels between different warehouse locations.
• You can maintain accurate inventory data even as inventory shifts.
This means you’ll have fewer inaccuracies regarding the number of products that are ready to be sold, which can lower the number of backorders you’ll have to fill.
Robust Delivery and Shipment Solutions
The NextGen supply chain provides enhanced logistical capabilities that can save money and help maintain customer satisfaction. For online purchases, cart abandonment is most often caused when a customer encounters high shipping costs for their intended purchase, and low or missing inventory in-store eventually turns customers away.
With this supply chain solution, you’ll have greater inventory control and can provide more shipping options to satisfy customers’ budget and delivery needs. Advanced planning and inventory strategy becomes easier. You can stock items closer to the customers who are likely to purchase, cutting down on shipping costs. You can also allow for ship-to-store options, so that the customer can buy the product online and then pick it up in-store.
Increasing operational efficiency in the supply chain, maintaining the balance of inventory at warehouses and store locations, and better forecasting customer demand can provide greater sales opportunities to customers while bringing in more profits to retailers. The NextGen supply chain offers a wide range of benefits to any retailer’s unified commerce model.