Optimizing Inventory Management for Omnichannel Retailers
Barcoding, Inc. in the News: With the rising popularity of e-commerce, today’s consumers want to control how, when and where they shop. This demand for flexibility has led many retailers to explore new omnichannel strategies, offering both online and in-store browsing, purchasing and return channels. With the right approach, omnichannel can be an effective means to boost sales, improve the customer experience, and offer businesses an edge in the competitive retail environment.
For these strategies to be effective, retailers need to know exactly what products they have at any location, at any given time. However, it becomes increasingly difficult to accurately manage inventory as sales channels expand. Without true visibility into inventory levels, retailers run the risk of losing profits due to overselling out-of-stock products and overstocking slow-moving items.
Traditional inventory systems are no longer enough to keep up with the demands of omnichannel. Manual methods are not only time consuming and error prone, but they also don’t offer access to real-time data. In order to provide fast, accurate service and a true omnichannel experience, retailers need a solution that synchronizes inventory and sales data across all channels for a high level of visibility and accuracy.
