We want to turn the focus to inventory management, specifically for omnichannel. Companies have to align themselves with a third party logistics provider (3PL) that understands this growth pattern in order to have an efficient and seamless omnichannel distribution strategy.
Here are a few Inventory Management Strategies
Systems
One of the largest challenges is when inventory management and order management is not integrated across all channels. The key to a successful operation is maintaining all channels on the same system. This will make the process easier for the 3PL and customer.
Scalability & Flexibility
Consumers expect retailers to keep pace with the constantly changing environment and offering more flexible delivery and return options is a must. Just like retailers, fulfillment companies have to understand these needs as well. Processes and procedures will change with the evolving channels so you need to stay flexible. Communication and quick responses will keep the operation running efficiently and ultimately keeping consumers happy to drive more business.
Visibility
Customers want to be able to purchase product online, buy online and pick up in store, and then also buy online with the ability to return to a store. The number of options can make it difficult for retailers, especially if all of these channels are not on the same inventory management system. With a 3PL involved, it can cause another hurdle as inventory will have to be reconciled in multiple locations. We will further discuss systems in a moment.
Experience
If you are looking for a fulfillment partner to handle this operation, make sure the 3PL has experience working with retailers and omnichannel operations. They are complex and require an expertise.
Christopher Morgan Fulfillment Services
Convenience and flexibility are what the consumers want. Inventory management and optimization is an ever-evolving process in today’s dynamic retail environment. As a retailer and 3PL, we have to adopt these same traits to cut costs and handle efficient omnichannel operations. Give us a call today!
