Competition plays a huge factor in the retail industry. Operating in a highly saturated market, retailers must constantly work towards meeting their customers’ expectations quickly while providing a high-quality experience. With price and convenience being the two biggest factors affecting consumer purchase decisions, retailers must find ways to keep costs down while continuing to streamline their operations to create convenience at every touchpoint.
From handling customer inquiries and conducting transactions to processing online orders, streamlining retail operations not only generates a competitive edge but also empowers staff to deliver high-quality customer service. This leads to satisfied customers, increased sales, and stress-free employees.
Retailers can transform their business by streamlining practices across three key areas of their organization: supply chain, shop floor, and omnichannel operations. By creating efficient workflows that benefit both customers and staff, retailers can generate a significant advantage over their competitors.
Dealing With Demanding Shop Floors
Busy stores, demanding customers and staff shortages can quickly create difficult situations for retailers. Making sure customer demands are met quickly and efficiently should be a top priority. Not only does this reduce the risk of a chaotic shop floor, but it also plays an integral role in driving sales and retaining long-term customers.
Mobile point of sale helps tackle these challenges, enabling retailers to provide exceptional customer service even with a limited number of in-store associates on the shop floor. Compatible with mobile devices, even in offline mode, staff can conduct transactions from anywhere in-store, helping minimize queuing while increasing productivity. Importantly, customers can receive a high-quality service, receiving fast assistance for transactions and minimizing the amount of time spent waiting on the shop floor.
The Role of Inventory Management in Stock Visibility and Supply Chain Efficiency
Several retail challenges are rooted within the supply chain itself. One particular issue for many retailers is that they’re stuck with a poor view of stock, resulting from inaccurate inventory management. This leads to a range of issues, including waste, unfulfilled orders, and increased costs from transport and storage.
In order to drive operational efficiency, retailers must find ways to organize their stock management. With the right technology deployed, retailers can take control of their inventory and alleviate these ongoing challenges. Managing every unit on hand, retailers can create real-time visibility of stock that optimizes a retailer’s supply chain operations. It enables retailers to make better replenishment decisions, faster, while minimizing waste and minimizing transport and storage costs — improving sales opportunities and growing profits.
The Benefits of Effective Order Management Systems in Fulfilling Online Orders
An additional benefit of a streamlined supply chain and inventory management operation is that it sets a foundation that enables omnichannel fulfillment. However, there are few that do so effectively. The right order management system (OMS) can help retailers achieve that.
Investing in an OMS, which can support sales from any channel and create a seamless purchase workflow, can be directly connected to a retailer’s e-commerce platform, providing an automated solution to generate shipments. Orders can be placed from multiple locations and fulfilled from anywhere. Deploying an omnichannel offering allows customers to shop however they please. Equipped with a range of fulfillment options, such as buy online, pick up in-store (BOPIS), ship from store, and even buy online, return in-store (BORIS), customers are provided with a number of options that creates convenient experiences.
With a seamless transition between several channels, retailers can deliver high-quality customer service that nurtures relationships and creates loyalty.
The Retail Trifecta
Mobile POS, inventory management, and OMS are three key pieces of retail technology that, when deployed together, help deliver efficient retail operations and optimized practices across shop floor, supply chain and omnichannel operations. With these three technologies operating together in an all-encompassing approach to retail technology, retailers can also provide unparalleled customer experiences, creating strong customer loyalty and long-term business sustainability.
Amber Hovious is vice president of marketing and partnerships at Teamwork Commerce, a leading omnichannel solution provider.
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