From obtaining raw materials to delivering the final product, a consistently on-point supply chain determines operational efficiency. For this reason, leading retail companies are allocating people, time, and resources just for the management of their supply chain.
With the emergence of an omnichannel supply chain, however, supply management is rapidly changing, affording retailers more flexibility and stability of product availability in different parts of their inventory.
Image source: www.imperial-tobacco.com
Similar to multichannel retailing, an omnichannel supply chain manages the supply of a business using a central stock pool to control a number of factors such as pricing, fulfillment, sales, stock management, and ordering. To fulfill these tasks, orders are made from different retail channels, including concessions, franchises, catalogue, web, stores and mobile platforms.
Using an omnichannel supply chain, top retailers such as Cabela’s, IKEA and Target are now providing customers new order delivery and fulfillment options. Shopping is therefore seamless and hassle-free. With the omnichannel platform introducing flexibility and real-time response, companies can successfully align their inventory management across different channels, whether through the Internet, in-store, or on mobile.
Image source: www.cloudlinkerp.com
Apart from managing inventory, an omnichannel supply chain also helps retailers facilitate their operations by creating a cleaner inventory data set to gain actionable insights into customer preferences. While enhancing the delivery process and timeline of supplies, it also employs measurement tools by which the supply chain management strategy can be evaluated later on, and issues can be identified and addressed.
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