We have seen the rise of online shopping and we are watching eCommerce retailers secure a tight hold in the retail market. There has been a significant shift in the way consumers are purchasing products. Retailers are reacting in different ways to not only remain competitive but to stay afloat.
In the world of omnichannel shopping, consumers have the option to look near and far for products. They conduct research online to look for the best prices, read product reviews, and they have a tangible desire for instant gratification. This is where the “buy online, pickup in store” (BOPIS) model shines.
The BOPIS retail strategy
For years, online shopping has been driving retailers to close stores and channel products through fulfillment centres; some could have said days of brick-and-mortar stores were ending.
However, BOPIS opens a broad scope of opportunities for retailers to drive shoppers back into their stores. Not only can they provide them with a product quicker than most delivery options, but they are also bringing customers back into their retail space, giving more opportunities for salespeople to upsell them.
Decreased shipping costs
When customers come to a retail store in the BOPIS process, they no longer need an individual item shipped to them. Instead, the retail store operates as a fulfilment centre, where the buyer picks up the product where it is stored.
There are a lot of logistics invovled in shipping products. An online inventory management system needs to be able to support the allocation and movement of goods to individual locations. Instead of picking, packing and shipping every time an order is placed, the BOPIS model allows retail stores to have their own inventory stock and be the collection point for customers. This saves retailers and customers money at the same time.
When you implement a BOPIS strategy, all your inventory needs to be unified. Since online and retail inventory will be one in the same, online inventory management software is imperative. With an effective online inventory management tool, you can track all inventory in real-time and keep your eCommerce platform constantly up-to-date.
Great inventory management software will have reorder support functions that alert you when inventory is getting too low. This helps avoid stock-outs and allows inventory to sit at a healthy level to meet customer demand. With all your inventory unified, you will have more streamlined processes and fewer headaches over online versus in-store stocks.
Giving customers options
One of the biggest benefits is giving customers options. With more freedom to select how they want to purchase and receive their product, the more satisfied they will become. When the scope of options broadens for customers, it puts them in control. They get to decide how their buyer journey will pan out and as a result, this will leave them feeling satisfied with their experience and the company. BOPIS is another adjunct for retail stores to be successful in the modern market.