For business owners, keeping up with the changing demands of customers can be challenging, especially when these demands require considerable changes to the way your business operates. With better inventory control and optimised management, your multichannel operation can perform at a higher level and meet customer expectations.
Integrating inventory control with suppliers
Working with external suppliers can be challenging because of the pressure put on those connections. Integrating your supply chain with your inventory control method is crucial for improving the consistency of your product supply. For multichannel businesses, it is important to have visibility across all channels so that each branch can operate to the same standard. This also makes it easier to employ forecasting software and to predict future demand. By offering real-time data from the supply chain, multichannel businesses lessen the risk of unfulfillable orders and decreased customer satisfaction.
Focusing on customer experience
Improved inventory control is ultimately affecting your customer experience. By offering real-time product information and transparent delivery times and costs, customer experience will improve. By utilising inventory software to provide real-time data about the location and availability of products, businesses can ensure the fulfilment of customer orders without delay. Additionally, companies with multiple storage locations can take advantage of cloud-based inventory control methods to track the locations and availability of products across locations, allowing for quicker delivery times and happier customers.
Addressing safety stock numbers
Safety stock is the excess stock kept in your warehouse to accommodate for excess demand and ensure order fulfilment times stay the same. With real-time inventory control, the opportunity to optimise your safety stock according to actual demand is important. By utilising cloud-based inventory control methods, more data regarding sales and product information can be gathered, meaning that a more accurate number for safety stocks can be obtained.
This is important because safety stock ties up money that could be spent elsewhere, and therefore needs to be kept to a minimum. For multichannel businesses, it is crucial to ensure optimal safety stock because of the possibility of sales from multiple platforms. Keeping in mind that safety stock numbers are constantly changing, it is important to monitor forecasted sales through inventory control software to ensure demand can be met.
Ensuring reverse logistics policies
It is important to keep in mind that customers may not always be satisfied with their purchases, and it is crucial to offer the same level of customer service on returns. Improving reverse logistics focuses on building efficient pathways for returns in the hopes of ensuring customer satisfaction and a high level of customer service.
For businesses, considering the repackaging process, the returns policies, and improving the customer-business relationship is important. Evaluating this process involves putting yourself in your customers’ shoes and considering the level of customer service you would expect. By offering outstanding service, flexibility, and transparency, trust can be built with the customer which can improve customer loyalty.
For multichannel businesses, it is important to consider the method of inventory control and consider the advantages of cloud-based inventory control for optimised stock management. Incorporating supply chains into stock management is important for increasing visibility and allowing for easier restocking. Focusing on customer experience throughout the process allows for happier customers and better order fulfilment. Addressing safety stock levels and ensuring product availability is crucial for improving customer experience, as is the policies and logistics of product returns, all focusing on improving customer service and promoting customer loyalty.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.