Why should I implement omnichannel?

We’re now one year on from the downfall of BHS, and unfortunately we’re still seeing casualties on the fashion retail scene. Agent Provocateur and now Jaeger are some of the most recent retailers dominating the headlines after falling into administration. It begs the question: why are so many omnichannel retailers still struggling to meet customer demands, whilst also maintaining a profitable strategy? It often comes down to the systems and processes underpinning this.

Omnichannel retailers who have a fully integrated front and back end and an integrated organisational structure are twice as likely to deliver double-digit growth. If you want to know more about how to implement omnichannel, visit our dedicated webpage here. Read more on latest supply chain upgrades carried out by Retail Assist for Morrisons and Harvey Nichols.

Stock Management

A single view of the customer at every part of the customer journey is the crux of omnichannel, with the underpinning objective being improving visibility. 

The use of real-time information has enabled an invaluable shift from reactive to proactive supply chain management. Some of our supply chain software’s most powerful functionality within allocation and replenishment, with a host of user defined rules that ensure stock can be automatically and dynamically moved between your warehouse and stores. 

Stores vs Ecomm

Retailers need to start by taking the “vs” out of the equation! Adopting a strategy whereby stores become a crucial step in the omnichannel customer journey, is essential. Methods such as ship-from-store enable retailers to maximise their inventory potential, by using store stock to fulfil orders. A high and undesirable amount of inventory by the end of the season can be managed effectively before it becomes a problem, preventing stores from unprofitable stockholding.

For example, your flagship store might sell out of the new range bestseller, whereas a smaller store could end up with a surplus that are difficult to sell. Rather than having to discount this stock, retailers can maximise full-price selling, rather than sourcing the same item from the Distribution Centre (DC). Overall shipping costs for the retailer also decrease, as shipments from the DC reduce dramatically.

Retailers can prevent frustrating web “out-of-stock” situations: just because an item might not be available in the DC, it might be hanging on a rail in-store, dressing a mannequin, or have been returned to a store. This captures sales that might otherwise have been lost.

International

Selling overseas has become more important to retailers post-Brexit. Most international retailers, for example our customer ASOS, now sell through country-specific websites, that include local currency, language, and payment choices. Our Merret software application also supports zonal pricing, for optimising international pricing.

100% data accuracy is key to ensuring a successful international strategy, and solutions such as our Ra-X data exchange (ETL solution) can facilitate the timely and accurate transfer of business critical information between your retail partners.

Want to talk more about how we can implement your vision of omnichannel? Just email marketing@retail-assist.co.uk to start the ball rolling.

We’ll also be at RBTE in 2 weeks, taking place at London Olympia 8-9^th May, if you’d like to drop by our Stand 235.