We see a broader shift from store shopping to online to a combo of the two. A quick and efficient inventory is critical and can dramatically improve customer experience. The speed of displaying and delivering your products facilitates more customers to shop with you. Traditional inventory and supply chain processes are making it more challenging these days. They are subject to increased human error, delay of goods, and higher costs to do business. On top of this, customers prefer seamless ordering and automated delivery, return and exchange facilities.
An omnichannel inventory management solution has the power to support your business with the agility and scalability requirements driven by the ever-changing customer expectations.
Let’s see how inventory management software contributes to a top customer experience.
How Inventory Software Unleashes Great Customer Experiences For Your Shoppers?
Great customer experiences are built by mapping customer journeys and providing convenient shopping environments. Your brand should be the safest, fastest, and cheapest ship for customers to reach their destinations. Inventory management tools help your business in creating a smooth passage for the ship your customer is sailing. These tools help your business optimize the customer’s experience with inventory management.
How to Build Great Customer Experience With Inventory For Shoppers:
Provide Your Customers a Broader Product Range
First of all, if one particular reason can be attributed to the success of Amazon, it will be the connected inventories. No single retailer, manufacturer, distributor, or wholesaler has that kind of product range and availability of stocks as Amazon does. Also, Amazon’s customer service relies on dispatching products from multiple locations.
Amazon can fetch a broader range of products from multiple suppliers in multiple locations. Amazon’s robust inventory management system enables serving customers better than its competitors.
Retailers, manufacturers, distributors, etc. too can ace up their inventory game by deploying inventory management software. That can keep them connected with local suppliers for serving their customers the best way possible. The partner companies, suppliers, franchises, chain stores, can become nearby pickup points for customers. This leads to faster deliveries and more product options, increased sales, and also helps to improve customer experience.
Personalized Recommendations For The Best Customer Experience with Inventory
Personalized recommendations are not about suggesting products ‘you may also like’. The customer’s preferences are to be analyzed to a level that the demands can be fulfilled.
It means you are creating 24/7/365 days buying avenue for your customers with the fastest delivery options. You provide all-around availability of the products that form the very basis of a personalized shopping experience.
Modern inventory systems laced with AI can potentially handle the personalized shopping aspect. Such prominent features of inventory management applications help retailers to provide personalized customer services. The features are customer preference tracking, buying behavior analysis, AI-based recommendations, demand forecasting. The same happens with Al-based recommendations and buying behavior analysis.
Say No to Stock Out Scenario:
Exhausted inventory can dampen customer sentiment. Customers don’t want to hear that ‘this stock is currently unavailable’. Nobody wants to wait for an item they need. They will not wait. They will order it elsewhere.
Stockout decreases store loyalty, causes customer churn, and damages brand credibility. Stockouts in raw materials can be more disastrous. It can halt manufacturing and cause productivity decay.
Stockouts can be prevented by deploying inventory management software. Such an inventory control system comes with multiple features. These features can be catalog management, stock count, easy reorders, real-time tracking of inventory levels, laying the ground for forecasting, and many more.
Pricing is one of the most important factors of purchasing. Competitive pricing for similar products is what differentiates some businesses from their competitors. Pricing power can create a moat for brands. Inventory management software unleashes effective pricing strategies for your products. It comes with a dynamic pricing module, bundled pricing for excessive stocks, giving dead stock in gifts and promotions, competitor price analysis for online selling, etc. Remember, discounts make customers happy.
Timely Order Fulfilment
Supply chain management is not streamlined. Road conditions can mean delays. Sometimes the products are not available in the nearest warehouse. Warehouse mismanagement can cause shipping delays. Retailers and online businesses need to fix all the above challenges. And only that will mean good order fulfillment terms for their customers.
Deploying inventory software can get rid of most of the causes that result in delays. Inventory tools streamline and optimize warehouse operations and in-store movement of goods. The software allows you to be lean. Inventory management software leads to timely fulfillment of orders with real-time tracking of goods and systems that count as best inventory practices.
Retailers often have limited control over product returns. Anyone can make mistakes. Customers may order an incorrect size, quantity, or type of product and now want to return it. The product may no longer be needed, is not up to the expectations, or was ordered by mistake. There are plenty of reasons for returns.
Product returns are not healthy for businesses. However, returns allow brands to showcase ethics and customer-centricity. It is not without a cause that Brands like IKEA have a 365 days return policy.
Retailers and online businesses can create a mechanism for easy returns with the inventory software application. The inventory management system comes with tools for inventory adjustments. These tools may be return order tracking, in-store and online returns, supplier returns, third-party return management, and many more.
Inventory management software tools are built with one significant competitive differentiator in mind. This is the customer experience. Inventory control software is a tool that can leverage all of your assets much more productively. Inventory software can improve customer experience by enhancing the speed of delivery and generating efficiencies in the inventory process and utilization. The tool is capable of automating the return experience, enabling faster re-shipment and replacement.
In a nutshell, inventory management software is a necessary tool for retail retailers and online businesses that wish to provide and improve customer experience to their shoppers.
Jason Adams is a content writer for GoodFirms (a leading Software research company). A voracious reader, an avid researcher, a logophile, and a tech geek, he loves to write about the latest technologies shaping the world. He often articulates the very nuances of the tech world in his blogs. In his free time, he loves to watch movies and analyze global stock markets.