Imagine you have subscribed to the multichannel retailing as your business strategy. You have added Facebook, Google Shopping module, Etsy, Amazon, eBay, and business app to your online store. You are now sure that your business will expand since the customers will have additional points to access your product/services quickly and conveniently. But after several days, things go south. No new growth. Your business is losing customers. Order fulfillment has become an issue.
Complaints of unavailable products are increasing. Other customers are also claiming to have ordered a product through online platforms only to realize it is out of stock on arriving at the in-store pick-up.  All these signs are indicators of a failed inventory management. For your multichannel retailing to be successful, you must be good inventory management. But why. Here are the reasons:


Reduce customer complains

Poor inventory management is the doorway to increased complains about your business. Take it this way: a customer orders a product that is out of stock yet the information available on the marketplace are not reflecting the same. According to your shipment terms, one has to wait for three to seven days to receive their item. But since it is out of stock, it is taking customers months for their order to be fulfilled.
By this, it means that every call and email you receive will not be a compliment but a complaint as customer express their disappointment with your services. As you know, such complaints do not boost your business. Instead, they hinder potential customers from boarding your wagon. Hence, if you have a dream to witness success in your multichannel retailing business, inventory management should be a priority.

Enhance your customer trust across the channels

How would you feel when you order an item from an online marketplace or store where the terms state that you will receive it in three days but it takes more than a month to arrive? Until its arrival, you will consider that company as a fraud. Even when the item comes, you will already have lost your trust in the service provider. The same will happen to you if your inventory management is in crisis. Your customers will lose, and the next thing they will do is to move on to your competitors’ wagon. As such, if you want to maintain trust with your customers, always ensure your inventory management is competent and make sure you have good 3pl companies.
Multichannel Selling Effectiveness
Multichannel Selling Success

Saves costs and enhances efficiency

With poor inventory management, you will always be incurring additional cost. This is because you will be performing urgent reorders in panic. In most times when a customer launches a complaint, you will go ahead to place an order for fear of losing them only to realize later that the same product was in your warehouse. This way you will be spending unnecessary costs that you could have avoided if you had an effective inventory management.
Hence, if you have a dream to succeed when using multichannel retailing as your business strategy, ensure your inventory management is a priority. This way, you will save on costs and improve your business efficiency.
Multichannel Selling Success

Boost customer satisfaction without overstocking

Customer satisfaction is the power that keeps businesses on the rail. When a customer is satisfied with your offers, they will come back next time. The opposite is also exact. However, as you try to achieve customer satisfaction, you should not introduce an overstocking problem in your business. But this does not happen through a desire.
For it to happen, you must be a good inventory manager with the ability to balance the customer needs and stock levels. Hence, excellent inventory management is crucial in multichannel retailing as it enables you to boost customer satisfaction across the multiple channels without overstocking your business.
“Thank you very much for all the advice given! I found it very interesting and I will test all the information learned….”
“With this strategy my company will grow and suddenly be able to compete with large corporations… ”