Maintaining correct, up-to-date inventory across multiple channels and supply chain segments is a huge challenge for most retailers, wholesalers, and distributors. The process can be tricky because inventory isn’t stored in a single place in the supply chain. It is spread over several segments in the chain like the warehouse, shipment trucks, and the store shelf.
Over the years, the internet and IoT-enabled devices have changed the way people research and buy products. Around 81% of shoppers look up the products and prices online before they proceed to make a purchase. This makes it essential for businesses to ensure that the information is available to the customer at all times.
While most shoppers first look at the prices, the second element they research about a product is their availability in the store from where they want to make the purchase. This brings up the difference between businesses that show the inventory in their stores and hence have a considerable advantage over those that don’t.
Businesses that turn a blind eye to inventory management often miss out on crucial cost-saving opportunities. The only way to stay ahead of the competition is to keep inventory visible by adopting the right technology. Implementing tools like barcodes, radio frequency identification (RFID), and other inventory tracking systems can help you get visibility in real-time, across multiple sales channels. By linking this information to your online platforms, you can ensure that valuable inventory information is accessible to your customers.