July 27, 2022
Listen to this articleOne of the major challenges that retailers have faced during the past year is to get products faster to customers, ensuring their safety while following the most innovative method. Even in the rough situation, there were companies that were able to meet every demand of customers. Do you know who’s the unsung hero here? It’s Salesforce used to improve inventory management that helped retailers.
It is important to maintain the balance between product availability and demand and to execute the inventory management properly to efficiently run supply chain operations. This is something that can impact the entire retail execution strategy of the brand. Too much or too little inventory, products in the wrong places at the wrong time, all these aspects can affect customer loyalty and experience.
Inventory management is not a new concept but is increasingly becoming more and more sophisticated. Let’s have a look at these top three ways retailers can benefit by improving inventory management.
Companies are increasingly having concerns about environmental impact. That’s the reason organizations are focusing more on becoming sustainable.
But there can be cases when a subsequent last-minute shipment is needed from a warehouse or another storefront ends up negating the entire model of sustainability.
You can avoid this by bringing inventory rebalancing into the picture which can help to eliminate shortages. With Einstein analytics, retailers can analyze the most popular and widely requested product for each store or region. This will help you avoid any wasteful packaging and unnecessary trips to distribution centers, helping retailers fulfill orders faster while being sustainable.
Having accurate and organized inventory information gives your team a level of visibility that extends beyond in-store management. During holidays, there is always a surge in orders which makes last-mile delivery a challenge as retailers struggled to determine the fastest way to deliver products to customers.
That’s why retailer needs visibility into where products are located, so they can make better decisions about the best way to get the product to the customer. Also, when inventory visibility is prioritized, it helps improve decision-making.
In addition to this, proper inventory management can also help retailers to make better strategies for improved marketing and sales.
For years, we’ve seen that customers are loyal to businesses that deliver value along with personalized and positive experiences.
While that’s still true, convenience became another aspect of the shopping experience that has become highly valuable to consumers. During the pandemic, people have seen shortages and shipping delays due to which product accessibility and availability matter a lot now for customers.
So, if you need to make sure that your customers stay loyal to your brand, make sure you manage your inventory right, upgrading your stocks before it lasts. This will allow you to deliver the utmost product availability to customers.
As retailers work on meeting customer expectations of personalization, timeliness, and sustainability, they should also focus on delivering superior customer experiences. If your goal is to get closer to customers, improving inventory planning and management is your first step.
If you want to know more about using Salesforce for retail business, reach out to our experienced Salesforce professionals and get the best assistance.
