While the news may shine a gloomy light on the state of the retail industry, statistics reveal a more positive outlook. With e-commerce figures climbing year-over-year and retailers reporting a more engaged, communicative customer base, the industry is in transition – rather than turmoil, as the model evolves to better serve consumers and customers.
We have seen countless cases of rejuvenation and reinvention, as retailers of all shapes and sizes tackle the challenges created by evolving consumer needs and a fluctuating industry landscape. Whether it’s modernizing their technology solutions, or simply making a few tweaks to operations or strategy, investing in the following pillars of modern retailing can lead to a profitable, connected future.
Perfecting Inventory Accuracy
Online or in-store, stock management is at the epicenter of every retailers’ world. Efficiency in the stockroom reduces friction along the entire supply chain, and the technology implemented can have a measurable impact on the bottom line. This is true for both independent stores and big-box retailers with advanced distribution networks.
A manual approach is no longer a viable option. To be competitive, retailers need to offer shoppers a superior shopping experience, reliable service and real-time visibility into stock and pricing. Today’s online-buying, smartphone-wielding consumers expect a seamless, faster and smarter purchasing journey, and brick and mortar retailers are faced with a growing challenge to meet omnichannel excellence. According to a recent Zebra Technologies study, North American manufacturers, retailers and logistics firms estimated their current inventories as 74% accurate, and said they must reach 83% accuracy to handle the rise of omnichannel logistics.
Achieving a single, cohesive view of inventory can be challenging for retailers and those that lack inventory accuracy, add extra labor and costs to fulfill items and risk losing sales. It’s essential to embrace platforms and solutions that transform real-time,…