What happens when you invest in good technology to deliver exceptional online experiences? You set sales records!
Successfully running an omnichannel retail brand requires a careful balancing act of pre-orders, backorders and in-stock items. Any minor disequilibrium in your inventory levels can lead to missed sales opportunities, an unwieldy amount of overstock or both. Either way, it's going to cut into profit margins.
Returns and exchanges can be a nuisance for both customers and retailers, but they're a crucial aspect of operating a successful retail company.
Not to be confused with the hit Marvel movie, "Avengers: The Age of Ultron," the Age of Amazon refers to the massive market share and retail dominance of Amazon.com - which is an ever scarier threat than the movie's eponymous robotic villain, Ultron.
Although your retail business might have unique software needs for niche functions, it might seem like you should develop in-house programs to ensure the system adheres to your specifications.
However, there are general functions that can be better served with outsourcing the software design. Take order management systems. While it might seem like it's in your best interest to develop your own in-house OMS, there are quite a few pitfalls and dangers with going this route.
An OMS will be crucial for retailers in providing a seamless e-commerce experience for customers across channels. This is so important that 73 percent of retailers plan to leverage an OMS within 3 years to deliver a unified commerce platform, according to a recent Boston Retail Partners survey. With OMS playing such a big role in the coming years, it's imperative that you utilize a system that best serves your business goals.
Consider these three problems with building your own OMS:
From increased personalization of online shopping experiences to multiple payment options, several trends are poised to impact the e-commerce sector during the second half of 2017. An omni-channel operations suite allows online retailers to take advantage of these trends and leverage them as growth opportunities.
It's no secret that retail brands need a robust online presence. However, despite knowing what's needed, many companies not only lack an omni-channel solution, they also don't understand how to go about implementing the necessary processes and platforms.