Omnichannel ecommerce platforms enable management of inventory and orders of both offline and online stores. The platforms help retailers in the routing of online orders to the nearest brick-and-mortar store, providing a seamless shopping experience.
Omnichannel solutions can positively impact your retail business. In this article, we will discuss how omnichannel platforms can ease your supply chain and help you grow your business.
What is Omnichannel: Difference Between Multichannel and Omnichannel
Omnichannel retail means using multiple sales channels to offer customers uniform shopping experience.
According to Wikipedia – Omnichannel commerce is a cross-channel business model that companies use to simplify their experience.
Financial services, retail, government establishments, and healthcare are the front-runners in adopting omnichannel strategies.
In multichannel approach, the brand takes a central position and the different means of marketing and sales (physical storefront, ecommerce store, website, social media networks, marketplaces, and etc.) provide shopping options to customers.
Omnichannel is a little bit different. The customer takes a central position while all multi-channels give the customer the best possible experience without sacrificing the product’s value.
A multi-channel store focuses on making the product available to the customer in a few different ways and letting him select the best option possible. An omni-channel business focuses on creating a simplified experience for the customers through multi channels.
What is Omnichannel: Difference Between Multichannel and Omnichannel
Running a retail business through omnichannel concept is a popular strategy that meets the challenges of today’s markets.
Retail technology is witnessing modern solutions to address retail business issues – order management, Points of Sales, inventory management, logistics, customer satisfaction, data handling, margin management, brand loyalty, vendor management, and etc.
By adding these innovative solutions you will be able to simplify customers’ shopping journey – from your physical or online store.
Multiple channels open up a bunch of retail operations and challenges that are tough tasks to simplify. Many retail operations fail to create an ecosystem to handle omnichannel retailing. This may affect the business on all levels.
You need an ecommerce platform, specialized in omnichannel retailing. You need a platform that can handle your traffic, orders, sales, and help you scale your business.
How Can Omnichannel Solutions Help Your Retail Business
Omnichannel solutions can ease your supply chain. Here are some of the advantages of adopting one such solution.
1.Centralized Inventory management
Omnichannel platforms update the inventory in real time across different locations and sync the stock status with marketplaces like Amazon, eBay, and others.
These platforms bring offline inventory into an inventory poor and allow business owners to set priorities seamlessly. These inventory updates help you plan your stock and avoid overselling.
Automatic stock replenishment, visibility and accuracy of inventory, efficient inventory turnover, reduction in working capital, higher sales volume due to better inventory planning, and insightful strategies for inventory management are some of the benefits you will be fond of.
2. Simplifying Logistics
Another great thing about having an omnichannel ecommerce solution is that it simplifies shipping of orders. Most ecommerce solutions have integrated shipping partners to enable businesses to expand their reach and deliver both locally and internationally.
Based on the price, region, and weight of the order fulfillment, you can assign a logistic partner (a partner that meets your needs) for shipping the products.
The customers can choose how they want their products to be delivered. For example, they can pick the order from your physical store or receive at the doorstep.
Some of the benefits you will enjoy are higher customer satisfaction, reduced order fulfillment time, expansion of your reach by crossing geographical complications in delivering products, and etc.
3. Order Management
Considering the fact that the customer has many options from where he can place an order, it is important to have a robust cross-channel order management system set up.
The best omnichannel platforms like Shopify, BigCommerce, Magento, and others integrate orders from websites and physical stores and processes it in bulk to keep the costs low.
The orders from Point of Sale system can be allocated to the website or the nearest store for processing. The process allows you the ease of organizing and routing the orders based on criteria such as city location, state location, pin code, and etc.
You can integrate orders from different marketplaces such as Amazon, eBay, and etc, generate invoices, labels, and much more.
Other perks you will enjoy are integration of orders, quick and easy prints of invoices, labels, manifests, reduced logistics cost, reduced order processing time, assured customer satisfaction, flexibility to control the order allocation, single window monitoring, and more.
4. Return management
Making an order return, as well as, managing the order returns is essential for your business and your customers. It defines the shopping experience of the customer and mirrors your professionalism and efficiency in the way you handle the return of the products.
When running an omnichannel store, managing the returns can be overwhelming.
Ecommerce platforms’ omnichannel strategy for return management help business owners unifies physical and online stores. In order words, your platform can help you deal with order returns with ease.
Positive brand image, integration of marketplaces and stores help deal with receiving of returns, swift inventory update across different locations are some of the benefits you will be fond of.
5. Offline/Online Store Integration
Your omnichannel platform should provide seamless integration of online and offline stores including marketplaces, websites, social media networks to enable perfect shopping experience.
Processing of offline, online or website store orders can be managed across multiple store location providing seamless customer experience. The customer experience is the key to success in omnichannel retailing.
6. Dynamic Order Allocation
Dynamic allocation for orders to ensure that all orders get organized and routed to the website or nearest store can help you minimize logistics costs.
The routing is pretty flexible and can be done based on city location, state location, and pincode.
Reliable and well-established ecommerce platforms offer simple and powerful omnichannel solutions that make it easy for buyers to engage with your business when and where it is right for them.
Now that you are familiar with the benefits of adopting an omnichannel platform, it is time to choose the best one for your business.