Order management has become a lot more complicated with the rise of omnichannel. Consumers are no longer content with only shopping in-store or online but want a seamless shopping experience in which they can order products online and pick them up in-store. Also, they want to communicate through email, on the phone and on the website. And they wish to receive customer service quickly whenever they want it! It's a huge challenge, especially when you are dealing with customers that are more demanding than ever before.
Here are our top 5 tips that will help you improve your omnichannel order management.
1. Update inventory status in real time
A reliable cloud-based omnichannel order management system is required for real-time inventory visibility.
So, what should you look for in cloud-based software?
The features you require from a cloud-based inventory management platform will vary according to a retailer’s goal. They should be non-negotiable while evaluating possible applicants.
Centralization: You need a platform that centralizes data from multiple channels. The data may be Customer information, payment data, freight information, purchase orders and SKUs.
Robust Software integrations: The cloud platform should support POS Software (Fynd), eCommerce platforms, CRM platforms, retailing, shipping, accounting & analytics software.
Picking Options: Picking is the process of moving products from a warehouse and processing it into a single order that is shipped to the customer. Mispicks can cause problems that always lead to poor customer experiences. The cloud solution should be able to handle such situations effectively.
POS System: It should come with an integrated online POS system that tracks incoming stocks, generates an accurate cost of goods sold, and sells directly from warehouses.
Assists Tracking: The software manages multiple warehouses, tracks shipments, and monitors expiration dates.
2. Track & deliver orders accurately
Sometimes retail brands deliver wrong orders to customers due to product mismatch in size, colour, style and wrong labelling. Such mistakes can cost retail brands a fortune, triggering customer complaint calls, email escalations, product returns, reordering, widespread skepticism, and huge discontent among shoppers.
Using the Fynd Order Management system, brands can manage returns, cancellations, order confirmation across multiple sales channels. It assists you in addressing order management challenges, enables you to manage every incoming order and track the order lifecycle of the products ordered by customers more precisely from all channels. Once a new order is confirmed from respective channels, it is packed, ready for dispatch and delivered to the customers on time.
3. Smarter stock management
Smarter stock management helps you visualize and manage your inventory across all stores and websites in just a few clicks.
Fynd is a leading omnichannel platform that helps you build and maintain one unified view of the entire inventory across multiple channels. The solution enables online stores to manage their inventories and stocks from one central dashboard by connecting the entire supply chain.
By automating the inventory in sync with the inventory in each warehouse, shop, or store, retail brands can avoid over-stocking or under-stocking numerous products.
The result is maximum sales without any wastage of resources.
4. Manage supply chain in real-time
The supply chain is a critical aspect of the retail business. It's important to have the right kind of software in place that helps you manage your retail supply chain and ensure timely delivery to customers.
Advantages of real-time supply chain visibility:
Real-time monitoring: Real-time monitoring enables retailers to make fast adjustments necessary for the operation & stability of their business, significantly reducing and steepening the supply chain improvement curve.
Better customer service: With real-time supply chain information, retailers can provide customers with status updates on their orders or shipments, ensuring that their expectations match reality.
Resolve problems rapidly: Once retailers have visibility into prospective delays, slowdowns, and trends, they can intervene to resolve these issues before they become disastrous and negatively impact both customer satisfaction and bottom line of the business.
Improved long-term processes: This process will help recognize short-term shortages and identify potential long-term issues such as seasonal hiring and shipping.
5. Manage return & exchange process with a good return policy
Having an effective return policy in place for your store is critical for complying with the law and retaining the customers.
Over 81% of customers say that they are more loyal to retailers that have a "generous" policy, but over 73% also say they are less likely to buy from a store with a restrictive one.
Reasons why a retail store should implement a customer focussed return policy: Return policies improve public brand perception
Reasons why return policies improve brand perception:
- Customers who have a favourable return experience are more likely to shop online again.
- Consumers with positive experiences are more likely to share their experiences online, attracting new customers.
A good return policy improves customer retention: A 2019 survey found that eCommerce shoppers research their purchases and prefer businesses with open rules. The study found that 36% of online shoppers had returned in the previous three months, and 73% said their return experience would affect their decision to buy again from a web retailer.
Increase sales and attract new customers: Many people view the Return and Refund Policy as a promise that the product will be satisfactory or receive their money back.
A Narvar Consumer Survey found that 49% of customers actively check the retailer's Return Policy before buying anything. In addition, consumers who are informed about their rights to refunds and returns are more likely to make a purchase.
The nature of omnichannel eCommerce demands that order management solutions be flexible, scalable, and adaptable to accommodate the growing needs of the business. If you are new to the concept of omnichannel order management or want to know how to improve it, this research blog is for you!