Omnichannel inventory management: 7 strategies for retail success
Retailers today must manage stock across multiple channels. Learn about inventory management strategies that boost revenue and increase customer satisfaction.
Macy’s has staked out a position as a leader in an omnichannel approach to sales, and the numbers tell the tale: Overall sales grew 3.7 percent in 2012, 3.9 percent in stores open at least a year and—most impressive—a whopping 48 percent increase in online sales.
Old dog, new (digital) tricks
How is this legacy brand making such huge strides? Using a multi-pronged approach to delivering merchandise when and how consumers want it:
Omnichannel fulfillment: Goods can be fulfilled from warehouses and from inventory at stores, with an ultimate goal of faster, and perhaps even same-day, delivery.
“Magic selling:” This term specific to Macy’s refers to training and coaching sales associates, including teaching them to think in omnichannel terms, such as selling customers merchandise that may only be available online.
Investing in mobile: Macy’s is dedicated to improving its mobile app (and website) to make shopping easier and faster, and they take a 360-degree view of consumer behavior to inform those improvements.
How can brands achieve this level of dominance in the omnichannel world? Planning, planning and more planning, along with a willingness to stop thinking in silos when it comes to sales.
