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Why Your Order Management System Needs to Do More
Customer loyalty greatly relies on how effective your order management system is. Responding quickly to your customers is a given, but what else can you deliver? An effective and streamlined OMS plays a pivotal role in your sales and delivery operation and gives you the upper-hand in customer service. “95% of leaders say providing a good customer experience is the top priority, but only 37% have the budget and means to implement ways to improve the experience.” - Forrester Research Study Discovering the ins and outs of how your solution can truly benefit you is the next step to success. The back-end order fulfillment processes are often seen as an afterthought when building a functional website. You want to be sure to focus on the ‘inside’ too when managing your orders. After all, customer expectations are dramatically increasing, and will only need to get stronger as time goes on. Processing orders can be overwhelming for all businesses, and even more so as growth comes. A comprehensive order management solution is more than convenient for a few reasons. When all features and
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5 Ways to Stave Off the Dreaded Stock Out
Failing to deliver a customer’s purchased product puts a serious damper on the customer experience. When inventory stock outs create a loss in loyalty and sales, what’s a retailer to do? “70 – 90% stock outs are caused by defective shelf replenishment practice, as opposed to the 10 – 30% resulting from the upstream supply chain, such as a shortage in supply from the supplier.” If you sell electronics, perishables, flowers or nutraceuticals, this post is especially for you. These industries historically have a much higher chance of dealing with the dreaded inventory stock out. To get around the dreaded OOS sign, consider the following. How to Avoid Inventory Stock Outs: Set up ‘Low Inventory’ Alerts to Know When to Restock -Setting up these system alerts allows for stock replenishment in advance of becoming OOS Streamline Customer Purchasing & Purchase Orders through Automation -See how Successful PO management can help your end goal Prepare Ahead When Ordering Stock- Highlight Best Selling Item - Using historical product sales data helps Gain Insight on Trends & Peak Selling Seasons Consider Stock Item
How to Simplify Purchasing throughout the Inventory Process
How can retailers toss their inventory spreadsheets aside and finally streamline purchasing? It’s as simple as implementing automated and effective purchase order (PO) management throughout the inventory process. Let’s start with the basics. Like what’s a purchase order and why is it so important? A PO is a sales contract between the buyer and seller specifying the exact merchandise received from a vendor. Within that, there are details related to the payment terms, delivery dates, item specifications, quantities, shipping terms and other relevant terms and conditions. When you’re managing a retail business, purchasing and online inventory management go hand in hand. Why PO Management is the Answer to Budgeting & Forecasting Every time you purchase stock items from a vendor, a purchase order is the document of record that allows you to keep track of purchase requests, outstanding orders and to manage your accounts payable and accounts receivable. This process is crucial to the financial health of the business. Inventory control and planning with PO’s is the key to maintaining available-to-sell product levels and replenishing orders in the fastest time possible. To prevent any errors
5 Essential Tips to Take on Holiday Shipping
What's that you hear? Could it be the faint sound of holiday jingles in the air? Perhaps you're thinking, stop this madness, Halloween hasn't even crept up yet. Or, maybe you're a bundle of holiday cheer all-year-round and can't stop singing along. Any hint of carols before Halloween is enough to make any retailer realize the busy season is quickly approaching. People are starting to get excited and the tunes are just a tipping off point. Even though the holiday retail season still appears at a safe distance, Thanksgiving will be here before you know it, then we all know what comes next. So, when should you make sure your holiday shipping plans are squared away? Some might say yesterday. Over 126 million people plan to shop on Cyber Monday, and 6 million of those orders will be delivered late, eligible for shipping refunds. -71 lbs. The orders may start to come in full-force, but what will that matter if your shipping isn't up to par. Should you look into offering free gifts with a purchase? Or, maybe honing in on those last minute shoppers by off-setting higher costs with
The Key Ingredient to Retail Success Revealed
Why have those black bars and white spaces that resemble optical morse code become so popular among retailers? For starters, it allows for increased efficiency and accuracy during the picking stage, creating an optimal inventory operation. Barcode scanners have 10,000 times better accuracy than manual data entry. “Keyboard data entry creates an average of one error in 300 keystrokes. Barcode data entry has an error rate of about 1 in 3 million.” -Supply Chain Management What Can a Barcode Scanning System Do? Decrease Inventory Levels & Lower Overhead Location of Products can be Easily Tracked Save time & Money by Avoiding Searching for or Replacing Products Track Products & Outgoing Shipments Simultaneously Provide Faster, More Accurate Data Increase Efficiency in the Shipping & Pick/Pack Stages As a multichannel retailer, you want to be sure you are packing the correct items when managing inventory. With Freestyle, you will have the ability to ensure the right items are being scanned and packed and verify the correct number of items are accounted for in the shipment. Scan and Pack with Ease Using Freestyle’s barcode scanning is much