Competing in the retail space in 2018 requires capitalizing on all that eCommerce has to offer your business. Enterprise organizations, medium-sized retailers, and small business owners alike must have a strategic and well-executed omnichannel eCommerce strategy to maximize profitability. In this article, we’ll highlight four trends that point to this necessity.
- Inventory Management – ensuring accurate stock and price information across several vendors is an extremely complicated task, primarily when performed manually.
- Transparency – near real-time information communicated from retailer to all vendors and customers is vital to a satisfying consumer experience.
- Logistics – managing fulfilment and returns, invoicing and payments so that all customer commitments are satisfied is difficult to manage and track, while accurate information is required to respond to customer inquiries or complaints.
- Evaluating, data analytics – Data must be gathered and analyzed to monitor benchmarks and key performance indicators of an operation. Useful data analytics across different channels, however, is impossible without a central data location.