Leveraging Stock From All Stores To Maximise Online Revenue

Many retailers are still using an obsolete model to handle their eCommerce inventory and it is losing them significant sales

When it comes to handling their bricks and clicks surgeries, many retailers still maintain clearly siloed inventories: one for eCommerce, one for physical shops.

If you are taking this approach, it’s almost certainly killing the earnings potential of your company.

Whereas integrating your stock management across your internet and bricks and mortar stations will:

  • Improve Your internet and in-store earnings
  • Boost your brand’s Internet reach
  • Drive more visits to your bricks and mortar shop
  • Permit You to minimise stockouts and deliver products more quickly

The obsolete approach: siloed stocks

Very quickly, here is how nearly all retailers manage their inventory: one warehouse solution for eCommerce, another for physical shops.

Many times, the internet site only provides a limited choice of the business’s total product catalogue.

It’s understandable why many retailers embrace this model: it is a simple way to control and display the inventory that is available for purchase on your site. There’s no danger of selling the identical inventory twice and, in theory, it is a less complex system.

But, there are two major issues here:

1. Having restricted online stock options will alienate shoppers
2. The usage of’online-only stock’ leads to lost earnings

Limited online stock alienates shoppers

If your online store simply comprises a partial choice of the product include the physical store, you’re restricting both choice and convenience for shoppers.
Most consumers start their purchasing journey on the internet: they Google a product type or class, and use sites (even for bricks and mortar shops ) to evaluate products. Your online stock is a catalyst for both online and in-store earnings, but here is a serious warning: if your restricted stock offering means an internet consumer doesn’t find what they want, they’re certainly going to bounce from your site and are definitely not seeing your shop.

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Online-only inventory causes lost sales

Let’s bring this back to warehousing solutions. Say a prospect finds Merchandise X on your website and wants to purchase it. The merchandise is within your physical store inventory, but not your online stock. Since the client only sees the’Out of Stock‘ text, they just go elsewhere.

You have lost the sale despite the fact that you do have stock in your business for this item.

So what is the solution? How can you go from dropping to procuring this sale?

Adopt an omni-channel inventory approach

There’s a much more versatile and powerful omni-channel approach we are seeing top retailers embrace. It is designed to increase sales potential across the whole business and supply the best expertise and convenience for clients.

Here is how it works: your online shop frees all of the stock and product range, from all of your physical shops and each stock location. Convenient, right?

Now this modern approach is not without its challenges. Retailers will have to overcome certain preconceptions of difficulty and establish new procedures and practices.

By way of instance, building out product vision and SEO information for their full physical shop product range. Another barrier is the requirement for real time stock data and smart, integrated systems across all sales channels to avoid selling the identical stock unit twice.

However, these obstacles are easier to conquer than you would think: there are exceptional instruments and methods which make fairly light work of everything.

How this approach will increase your sales potential

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The more products you have recorded on your online store, the more visibility you have in Google search. This means an immediate increase in the amount of individuals interacting with your site. At exactly the exact same time, your universal stock means fewer stockouts and therefore fewer bounces and lost earnings.

Retailers may also offer Live Stock in shop and Click & Collect services that convert traffic into physical shop visits and sales. With real time visibility over all stock and places, you can provide faster and more flexible home delivery: simply fulfil orders from local stores instead of remote, central warehouses.

Adopting this model gives bricks and mortar shops an advantage over online-only retailers, with a degree of flexibility and convenience that digital stores can not match. For many retailers, this omni-channel approach has resulted in a 100% earnings increase throughout the company.

For retailers with several shops and both physical and online presences, this is a transition that you can not afford to overlook. The opportunity cost is just too large to ignore.
To discover how other retailers in your class have implemented this strategy, just visit our website and register for a free interactive screen discuss where we will walk you through how simple the conversion can be.

References

  1. https://www.connectpos.com/pos-review-connectpos-versus-hike-pos/
  2. https://www.connectpos.com/offline-pos-machine-you-will-need/
  3. https://www.connectpos.com/benefits-of-pos-system-for-brick-and-mortar-stores/
  4. https://www.connectpos.com/8-tips-boost-online-presence-for-fashion-brands/
  5. https://www.connectpos.com/pos-transformation-in-physical-store-workflow/

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