A multi-channel inventory is a today a necessity for any manufacturer in order to survive given the way retail is no more driven by companies but by companies that do the final sales, including the likes of Amazon, Flipkart and the likes. They are the ones who drum up the demand for any organization’s products and then also take the responsibility to have the same delivered to its end-users. That said, the old order of C&F agents, stockists and distributors is still alive and kicking, and is forming newer ideas and organizations to service clients new and old. This also includes morphing as an eCommerce company or a 3-4PL logistics provider.
Manufacturers are thus not limited to sending their final products to select outlets with the expectation that buyers would come there and procure their needs. In addition to own stores, and e-commerce, there are other ways of selling including drop-shipping, influencers, bulk buyers and what have you.
1. Have a multi-channel inventory management system to bring information about every sales channel on a single platform for visibility and relevant action.
This is the single most important reason companies getting into multichannel marketing fail. They either over-commit or have unsold stocks because they never knew about it given the opacity at their end about everything from raw materials to final finished products. To obviate this and give itself the right information about each channel, what is most needed is a cloud-based multi-channel inventory management system that’s accessible by everyone at every hour.
2. Automate communication with all the sales platforms
Communicating about inventory position(s) with every sales channel is as important as getting orders in the first place. For this reason, important communication, to the extent possible should be automated. This way, everyone needing information, be it a buyer, seller or intermediary, can get the same without wasting time asking for the same, and act on it for better customer benefit.
3. Automate contracts
Multichannel marketing by its very form means that there could be quite a few outlets, both in the real and cyber world. Keeping track of the terms and conditions conferred on each could take time and divert any marketer’s attention from far more important things including keeping track of inventory, its supplies and the likes. It thus makes sense to automate contracts with every channel of sale and entities therein, and tie the same to a calendar for prior information about its date of renewal as also newer terms and conditions that may be expected. These days, there’s an additional advantage of automation with the backing of smart contracting and blockchain- the chances of oversight and non-performance have gone down drastically, and so too has the paying of penalty and compensation.
4. Forecast demand from every source individually and react accordingly
A cloud-based multi-channel inventory management system these days has built-in feature to use Ai to read patterns and predict the next likelihood of an event taking place. This by itself gives every marketer the ability to produce just what sells and save time on inventory costs. That said, the same applies to raw material inventory that can be controlled to a large extent and costs brought down likewise. That besides a multi-channel inventory management system can help refine offerings to customers that by itself could bring a marketer close to a customer resulting in higher sales.
5. If possible, use a single body for logistics after production
A marketer/ producer by default is someone who specializes in the production of stated items. That being so, taking up the role of logistics while inwarding raw materials and outwarding final products besides other functions could divert one’s attention from the work at hand ie production into subsidiary activities and those that do not directly affect product and service quality could mean a serious and often un-necessary diversion of one’s resources and attention. It thus may make sense to outsource to the extent possible, be it of logistics, HR and other functions that do not in any way add to the product, its quality or its growth. Using the services of the 3PL or 4PL logistics provider may give the marketer the space to concentrate on the production of better and newer products.
6. Have a constant eye on raw materials, WIP v final product needs
Continuing from the above, in the absence of distractions like logistics, warehousing, HR, recruitments and the likes, the marketer can help multichannel sales by concentrating fully on products, their quality, their types and more. This by itself can lead to higher sales and stronger customer connect given that both these come about when products and services are above board and above what competition provides. Today we tell you how to manage multi-channel inventory effectively.