Toys ‘R’ Us made a couple of mistakes that have led them to lose market share and lag in the e-commerce space, and their lack of investment and sub-standard online experience have hurt them tremendously. Your company may not have to deal with the challenges of scale that Toys ‘R’ Us did, but there are some important steps you can take today to optimize your inventory processes avoid their fate.
1. Choose the Right E-Commerce Platform
2. Get a connected inventory software
A system that connects to all of your channels can aggregate your data and give you a crucial snapshot of your sales performance. A lack of visibility of your sales and inventory flow means that you can’t step back and analyze your key metrics and prepare for changing demand. In fact, according to the retail technology company Order Dynamics, as much as 25% of products that customers see on retail websites are actually out of stock (Askuity.com).
The other benefit of a connected inventory system is product control. If you sell bundles or kits, or are offering different prices and discounts to different groups of customers on different channels, things can get complicated quickly. An inventory system with a two-way integration like AdvancePro enables you to control your product details in all of your stores from a central “brain”.