What is omnichannel order management? Benefits of omnichannel management to eCommerce retailers
Omnichannel Order Management System is a software solution that allows eCommerce businesses to integrate their inventory across warehouses and stores. An omnichannel OMS creates a generic pool of inventory to increase availability and boost sales. For multi-channel eCommerce retailers, the OMS is an integral component of truth for their inventory and order management system.
An omnichannel OMS is more than just an inventor availability management system as its utility is a central repository for all received orders across multiple sales channels. The ultimate aim is to actively allocate inventory for order fulfillment to all the orders in an optimal and efficient manner without causing any glitches or delays.
Benefits Of Omnichannel Order Management
Businesses around the world are opting for an omnichannel order management system and there are several reasons for it. Simply, they don’t want to miss out on the attached benefits of using an OMS. Some of the major advantages of an omnichannel OMS are:
- Enhanced Customer Experience
Businesses that offer same-day shipping services from their eCommerce platform can offer seamless shopping experiences to their customers who opt for quick delivery. Customers who are satisfied with an eCommerce business are more likely to order again which can help the business in retaining them and building a large pool of loyal customers with lesser customer acquisition costs.
- Improved Operational Efficacy
An omnichannel OMS like Quickshift reduces the need for manually reconciling the inventory on regular cycles. The process isn’t only time taking but a lot of human effort also goes into it. Again, operational efficiency directly impacts the supply chain of a business, so it’s important to keep the associated KPIs well-optimized.
- Cost Reduction
Entering a market through an eCommerce channel is in itself a great way to reduce the costs of a retail establishment at a new location. By engaging an omnichannel OMS, you can easily remove the other overheads like third-party fulfillment services and go-betweens by keeping everything organized through a third-party omnichannel OMS partner. The money you will thus save can be utilized for other functions like increasing product portfolio and brand marketing measures.
- Boost In Sales
Better customer experience generally leads to a boost in sales as it increases the word of mouth about the eCommerce business. Again, with an increase in sales, an increase in revenue is inevitable. Certain factors like better inventory management, fast shipping, lesser errors, better visibility, and KPI management lead to an overall increase in the performance of the business which further increases its ability to handle more orders.
- Better Supply Chain Management
A robust supply chain management is an integral part of a well-managed business. For eCommerce retailers, it is especially important to take care of the business processes right from material sourcing to product delivery and service request fulfillment. More businesses are opting for eCommerce fulfillment services in India as they are willing to improve their supply chain for the seamless working of their business.
- Transparency and Inventory Dashboard
An omnichannel order management strategy can help eCommerce businesses make better decisions about safety stock inventory levels and promotions by providing transparency into inventory and orders across all channels. When businesses use multiple channels to sell their products or services, they are more likely to be visible to potential buyers. By being present on various channels and platforms, businesses can increase their chances of being found by customers looking for what they have to offer.
- Improved Data Quality
Capturing data becomes easier with an omnichannel OMS and as it is widely seen, data is the key to the customer’s mind. It can enable E-commerce businesses to maintain CRMs with sophisticated and relevant datasets and they can further tweak their products and marketing strategies as per customer personas. Also, improved data quality allows businesses to indulge in a better decision-making process about inventory levels and promotions.
Are eCommerce Businesses Opting for Omnichannel OMS?
If you run an eCommerce business, you might wonder what others are doing. As a matter of information, some mega multi-channel eCommerce giants like Reliance and Croma have an integrated omnichannel OMS for their business.
The startup ecosystem in India has seen a boom lately and among the large number of businesses that get registered every day, a lot of them are Omni channel businesses. The story of multi-channel sales is going to get further and the competitive arena is going to be spectacular in the coming years. The presence of third-party solution providers like Quickshift fulfillment is going to make a difference in the markets as smart eCommerce businesses are rapidly optimizing their operations by engaging with such solution providers.
If you also run a multichannel eCommerce business and you want to revamp your supply chain and inventory structure, you can start today by equipping an omnichannel OMS for your business!