A holistic view of retail stock increases the number of products available to online shoppers by 21%, according to new research.
A study of 50 retailers by order management specialist OneStock found that integrating data from all touchpoints, including warehouses, stores, drop shippers and suppliers, and maintaining a single view of stock for retail teams and customers, increased the availability rate of products from an average of 75% to more than 96%.
Meanwhile, the research revealed that adjusting stock levels in real time minimises the risk of order cancellation due to a lack of available items from 5% on average to 2%.
“The current health crisis has accelerated a shift towards online commerce that has been gathering momentum for several years, enabled by technologies that have shaped consumer buying habits,” said Romulus Grigoras, CEO of OneStock. “To effectively sell in today’s retail world, retailers need to address questions that have an impact across their entire supply chain and supporting systems, rebuild their foundations and respond in an agile way to future trends.”
🏆
The 2024 Creative Retail Awards are open for entries.
The Creative Retail Awards are much more than a mere accolade; they represent the pinnacle of achievement in the retail industry. Garnering a nomination or winning one of these awards is a testament to innovation, excellence, and leadership.
www.creativeretailawards.com
OneStock also examined order management processes in brick and mortar stores to support new customer habits. It found that retailers that packed and shipped items from stores increased turnover between 25% and 30%, while those offering customers in-store appointments for a more personalised service saw average order value rise threefold.
Download the white paper here.
