In today’s business world customers expect to be able to order and receive items at their convenience. Whether at a physical store or online, delivered to the house or via Click & Collect, buyers are looking for a seamless customer experience that is smooth and efficient with a range of delivery options to meet their requirements.
However, today most retailers are struggling to offer a joined-up approach across their sales channels. Order management is usually still done in silos, which can lead to bad customer experiences and poor sales.
Smart and successful retailers have moved rapidly to switch their technology practices. The online store is an important part of the business today, more holistic and robust strategies put order management at the top of the list.
KEY CAPABILITIES OF RETAIL ORDER MANAGEMENT SYSTEM –
Most trusted, value for money and fully flexible solution, our order management software solution allows you to manage and route orders across your sales channels to meet customer expectations in the most effective way. It includes:
Availability of stock in real-time
Get a unified, global view of stock across your entire company and supply chain, allowing you to confidently sell from your entire inventory to meet customer needs.
Enables you to route orders in the most efficient and cost-effective way while considering your company rules and any other constraints.
For efficient handling of returns, offer customers a range of return options with built-in processes.
Direct dispatch from a supplier
By enabling direct dispatch from the supplier, consumers fulfill orders faster.
Available to commit
Based on the availability and inventory location and provide the broadest range of potential delivery options including timing and costs.
Tracking of order and issue resolution
Via automated notifications keep consumers in the loop and promptly resolve any issues with automated alerts and escalation.
Store order management using tablets
Efficiently and quickly process orders on the shop floor using a mobile device with our order fulfilment module.
Integrate with existing systems
To give you a unified view of stock inventory and orders, connect with existing systems including ePOS.
Why Do Retailers Need Order Management?
In the year 2019, retail sales from physical stores accounted for 84% of total retail sales in the U.S. (Digital Commerce 360). The retail industry took a big hit in the year 2020 amidst a global pandemic and the closing of brick-and-mortar stores.
However, businesses with a strong omnichannel pillar in place survived (or even thrived) over brands that were slow to transform digitally.
Retailer Pain Points Order Management System (OMS) Solves
- Build a future proof tech stack
- Alerting suspicious orders to reduce the risk of fake orders
- Streamline personalized products that require manual review
- Quick order processing times via automation and prebuilt workflows
- Leverage a system-agnostic OMS to easily add or scale new technology systems
- Minimizing call volume to store associates enquiring about stock levels
- You need to make communication simple between your front-end and back-end systems
- Restrict customer service reps from having to sign into multiple systems (CRM, ERP, Payment tool, Fake vendor, etc.) to locate and service an order
- Expanding into new channels like – global expansion, marketplaces, new consumer experiences etc.)
Benefits of an Order Management System
Control of Your Customer Experience
For retailers, it is important to create their customer experience with creativity and precision. A feature-rich order management system (OMS) gives you control of the complete order lifecycle so that you can curate the best possible customer experience. Your superior customer experience can be the differentiator between a one-time customer, and a lifelong customer.
Minimized Fulfillment Costs
Distributor order management (DMS) accumulate stock across your distribution network, and you can fulfil orders in the most efficient, and cost-effective way possible. A modern and robust order management solution should include DMS capabilities where you have the option to configure and design order routing, logic, and complex workflows to help you ship from the closest inventory point, ensuring your consumers receive their shipments faster and cheaper.
The duration of order lifecycle from order receipt through final-mile fulfilment. While retail businesses may have different systems through the buyer experience, such as ERP, storefront, POS, etc, an order management system overarches and brings together all of the systems and serves as the unified source of truth for orders. With an order management system solution, retailers have access to all the order data and history of your accounts, fulfilment, IT, and customer service teams need at the various points of the lifecycle of the order.
Higher Inventory Accuracy
A modern high-quality OMS provides available to sell stock levels so you are aware exactly where you can fulfil orders (online, ship from store, etc.) and avoid stock-outs and unplanned backorders.
A core feature for a business is to complete the orders as effectively as possible, it’s pivotal to streamline order management workflow and processes wherever possible. Ideal option is to follow the same methods of order management techniques for all orders that typically support businesses optimize their workflow. Also, an OMS can help to determine the utmost beneficial operation on an order wise basis which could be employing the right strategy for receiving orders.
Enhanced Customer Service
Pull better connections with the help of social media, ecommerce, and further in-store shoppers who expect the same level of customer service. With the help of an OMS which can support in managing customer service from a single centralized place so you can give shoppers the constant support they’ve always expected. An OMS can send shipment notifications, help in connecting customers to support agents, and also regulate returns on the same platform provided.
With bulk information about your business, it is beneficial to automate payments, invoices, and the transfer of bulk financial data rather makes it uncomplicated for your business to have more correct accounting details. With the OMS, it is easy to track payments to make sure every order is delivered in full at the correct time which also helps to keep a history of financial data with your accounting team to give you better insight into revenue.
How To Determine The Right OMS Solution For Your Retail Business
#Know Your Goals & Objectives
The first and foremost step is to make a blueprint of all of your business requirements and what you need OMS to accomplish for your business. Are you moving to direct to consumer as a traditional retailer? How open-minded and flexible is your supply chain?
#Assess the Challenges of your Brand
Assume the different factors that determine the complexity and challenges of your fulfilment chain. Perhaps to avoid these challenges consider the following key factors:
- Distribution network (# of warehouses, drop shippers, etc.)
- Average annual order volume
- Order complexity and workflows (flagging, customizations, etc.)
- Product nuances (compliance)
- Required integrations (payment provider, loyalty, etc.)
#Associate with a Like-Minded Provider
Another, most important task of determining the right solution, is finding the right business partner to help you achieve your business goals. Like-minded providers generally look beyond contracts and become an extension of your business team.
#Ponder about Price Vs. Cost
The cost of an order management system can vary greatly. In the beginning, there is the initial price and then there is the long-term cost (and potentially opportunity cost) of the approach you select.
Larger systems such as ERPs, storefronts software are normally economical to implement initially as you are likely offered package pricing from their flagship applications. If you are a retailer with a small volume business with a less complicated distribution network, a tack-on approach might be enough for your requirements.
However, if you are a high-volume business, D2C retailer or have more complex fulfilment operations, leveraging a great performance OMS solution will likely prove to be more economical in the long run.
The order management system is more than a buzzword in business. It is the thread that brings together your business tools and improves your customer experience. The normal behaviour of a consumer is to shift, OMS now offers retailers the visibility and capabilities they need to craft the best possible customer experience.