Every day is a juggling act for multi-channel retailers who need to quickly fulfill customer orders for items purchased online, in-store, via supplier warehouses and through other channels. As sales channels increase and consumer expectations grow, retailers are quickly realizing the benefits of using a common inventory view for all channels. It is a more cost-effective way of approaching inventory management and allows retailers to track inventory on a continuous basis, to be able to spot trends and gain insights to help make better decisions around stock control.
The importance of having this information in real time will be an integral factor as omnichannel fashion retailers often struggle with stock control, and arising challenges such as shrinkage, excess inventory, and stock-outs. Here are a few key metrics that every fashion brand should keep an eye on:
1. Consolidated Real-time Inventory View
A single, consolidated view of inventory across channels, in real time. This view should provide you with information on an article’s stock-levels across different segments.
2. Filtered Views by Channel for Further Analysis
The consolidated view should be capable of drilling down to each segment to provide a detailed status of stock at each channel. For example, are you able to identify what your wholesale segment, retail and e-commerce segments hold?Learn more here.
3. On-hand Inventory, Open POs and What’s in Transit
Visibility into available inventory, open POs, and in-transit quantities is key for better inventory planning. This helps determine if there is sufficient inventory to meet forecasted demand. Combined with segmented views, this can help redistribute stocks across channels to meet unforeseen spikes in demand.
4. Store level inventory
A recent Forrester report unveiled that 41% of the retailers reported to have seen a significant positive impact on in-store revenues since enabling inventory visibility. By viewing available inventory status across retail stores, retailers are able to inform customers where they can pickup items immediately to cater to the consumers’ natural desire for instant gratification, and saves them time while they are at it.
5. Available to Sell
One of the key, actionable pieces of information is ‘Available to Sell’ quantities of an article. This view considers all the known demands and supplies for an item to determine what inventory is currently available to sell.Sign up for a demo
These metrics will serve as the building blocks you need to garner data to empower you to make smarter business decisions. To help omnichannel fashion retailers gain a unified view of inventory availability, we have developed our Available-to-Sell Tool. Built natively on SAP HANA, the add-on solution integrates seamlessly with SAP Fashion Management, SAP Apparel and Footwear (AFS) or SAP S/4HANA environments. Learn more about the solution here and sign up for demo.