If a retailer is to offer a truly omnichannel retail experience, a single view of stock is critical. That’s why the central stock pool function in our omnichannel supply chain solution, Merret, is at the heart of retail operations.
Having a single view of stock has several benefits:
- Facilitates omnichannel processes such as ship-from-store. Using individual stores as virtual distribution hubs is key to ensuring orders are fulfilled in the most cost-efficient way, preventing overstocking and stockholding by making stock readily available where it’s needed most. This can only be achieved when stock is viewed across all channels in one single view. Being unable to view real-time stock levels across all channels can lead to unprofitable stockholding, resulting in mass discounting, which impacts severely on profit margins.
- Better experience for the customer, by fulfilling a greater number of orders. Lack of stock visibility is detrimental to the omnichannel customer experience – how can a retailer fulfil the customer promise online and in-store if they can’t see where stock is held?
- Business performance improved by responding to real time trends. A single view of stock across all channels, and end-to-end systems integration means data is reliable, allowing retailers to react to trading trends in real-time for more profitable decisions. Our Analytics module, Merret Analytics, provides a clear and simple view of all sales information, for greater business profitability.
With 100% stock visibility, what underpins it in terms of retail process and functionality?
The central stock pool in Merret uses one pool of stock to fulfil orders from any channel. It is not necessarily a sole physical location, as inventory can be physically held at different points; in the warehouse or in stores. It has a global ability to allocate stock based on central demand; this single view of stock ensures that inventory is always directed towards the channel in which it is selling best.
Maximising profitability through full price trade, and reducing discounting due to unbeneficial stockholding, are the benefits being experienced by leading retail brands, including Karen Millen, Jacques Vert, Oasis and Paperchase. You can read about our latest Merret project with Karen Millen here.
For more information about how you can achieve a single view of stock with Merret, please email info@retail-assist.co.uk, where one of our team will follow up your query.
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