Both e-commerce fashion retail and brick-and-mortar players require advanced and efficient inventory management. This not only ensures that they have suitable items in the right volumes when the customer needs them, but also makes sure that they can lower costs, scale sales figures, and boost customer satisfaction levels simultaneously.
The inventory management game becomes even more challenging and critical if you consider the fashion sector which is characterized by rapidly changing trends and consumer preferences, along with seasonal movements.
How it Stacks Up for Both Fashion Segments
If you take a closer look at the inventory management game for both the brick-and-mortar and e-commerce sectors, these are the insights that emerge.
There are numerous technology solutions today that enable better and smoother inventory management for companies in both these segments. Let us take a look at some of them below.
Tech Solutions for B&M and E-Commerce Players
Here are some of the most effective technological solutions that cater to both these categories in the fashion retail space.
Along with these systems, there are several retail technology solutions that are enabling dedicated improvements for fashion retailers across multiple categories. Let us take a closer look at them below.
Retail Technology Solutions for Better Outcomes
Here are some of the ways in which cutting-edge retail technology solutions will completely transform the segment in the future.
Predicting future customer preferences will become more viable with advanced AI and ML algorithms along with data analytics. This will enable brands to offer products that customers will appreciate, while balancing sustainability and diversity alike. AI-based pricing strategies will also help scale up sales figures in relation to demand and supply levels. Gauging or sensing market demand with advanced tools will enable companies to take better strategic decisions as well.
Several companies are already working on demand sensing engines and newer demand forecasting methods for retail players. Some companies are also looking at omnichannel solutions for various brands in order to streamline inventory management. RFID should be another major game-changer in the near future, enabling companies to enhance their rates of conversion and boost consumer experiences simultaneously.
RFID may enhance the rate of adoption while enabling higher brand security and inventory accuracy alike. These technologies are already being used by leading fashion brands like Zara, H&M, Tommy Hilfiger, Ralph Lauren, and Levi Strauss & Co. They are managing inventory better and tracking stocks in real-time while finding products swiftly at the same time. As a pre-requisite for better inventory management, companies are also looking at technological solutions that can streamline their supply chain processes and leverage opportunities through omnichannel businesses.
Emerging consumer delivery models like online purchase and store pick-up, shipping from store, curbside order pickup, and same-day delivery are also gaining traction. This will further put the spotlight on efficient and accurate inventory management solutions in future years.
Add to that touch-less POS checkouts (boosting visibility into losses), interactive aspects like NFC tags and QR codes (for enabling special experiences and interactions with consumers), and other emerging trends and you get the picture. Better inventory management is the need of the hour, driven by advanced technological solutions for smoother sales, customer satisfaction, and business growth. Both brick and mortar and e-commerce fashion retailers have embraced these new-age needs with elan and this particular trend should continue for quite some time now.