From Bdaily News
The opportunity is impossible to ignore. E-commerce sales worldwide are expected to grow from $2.9 trillion in 2018 to $6.5 trillion by 2023, according to Statista.
Through it all, retailers – like most organisations – also want to increase their bottom lines and cut costs, all while managing the growing onslaught of e-commerce returns. In fact, the volume of inventory that retailers must write off at the end of the year has become so significant that they’re looking at how they can move to a “one-inventory model” with more advanced fulfillment science that allows them to cut their costs and reduce their losses.
As the retail industry continues to evolve and is faced with these new challenges, there are essential components that must be embedded into all omnichannel retail supply chains to be successful. Here are five key elements that all retailers should be incorporating into their demand driven omnichannel supply chain strategies:
- A Single Inventory View Across Multiple Channels
- Multiple Hierarchies of Inventories
- A Common Hardware and Software Infrastructure
- Good Resource Utilization Across All Channels
- A System that can Quickly Adapt to Change