2023 Gartner® Market Guide for Retail Store Inventory Management Applications
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It’s great to be an electronics consumer today. There’s an unparalleled variety of cutting-edge products to choose from – most at highly competitive prices. And the merging of in-store and e-commerce retail to form omnichannel puts the customer first like never before. The result is unparalleled selection, low prices, lightning-fast delivery (often same-day), and easy returns.
Yes, it’s amazing to be an electronics customer – but actually much more challenging to be the electronics retailer expected to deliver on all these big promises. Consumer demand is putting pressure on retailers to deliver only the best experiences – online, in-store, and omnichannel. To put the right merchandise – in pristine condition – in the customers’ hands (at the right time), leading electronics retailers need a modern fulfillment operation that enables them to provide:
GreyOrange meets the demands of the industry with a leading-edge fulfillment platform that enables the electronic industry to deliver the very best customer experience.
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The myriad consumer products on the market today – with multiple features and configurations – mean the customer gets unprecedented choice and variety. But the high value of many of the products means having 100% visibility into your inventory is critical. Visibility across your entire line of SKUs lets you manage the packaging, handling, and transportation of consumer electronic products to customers on time. Additionally, effective serial code-based tracking is essential to track items from when they enter and leave the warehouse through to sale and return.
How much inventory you have matters. But what’s most important is how fast you can get merchandise to the customer. Strategically located micro-fulfillment centers are critical to enabling you to get products to customers in three days or less – sometimes the same day – including leading up to major holidays.
Consumer electronics are often fragile. Certain SKUs contain hazardous components that require special handling and storage, and others need special stacking.
Merchandise worth above a certain value will be located in a secure location. Only employees designed to handle high-value items are able to access and pack these goods.
In contrast with fashion, home improvement and many other types of merchandise, electronics may require special handling and storage as required by specific SKUs and SLAs. This includes careful dock-to-stock movement and may include climate-controlled storage in a dedicated area.
Over 16% of $4.583 trillion of U.S. retail sales were returned in 2021. The return rate for online sales was even higher: 20.8%. An automated return process minimizes sale losses and write-offs. And increases merchandise exchanges and resales by enhancing the visibility, flow, and accessibility of inventory. Better margins is the result.
Whether you work with a 3PL or manage your own fulfillment, your customers demand accurate and timely order fulfillment. Learn how automation and robotic orchestration can support your business.