Omnichannel retail and inventory management is critical to the success of any retail business and plays a vital in meeting the customer expectations. Amit Yadav, the Head of Marketing for Kashkha, a global brand for Modest Fashion, participated recently in a special roundtable with other industry experts organised by Image Retail Middle East in Dubai.
Amit stressed, “With the advent and growth of multichannel retail platforms, the standard forecasting techniques are no longer effective. The more channels there are, the more important it becomes to have a seamless system. Today there are many advanced analytical tools and software leveraged by Artificial Intelligence (AI) and Machine Learning (ML) that are useful for demand forecasting and optimizing inventory in an omnichannel environment. These help to build a more efficient and profitable process with real-time data. However, it is important to understand what works for a brand and what does not based on its unique business needs and resources as one size does not fit all.”
Supply chain gap is a common challenge for retailers. Amit said, “For a flawless operation, accurate planning and logistics, omnichannel retail brands need to take a more holistic approach with multi-echelon inventory control focusing on inventory management across the entire network rather than opting for single-echelon inventory control.Its paramount to deliver the best value proposition to customers across all sales channels. According to a report by Deloitte, 78% of businesses with high-performing supply chains have more revenue growth than their industry counterparts and this finding demonstrates the significance of an integrated supply chain. Both quantitative and qualitative forecasting methods should be used for inventory management. With a strong proactive inventory system, brands can have more satisfied customer while optimizing yield and profits.”
