Omnico Group, a global retail technology provider, has announced the launch of omni stock. This new offering gives retailers a complete view of all stock across their retail estate as part of an omni-channel retail strategy. Omni stock provides a real-time view of stock, regardless of location, and uses a powerful rules engine to help fulfil customer orders in the most efficient and cost-effective way.
Retailers with both an online and in-store presence are able to view their real-time stock levels whether it is in the warehouse, in transit to the store, in-store or being delivered to the customer. This provides a significant competitive edge for retailers that store stock in multiple locations in order to address the challenges of managing inventory across multiple channels.
omni stock is a standalone solution that can be implemented over existing application structure to offer retailers:
- Control of inventory that can be made available by any channel
- Control of the internal logistics for any single order line – i.e. which internal location will the order be fulfilled from
- Control of the external logistics for any single order line – i.e. from which supplier can the order be sourced from
- Management of the in-store processes for picking, collections, returns and order management
omni stock is able to work as the engine between all existing stock systems
Recent research by Omnico Group indicated that the impact of not satisfactorily serving customers in time is not just a loss of a sale but the potential loss of loyal customers. One in ten shoppers would never return to a store after a bad stock experience, and a further third would be hesitant to shop at that store again. The research also revealed that shoppers are only willing to wait an average of 4 minutes 12 seconds in store for staff to check stock availability before they lose patience.
omni stock addresses the need to provide retailers with the ability to react effectively to consumer demands and provide convenient options for collection or delivery. The software understands and can respond to customers' increasing demands for choice in how and when they decide to buy.
The rules engine from omni stock intelligently sources orders, in the way that is defined by the retailer. For example, the retailer may decide that it is preferential to source an order from the distribution centre rather than deplete store stock or provide different delivery methods according to customer level.
"As customers are becoming accustomed to the 'buy it now buy it anywhere' culture it's critical that retailers are able to react to demand quickly and effectively," says Alan Wright, CEO of Omnico. "Having a complete view of stock gives retailers the opportunity to gain better geographical coverage, without necessarily increasing their overall store square footage or stock holding. Furthermore, smart allocation of stock means that more can be sold at full price, both increasing profit and allowing for better turnaround of stock. The in-store experience is also enhanced as the shop floor is not laden with difficult to move, discounted stock."