In our most recent webinar Maximize Sales with Inventory and Supply Chain Innovations joined by NuORDER’s Client Services Director, Jess Chan and Quiver’s VP of Marketing Ben Barenholtz, the two join forces to discuss key strategies in tackling supply chain disruptions: how to reduce out-of-stocks, optimize inventory, and increase pre-bookings.
Watch the full webinar here: Link to Webinar
“The big takeaway with all this is your commerce system needs to be flexible, resilient, and nimble, because everything will be changing. And it's about keeping up with those changes, communicating those changes, making yourself accessible to meet all of this demand that is real and that exists. And that's out there right now. And time is of the essence.”
JESS CHAN, CLIENT SERVICES DIRECTOR, NuORDER
Read on below for key takeaways from the webinar:
Connected Commerce is Essential
In today’s world, it is important that you adopt a solution that makes you available 24/7.
So how can your brand do that?
By utilizing the right B2B platform, you can keep your brand digitally connected with retail buyers in real-time. Seamlessly sync inventory with your ERP, update product styles, ship dates, and more all from one platform. Retailers are turning to intuitive B2B ordering systems that allow for viewing the latest catalogs, ordering when and how they want and provide an interactive virtual showroom experience.
Connected commerce is essential, and you do not want to be behind your competition in terms of accessibility and ease of use.
Enabling Fast Fulfillment
Your B2B eCommerce platform should sync and update important information on variables such as ship dates, product hitting the warehouse, and shipping date changes.
There are several challenges our industry is facing with delivery and shipments, making this information even more vital for brands and retailers to buy and sell smarter. Your B2B eCommerce platform needs to be a reliable place that keeps up with the demands and wants of consumers in a digital era.
Ways to Mitigate Loss
With ongoing supply chain disruptions, shipping dates are constantly changing and being delayed.
Orders are being canceled and money is being left on the table. In today's climate, every avenue to maximize sales must be utilized.
In order to mitigate this loss, reallocating and shifting your stock is a necessary step in running a successful business.
If you’re a retailer, with the right B2B platform, your inventory is loaded in the system and you can see when your stocks are arriving. Let’s say a shipment of one of your best-selling products won’t come for another month, but you see a brand that has that product available in another colorway. With that data, you can react quickly and begin to see that product instead.
On the brand side, if you’re dealing with a bunch of canceled orders, you most likely are sitting on inventory you have to sell through. You can leverage a B2B platform like NuORDER, and use it to create available to sell (ATS) or bestseller campaigns and refocus retailers you are in partnership with. With visual tools, digital order forms, and easy communication adaptability, your B2B platform can help you drive sales.
Strategies for Inventory Optimization
In these uncertain times, it’s important to be nimble and react to any situation quickly and resourcefully. The right B2B platform allows you to do just that. Retailers and brands work hand in hand in connected commerce. When there’s a lot of out-of-stock at the brand or retail level, you can use tools like NuORDER and Quivers to get products routed to the customer.
Out of stock online? You can pull the inventory off of a retailer’s shelf and get it shipped out.
Out of stock in-store? Ship-to-Store allows in-store pickup beyond the stocking position of the retailer
If a retailer has a product out of stock, but the product is in stock at another retail store, the retailer with the product in stock can ship it to the consumer on their behalf.
With the right B2B platform, you can increase turnover, increase sell-through, and reduce buybacks.
Conclusion
Employ the right B2B platform, and optimize inventory management and connected commerce. With real-time data, purchases can take place when and where the consumers want, and the inventory moves and goes wherever they like. Choose an eCommerce system that allows you to be flexible, resilient, and nimble.
