What do we mean when we say omnichannel? This new approach to selling in today’s retail world was born out of a need to transcend any one medium and provide shoppers what they want, when they want it.
For most retailers, success in the midst of competition means controlling the bottom line, lifting margins and analyzing data. Trends affecting product assortments and enabling order fulfillment are well-meant, but how much is forgotten by a crippled inventory management process, and at what cost?
The loss of physical inventory, or shrinkage, is a real problem for brick and mortar retailers. Shrinkage affects every aspect of your retail operations, from finance and compliance to loss prevention. In fact, nearly 2% of all inventory is lost due to shrinkage. In 2016 alone, shrinkage led to $46.8 billion in lost profits for the retail sector.*