Mastering Inventory Management in Wireless and Repair
In wireless retail, one of the most critical areas for creating a consistent customer experience is inventory management. Getting inventory right — the old retail mantra of the right product in the right place, and at the right time — is vital for any business, but even more so for wireless. A wireless retail environment must manage hundreds of SKUs like high-value items such as smartphones, data-only products including health and fitness monitors, and connected Internet of Things (IoT) devices. Wireless carriers need to focus on improving and rationalizing their inventory management capabilities to produce positive ripple effects in other key areas of their businesses. The benefit of an optimized inventory management system include:
- Cost control through bulk buying and making greater use of inventory already in-house;
- Creating a consistent customer experience with dependable product availability and pricing across multiple retail locations
- Automated ordering through drop-ship fulfillment, thus reducing the frequency of out-of- stocks;
- Smarter, less emotionally-driven ordering that is instead powered by data-based inventory and sales analytics;
- More effective loss prevention, stemming from frequent inventory counts and item serialization solutions.
And that’s just the beginning! Inventory management means increased profitability and customer satisfaction without the headache. Here’s how it all comes together.