There is nothing more satisfying for a brand than actually making a sale. But, they must now take into account the multiple shopping options available for customers like Buy Online and Pick Up in Store (BOPIS) to make their purchases. Why? Shoppers are making online purchases and later picking them up personally at a retail store nearby. They would rather get their items quickly and not wait days for delivery or pay the shipping charges.
BOPIS is here to stay and if retailers want to remain competitive, then it’s a must have option for consumers. Nearly 70% of consumers say BOPIS improved their experience while 9 out of 10 consumers rated BOPIS as convenient – as per the new 2020 Consumer View report from the National Retail Federation. Convenience isn’t simply a one-size-fits-all solution. It all varies based on how people are shopping, where they are along their path-to-purchase journey and what they’re buying. Strategies like BOPIS ensure the shopper has a convenient experience regardless of channel.
BOPIS model is not going anywhere
Brands understand that a consistent omnichannel customer experience is vital for their success. Whether they shop online, in a brick-and-mortar store or opt for different payment methods, it comes down to a better customer experience. Each BOPIS transaction adds value to their relationship with the customers. It translates into additional in-house purchases through up-selling or cross-selling. Even if there is no immediate purchase, the way they handle the pickup process dictates the customer’s future intent for buying their brand’s products.
Getting it right is not easy for retailers. One reliable method for improving the link between stores and online channels is to ensure you are using the right technology for the job.
Retailers can enhance their order management system through Machine learning models in order to meet the customer fulfillment orders, with focus being on the complexity and impact involved in analyzing and predicting the inventory stock throughout their numerous locations.
Brands while offering BOPIS option must ensure that the stock available online is, in fact, available in-store. For brands with multiple physical stores, this is even more challenging for retailers. Accurate inventory stock and information must be available at all times.
Exact and real-time precision with inventory tracking ensures that the staff has easy access to all the records of orders needed for its fulfillment, inventory stock across warehouses and even customer purchase history. New tools, approaches and technologies like RFID tags provide for item-specific inventory tracking. Retailers now know the exact location of a product and where it needs to be picked up in-store. All these details ensure optimum customer experience and satisfaction, provides a 360-degree view of store performance while maintaining inventory records effectively.
Intelligent order management system (OMS)
A smart BOPIS approach is for an OMS that’s capable of order orchestration, order routings, fast returns processing, pre-orders and split payment. This OMS purposefully uses the field inventory which is closest to the customer. It reduces the slow moving inventory burden at the store by an inventory check at all locations. Thus, reducing any additional shipping costs.
An ML based model will dynamically adjust item fulfillment eligibility on the OMS to predict item profitability, shipment costs, and cost of pick&pack operations as well as the inventory velocity.
Inherent benefit of BOPIS system is that customers are more likely to purchase additionally when they come to pick up their original purchases. By ensuring that the store merchandise is laid out effectively, positioning relevant inventory close to BOPIS desks and informing staff of what is in customers parcels so they don’t miss out on opportunities to up-sell. This is possible only when store associates are up-skilled to handle the new process. Flawless execution and expertise of the associates will enable cross-sell and up-sell opportunities at or better than that which can be achieved online.
The growing consumer demand for flexibility and ease is driving the BOPIS system in the competitive retail landscape. Retailers will continue to invest in an advanced and reliable inventory management system to meet the high influx of inventory and the demands of online orders. The BOPIS model merges e-commerce with traditional retailing, and a fully integrated inventory management system can help you streamline your retail operations.