Today’s TextileFuture Newsletter offers you a White Paper entitled “Critical Copmponents to achieveing the Perfect Order”, issued by Oracle Netsuite. It is a short and concentrated but worth reading.
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Product-based companies must constantly meet and exceed ever-changing customer expectations. It’s what keeps shoppers coming back to your business. Delivering on customer expectations comes from the ability to complete the perfect order: Getting the right products delivered at the best price, when and where they want. For merchants, the perfect order means accomplishing this at the optimal cost and efficiency.
By achieving the perfect order, merchants will delight customers with the ultimate, omnichannel experience of buy anywhere, fulﬁl anywhere and return anywhere and operate an efficient and proﬁtable business.
Unfortunately, too many businesses don’t possess these capabilities.
Many product-based companies are still cobbling together legacy, channel speciﬁc systems and spreadsheets. The manual steps to connect them all creates duplicate data riddled with errors. For the merchant, this is a costly system to manage that hinders growth and squeezes the bottom line. Customers suffer too. Late orders, wrong orders and the inability to offer convenient and low-cost and rapid fulfillment options will drive customers to your competition.
So how do you execute the perfect order? Here are three key components that go into building a strategy to provide seamless, omnichannel experiences that proﬁt the business.
1. Centralise Your Order Management
The perfect order begins by deploying a centralized order management solution that holds all information from the order management process, including order, sourcing, payments and fulﬁllment. A centralized solution also spans all channels of sales operations so it doesn’t matter where an order originates. All fulﬁllment channels have access to all information so the organization can appropriately allocate inventory based on stock levels, demand requirements and timing. For the customer, it’s a seamless experience they’ve come to expect.
Product-based companies can achieve this by automating the end-to-end, order lifecycle, including order capture and validation, order release, shipment conﬁrmation, customer communications and settlements. With a centralized and automated system, you’ll be able to cost-effectively support complex processes such as split shipments, drop ship, personalized products, continuity programs and digital fulﬁllment. A centralized order management solution also coordinates all of your fulﬁlment locations and providers to keep processes,moving smoothly and quickly. If fulﬁlment exceptions do happen, you can resolve them quickly.
The most signiﬁcant advantage of a centralized solution is being able to provide a superior customer experience. During the shopping journey, customers move across online and offline channels before making a purchase. For the anytime- anywhere experience they demand, a single, cross channel view of orders enables customers to get up-to-date information on their order regardless from where they interact with a merchant—website, mobile, in-store or a customer service centre.
Merchants can also use interaction and order data to continually engage customers with personalised communications, promotions and offers.
A merchant that caters to every customer interaction increases brand loyalty, conversion rates and the likelihood of repeat purchases.
2. Gain Enterprise-Wide Inventory Visibility
Another component of delivering the perfect order is inventory visibility across the entire enterprise.
Lack of visibility emanates from disparate systems used to manage orders and inventory that result in steep costs, dwindling proﬁts and broken customer loyalty. Without accurate, timely and complete inventory information, efficiently managing an inventory landscape of warehouses, stores and third-party logistics providers (3PLs) to serve your business and your customers is impossible.
For product-based companies, they get a single version of truth for order and inventory information, spanning all channels. Armed with a single, enterprise-wide view of inventory, merchants can optimise critical business decisions to delight customers by avoiding the costly mistake of overselling available inventory. That same view enables merchants to see potential problems such as underselling to avoid markdowns of overstocked items. A merchant can move inventory of a slow- selling item from one store to another, where demand for that item is strong. Or, they can make that inventory the focus of a targeted marketing promotion to increase sales.
For shoppers, they get real-time order and inventory information from a merchant’s website and from customer service representatives that serve them in offline environments. And by centralizing their order and inventory management, merchants can offer customers a combination of cross-channel, order and fulfillment options. Shoppers can pick and choose from where they order, receive and return products, rounding out their seamless omnichannel shopping experience.
The only way to achieve end-to- end, inventory visibility in real time is by streamlining your business with a single, centralised order and inventory management solution.
3. Add Intelligence to Your Order Allocation
How can merchants use automation to enhance the customer even further by delivering the perfect order? With intelligence. More speciﬁcally, intelligent omnichannel order allocation. With it, you gain the additional ability to make optimal decisions about how to execute the perfect order. Speciﬁcally, you can automatically and intelligently determine how best to fulﬁll orders based on your global inventory availability and business rules—essential technology of a centralised order management solution.
With real-time inventory visibility across all of your warehouses, stores and 3PLs, you can dynamically set up and apply business rules to support your fulﬁllment strategies to automate processes, reduce costs, speed delivery or combine a number of factors to proﬁtably meet customer expectations.
For example, a merchant can assign a variety of criteria and rank those criteria when fulﬁlling orders. Examples include shipping from the closest location for fast delivery, or shipping an entire order from a single location that has all the items on the order to minimize costs. Maybe you want to ship from a warehouse since it’s typically cheaper and requires less time than shipping from a store. Or a merchant may want to ship ﬁrst from a store because it’s closer to the customer, possibly costing less to ship even though fulﬁllment costs might be higher. If the fulﬁlment location is a store, a merchant can use intelligent order allocation to also manage the store’s fulﬁlment capacity and protect a portion of the stock for its in-store customers. All the while, fulﬁlment managers should have full visibility into the process—released orders, fulﬁlment status and order exceptions.
With intelligent omnichannel order allocation, your order management processes are even more efficient, helping you make smart decisions on how to fulﬁl orders.
Results of Achieving the Perfect Order
The beneﬁts of the perfect order to merchants are vast: increased inventory turns, reduced fulfilment costs, minimised labour costs, increased customer service productivity, isolated inventory freed up, and enabled store associates and support centers to better serve customers across all channels.
Happy customers, in turn, advocate your brand.
All the while, your company can react quickly to changing market demands and the need to
innovate quickly to maintain efficient operations and address changing customer needs. It all starts with deploying a uniﬁed order management solution that helps streamline your business and serves your customers.
Merchants that achieve the perfect order deliver signiﬁcant business value and ROI in the form of high customer satisfaction, better retention and more repeat purchases.
Can forests solve apparel’s microplastics problem?
This week: Eduardo Rojas-Briales, forestry professor at the Polytechnic University of Valencia, and a board member of PEFC, on the potential for forests to provide sustainable regenerative fibre for the apparel sector at scale, and why this could be a solution to be the microplastics pollution problem.
Plus: International Energy Agency calls for immediate end to fossil fuel development; Shell shareholders revolt backing tougher fossil fuel targets; 94% of Brazilian logging illegal says WWF; big soy companies accused of having deforestation in supply chains; big plastic companies keep growing capacity; and, Lidl’s carbon-neutral cheese, in the news digest.
Host: Ian Welsh
To take advantage of the podcast listener discount to attend the Future of Food conference 15th to 17th June, click here and use code SUB20 at the checkout. For more information see below.
Newsletter of last week
Leaders in business sustainability – The four global forces breaking all the trends – Chip Shortage may change How Cars are produced https://textile-future.com/archives/68988
The highlights of last week’s NEWS, for your convenience, just click on the feature to read.
Sweaty Betty launches Inaugural US Activewear Collaboration with rē•spin by Halle Berry https://textile-future.com/archives/69195
Confitex’s eco-friendly textile technology proven best in prestigious international awards https://textile-future.com/archives/69090
Naturepedic Wins Good Housekeeping 2021 Bedding Awards for “Best Sustainable Mattress” https://textile-future.com/archives/69084
Supply Chain Customer Collaboration Project wins German Innovation Award 2021 https://textile-future.com/archives/69100
Standard Textile Home receives Two Good Housekeeping 2021 Bedding Awards https://textile-future.com/archives/69115
Why Car Makers Are taking on the EV Supply Chain https://textile-future.com/archives/69226
L.L.Bean opening 4 stores in Canada amid growing demand north of the border https://textile-future.com/archives/69135
ShopNK Unveils New Home Concept for SS21 Launch https://textile-future.com/archives/69212
Will Your Summer Colours hold the Whole Season? https://textile-future.com/archives/69234
Results of the General Meeting of PICANOL NV https://textile-future.com/archives/69067
Redress opens a permanent secondhand store in Hong Kong https://textile-future.com/archives/69129
Swiss Jakob Müller launhes new website – Your world – our technology https://textile-future.com/archives/69142
Wacoal launches the mybraFit™ app, an AI-Powered, Revolutionary Fit Tool https://textile-future.com/archives/69147
Burberry introduces the Olympia bag campaign starring FKA Twigs, Kendall and Shygirl https://textile-future.com/archives/69163
Healthcare Apparel Leader Barco® Uniforms Announces Digital Transformation with Launch of New e-commerce Site, Barcomade.com https://textile-future.com/archives/69183
VF Reports Fourth Quarter and Full Year Fiscal 2021 Results; Provides Initial Fiscal 2022 Outlook https://textile-future.com/archives/69343
VF Corp. Can Still Skate With Scuffed Vans https://textile-future.com/archives/69365
Winners Announcement: 2021 AATCC Concept 2 Consumer® Student Merchandising Competition https://textile-future.com/archives/69223
Swiss Empa: Keeping it cool despite climate change – Rising energy demand for cooling https://textile-future.com/archives/69157
ICAC’s Cotton update https://textile-future.com/archives/69070
Migrant integration: downturn in employment rates in 2020 https://textile-future.com/archives/69217
Impact of the COVID-19 pandemic on rail passenger transport in Q4 2020 https://textile-future.com/archives/69229
Swiss Production rose again in secondary sector in 1st quarter 2021 https://textile-future.com/archives/69260
March 2021 compared with February 2021 EU Production in construction up by 2.7% in Euro Area and by 2.2% in EU https://textile-future.com/archives/69284
April 2021 Annual inflation up to 1.6 % in the Euro Area, and to 2.0 % in the EU https://textile-future.com/archives/69296
March 2021: Euro Area international trade in goods surplus EUR 15.8 billion, EUR 18.8 billion surplus for EU https://textile-future.com/archives/69383
Nestlé supports ambitious EU action to address global deforestation https://textile-future.com/archives/69120
Savio at ITMA ASIA+CITME exhibition presenting solutions-oriented portfolio to maximise machinery return on investment https://textile-future.com/archives/69057
Mastering the challenges of our time with digital solutions from Karl Mayer https://textile-future.com/archives/69306
European Youth Week brings together young people across Europe https://textile-future.com/archives/69328
Future-proof taxation – EU Commission proposes new, ambitious business tax agenda https://textile-future.com/archives/69139
What is life like for young Europeans? https://textile-future.com/archives/68557
European Population projections: urban growth, rural decline https://textile-future.com/archives/69268
How usual is it to work from home in Europe? https://textile-future.com/archives/69048
How popular is EU internet use among older people? https://textile-future.com/archives/69042
U.S. Senator Kirsten Gillibrand tours Ferrara Manufacturing to Celebrate Unionised Apparel Shop’s Contract to make 17 Million Masks https://textile-future.com/archives/69094
Sam’s Club Starts Selling Gap Clothing https://textile-future.com/archives/69124
European Statistical Recovery Dashboard: May edition https://textile-future.com/archives/69202
Screenworks implements Kornit Digital DTG Technology to Grow Capabilities, Create New Opportunities for On-Demand Production https://textile-future.com/archives/69152
Labelwerk GmbH installs the first Xeikon 3030 REX in Germany https://textile-future.com/archives/69176
Sheep Inc unveils ‘industry first’ carbon-negative hoodie https://textile-future.com/archives/69379
21 Million U.S. Jobs depend on Imports, new Study shows https://textile-future.com/archives/69339
U.S. Exporting Mechanics Webinar Series III https://textile-future.com/archives/69242
WTO Webinar on Official Forms of the Madrid System: Online Transactions (May 26, 2021) https://textile-future.com/archives/69303
RULES OF ORIGIN : WTO Webinar examines challenges, opportunities in the use of trade preferences https://textile-future.com/archives/69358
DG Okonjo-Iweala calls on WTO members to tackle vaccine inequity https://textile-future.com/archives/69354