How to Overcome Challenges of Channel Management in 2021
Back in the day, distributors were the hero in streamlining operations between the manufacturers and customers. While the distributors’ smooth flow of goods, in 2021, things are different. Distributors now deal with modern-day challenges like the rising need for faster order fulfillment, struggle for sustenance, declining profitability, and more.
Several distributors are reevaluating their channel management strategy with the booming competition and rising demand in eCommerce operations.
Stay deep in business by coming to terms with the most critical problems in channel management for distributors, followed by viable solutions.
Challenge #1: Providing Quicker Order Fulfillment
The eCommerce business runs on quick order fulfillment; customers demand same-day delivery or delivery within a short period. Distributors find this to be tremendously pressuring; if an order is not fulfilled quickly or as per the ETA, outcomes include:
Customers may cancel the order during shipment
Customers may find better eCommerce channels to order from
Note: With quicker order fulfillment, distributors can maintain profitability and efficiency
How to achieve quicker order fulfillment?
- Opt for the best Order Management System
Optimize your orders with an OMS (Order Management System). Reduce order processing costs, maintain accurate records while accelerating order fulfillment significantly! With such technology, your business distribution can optimize all orders and related processes with one unified platform.
- Network with Several Fulfillment Companies
Technology has gone a long way; implementation needs to go a longer route. With a single click in SaaS-based products, connect several fulfillment companies. You can bring forth asset-light distribution on the table. With such automated networking opportunities, increase efficiency in the process, reduce manual intervention and accomplish quicker order fulfillment.
Challenge #2: Aligning Real-Time Inventory
An excellent distributor needs to manage real-time inventory. A good distributor would always align inventory levels with customer demands and real-time supply. However, keeping a tab on stock levels can become excruciating. Leave out the human errors and ensure accuracy in and out of inventory gets recorded another way.
Note: The slightest mistake in inventory management can affect profit margins drastically
How to achieve aligned real-time inventory management?
- Bring your A-Game
It’s a no-no when it comes to manual intervention amid such a huge business. A good, well-aligned inventory ensures the supply chain is not burdened, customer needs are met, and tight cash flows! Discrepancies and inaccuracies may lead to overstocking or an inadequate inventory.
- Track your sales
With multi-channel selling being the norm today, inventory management has become a whole new job! Tracking sales, restocking efficiently and More are some of the many ways to keep the customers happy. Achieve it by being the one who has stock ready to get shipped. This can be done by efficient sales tracking, store on time, at the correct quantity, strengthening your A-game too.
- Maintain stock levels consistently
Distributors need to strike and maintain a balance between stock-in and stock-outs. Excess stock can become a liability, consume a hideous amount of space, and leave customers dissatisfied, bringing loss to the company.
- Use Tools Accelerating Inventory Management
Optimize inventory management and achieve operational efficiency while maximizing profits with tools that accelerate inventory management. Most multi-channel selling Software’s computers and IMS (Inventory Management System) provide real-time updates and automate inventory management to help inventory managers. With a good IMS, enjoy perks:
- Get real-time updates on your stock(s)
Manage stock details starting from product name to date of expiry
Explore data analytics and reports, reduce error
Integrate back-office tasks like accurate accounting, data management, etc.
A sound Inventory Management System benefits include increased customer satisfaction, improved order productivity, optimized inventory management, and more.
Challenge #3: Achieving Efficient Warehouse Management
Distributors today are facing decreased profitability, losses in inventory, and customer services are falling apart. The business may reach a point where they are threatened to cut profits to survive! The increasing demand for same-day delivery, eCommerce fulfillment, and now an additional struggle.
Note: With the best tools, make 5-40% profits in your business (based on your industry)
How to attain efficient warehouse management?
- Pick Technology that Empower Operations
A recommended tool to empower operations can be a full-suite Warehouse Management System. The device is powerful and can help the distributor from day 1. Improving visibility in the supply chain, excellent inventory management, reducing labor costs, augment flexibility towards customers, and more can be just a few clicks away. Efficient tracking of processes is the need today and is fulfilled!
- Explore An Advanced & Powerful WMS – Vin eRetail
With recent technological advancements, the newly upgraded Warehouse Management Systems have become faster & better. This upgraded version of a WMS not only helps you improve space allocation in your warehouse but also inaccurately providing details of receiving, packaging and shipment. With Vinculum’s Vin eRetail, increase productivity, make operations more efficient, auto-sync with the seller’s marketplace account, and develop transparency in the overall operations process. Moreover, it helps you avoid discrepancies and ensure clarity in your accounts once and for all!
It’s Time to Streamline Channel Management amid Multi-Brand
Managing several brands at a time, across sales channels and marketplaces, can be pretty challenging. You need the most efficient order management, acquire the quality of accurate inventory records, and have a perfectly managed warehouse.
With multi-channel selling software, accessing information from one-stop is possible! Scale your business with seamless integration of logistics, field sales, invoice, payment, and other details. Arm your sales team with precise as relevant data, accelerating your business.
Competition is increasing, and it’s time for your business to be a class apart. Stay afloat and get ahead of your competitors by adopting the technology of tomorrow.
Just clicks away from accelerating to Success!
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