Serialized Inventory Tracking – How Does It Boost Omnichannel Profits?
Businesses that follow a strong omnichannel strategy can retain clients. So, does your business aim to offer a smooth shopping experience around different sales channels? Now is the right time to consider serialized inventory tracking that improves your omnichannel profits. On that note, this blog takes you through the ins and outs of serialized inventory tracking.
The modern retail world’s digital and physical shopping experiences have given rise to the omnichannel strategy. Retailers have started understanding the need to smoothly integrate multiple channels as the omnichannel approach gets immense momentum, and serialized inventory tracking becomes the key to success.
Serialized inventory tracking refers to the practice of assigning a unique identifier or serial number to each individual unit or item within a company’s inventory. Instead of treating items as generic units, each specific product or item is assigned a distinct serial number, allowing for precise tracking and management of each unit throughout its lifecycle.
1) Managing Warranties More Effectively
Each product contains a specific serial number. So you can identify the information related to the product using the serial number. Some products like electronic gadgets like PCs and laptops come with a warranty. These warranties are attached to them. Just by scanning the serial number, you will get an understanding of when it was sold.
So, it simplifies issues related to any repair or warranties. You can also check the valid warranty period for customers. That makes device maintenance simpler since you have all the information related to the product’s history. So, before you carry forward any repairs, you know when the product was sold.
2) Improve Security and Reduce Risks
Since each product contains a unique number, retailers can better trace the item’s journey. Starting from manufacturing to distribution and everything in between, it becomes easier to identify the product history. Getting the trace of these products ensures authenticity for customers. In addition, one doesn’t have to worry about the product getting lost or untracked.
Serialized tracking allows retailers to offer required documentation to the government easily. So, as a retailer tracking your products, you can avoid penalties and fines. What’s better is you don’t have to worry about reputational damage in an e-commerce world where brand authenticity matters the most.
3) Benefits Your Warehouse Operations
An organized warehouse needs more well-connected and color-coded passages and shelves. Using distinctive numbers for products simplifies your warehouse operations. If packed properly, they can take your business to a newer height. Combined with the use of the right software, your serialized tracking helps you determine the exact expenses of individual inventory.
People don’t understand that the most effective ERP omni solutions let you use multiple serial numbers on items. You can add a different serial number if you wish to add an extended warranty besides the manufacturer’s one.
4) Improves Customer Experience (UX)
There would be times when, despite your efforts, you need to issue a recall. These situations might bring utmost customer disappointment and negative reviews. The first step to retain the customer is to remedy the issue. For this reason, you need to offer a seamless experience by allowing exchanges and returns that can be tracked strategically with serialized monitoring.
In addition, serialized tracking allows retailers to implement creative approaches like buying online (pick up in-store) BOPIS or shipping from the store. In short, accurate inventory helps retailers leverage the whole network of virtual and physical stores to fulfill orders. It improves customer expectations and optimizes inventory usage around the omnichannel channels.
5) Tracks Items via the Life Cycle
Serialization helps you get an understanding of the whole lifecycle of a product. So, it offers details about the product’s manufacturing and selling. You can easily monitor your inventory through the design phase, production, testing, maintenance, and distribution phases.
That makes it a simplifier for managing issues considering quality control. You can also avoid defective shipping products. When detective items are out of the warehouse, the product may use serial numbers to recall the items.
With constant changes implemented in the retail market, embracing serialized inventory tracking becomes quite significant. So, if you wish to have omnichannel success, you can consider this. It can mitigate risks, prevent loss, improve inventory turnover, and ensure compliance, thereby increasing your profits.
Customer expectations are rising at a steady pace amidst the omnichannel retail landscape. So, a retailer should leverage serialized inventory tracking to improve operations and gain a competitive edge.
If you’re looking to implement serialized inventory tracking to boost your omnichannel profits, Increff is the ideal partner. As the most preferred retail SaaS partner, Increff specializes in inventory management and supply chain solutions designed specifically for retailers. Empower your retail operations and unlock efficiency, accuracy, and sustainability with Increff. Get started!