The Key to Effective Order Management

Order management is the process of obtaining, managing, and fulfilling customer orders. The order management process begins when an order is placed and finishes when the consumer receives their goods. As the new year begins, retailers' budgets remain constrained, putting an added emphasis on the requirement to produce cost-effective and efficient procedures to decrease costs. While sales are made on the shop floor, back-end operations are vital in not only supporting these transactions but also executing them in an optimal manner that boosts operating speed and optimises income.

Order Management System (OMS) empowers retailers to support sales from any channel with a variety of deep functionality designs to create a seamless purchase workflow. With the appropriate technology, Order Management System can be directly connected to most eCommerce platforms, providing an automated solution to generate shipments. Orders can be placed from multiple locations and fulfilled anywhere. This innovative solution plays an integral role in both delivering a high-quality customer experience and driving efficient and cost-effective operational processes that are crucial in the current economic climate.

A good order management system is essential for generating a smooth operating process. It shouldn’t come as a shock that 75% of large manufacturers are looking to update supply chain operations utilising technology, according to Statista. 58.6% want to increase investment in omnichannel fulfilment, 55.73% hope to invest in production planning and demand forecasting, 48.52% want to improve inventory management, and 40.02% want to invest in real-time supply chain visibility.

Efficient Order Fulfilment

OMS means leveraging real-time data and automation to fill orders from the most convenient locations and deliver items quickly at the convenience of the customer. Customers have numerous options in omnichannel commerce. Customers are more informed than ever before. They expect an effortless experience that allows them to place orders and execute returns as quickly as possible, whether it's online, in physical locations, or via direct sellers. Customer satisfaction, revenues, and brand reputation all hinge on order management. Retailers must provide a seamless customer experience in order to serve customers in the way they expect. This is why B2B and B2C businesses must prioritise the process of order capture, order configuration, inventory visibility, planned fulfilment, and shipment and return solutions. The goal is for customers to receive orders, on time and in full, at the lowest possible cost.

Driving Streamlined Returns

The returns dilemma continues to create challenges for retailers and 2023 will be no different. The right order management solution can create an effective reverse supply chain and streamline the entire process. According to Forbes, US returns surpassed half a trillion dollars in 2022, accounting for 10% of retail sales. Online merchants take the biggest hit with a return rate of up to 30%. Retailers who use a streamlined, end-to-end returns management system may improve customer loyalty while also distinguishing themselves in terms of profit and consumer experience. With the correct OMS, businesses can swiftly receive returned products and restock them for resale. It furthermore assists with recycling, repackaging, and restocking to decrease inventory waste and lessen the financial and environmental effects of returns. When a return procedure includes a clear set of restocking guidelines, returns may be executed swiftly and products can retain their value while staying out of landfills.

The Customer Experience

With a variety of fulfilment options available to consumers, including delivery, BOPIS, and BORIS, retailers can provide a full omnichannel experience that fosters loyalty and consistently delivers high-quality service. In today's environment, this is critical for gaining a competitive advantage. Ultimately, customer satisfaction and retention are the most vital aspects of any business. A digital, end-to-end OMS is a simple, practical, and successful method to boost efficiency and improve the overall customer experience. Retail software provides organisations with a consolidated picture of inventory counts and a summary of total customer contacts by grouping orders using a unified commerce system. It can also assist in keeping track of where products are and what activities clients have done in relation to an order. Retailers may avoid out-of-stock situations by having an inventory count that is synchronised to all departments – from the front end to the back end. Customers may choose the most convenient method of receiving an item using omnichannel fulfilment options.

Order management is in command of everything from receiving the order, through delivery, and after-delivery customer care. A company that does not have order management might rapidly get overwhelmed with orders or fail to fill them appropriately. OMS is a guaranteed approach to improve the customer experience, minimise operational expenses, and increase revenue.