With a record-low unemployment rate of 3.8% and e-commerce sales expected to top $4 trillion by 2021 brands and 3PLs (third-party logistics providers) are “flanked on both sides”. More consumers are purchasing products with fewer workers to fulfill those orders.
Retailers live in a world of high demands and customer expectations. In order for brands to stay relevant in the market place, they need to constantly evolve and adapt to the challenges they face. With the e-commerce boom and rise of the “digital generation”, 2019 has its own set of unique challenges. Here are the top challenges retailers face in 2019.
Running a business can feel like far more than a full-time job. Not only do you have to provide your customers with appealing and useful products, but you also must purchase, market, and deliver them, all while providing excellent customer service, performing daily operations, and working to grow your business.
The demand for lightning-quick fulfillment, coupled with a myriad of small-order additions, has led to a complex operating environment. Shipping issues are the second-most widely reported reason for consumer dissatisfaction when shopping online—caused primarily by lost packages and/or late deliveries.
Any one of the various moving supply chain parts can be responsible for shipping delays. For instance, inventory discrepancies at warehouses might be the reason for a slow shipment. If a consumer places an online order for an item that actually isn't in stock (despite what the website says), the warehouse cannot fulfill the order in a timely manner.
By following a few basic warehouse inventory management best practices, you can streamline your order fulfillment process to successfully meet your key performance indicators (KPIs).