How can retailers resolve supply chain shortages? New inventory management solutions can help to bridge this s well as allowing telecom retailers to provide a unifying customer experience. We probe this further an look at one technological example.
Supply-chain disruption caused by the COVID-19 pandemic continues to negatively impact the telecom retail industry, which is exacerbated by the global silicon chip shortage. Additional supply-chain challenges include managing inventory, preventing theft, protecting data integrity, and streamlining omnichannel delivery logistics.
The economic disruption means that it is essential for the retail industry to adapt quickly. Demand is rising as carriers retire the 3G network and consumers are poised to gravitate from 3G and 4G adopt 5G and purchase new devices.
A survey from Deloitte (reported in the Wall Street Journal) shows that 28 percent of U.S. consumers will likely buy a compatible smartphone when 5G service is available in their area (which can be broken down further to show this applies to about 40 percent of Gen Z and millennials).
Stacy Hamer, VP of Client Experiences at iQmetrix, tells Digital Journal that she believes that retailers using the latest inventory management tech solutions have a strong competitive advantage as device sales boom.
To demonstrate this trend, iQmetrix has developed a robust, centrally managed, advanced inventory management solution that can be integrated into an existing tech stack and effectively control telecom stock. These new features will help resolve retail numerous pain points.
As examples:
Intelligent data
Advanced reporting and analytics functions in inventory management systems allow telecom retailers to make highly informed decisions about which items to order, as well as optimal in-stock levels and replenishment schedules. Therefore, telecom retailers can avoid overstocking or understocking by analyzing the data such as historical sales and past promotions’ impact.
Standardizing product identification data
Inventory management is no longer about just one system. It is a wider technological ecosystem, including carrier-mandated device inventory, vendor-managed accessories, sales data, and analytics. Having standardized product identification data across all those systems–and any others–gives retailers clarity and offers customers more options. For example, customers can return a product to any store, regardless if it is a corporate or authorized retailer-operated location. C
hanges in pricing, promotion, and product naming can also be fed into every store’s inventory system instantaneously and consistently.
Reducing fraud and theft
Employee theft of physical inventory is always a risk in any retail sector with high-value, desirable products. These kinds of losses are a huge blow to the retailer, as the items are extremely valuable and it is tough to recover the profits. To combat employee theft and other forms of fraud, retailers can use the serial number, which is provided by cell phone manufacturers and unique to the specific item, to track items throughout their entire life cycle, across all retail locations. The traceable data help retailers maintain a clear record, showing where the item is at any given point and who has handled the item at each stage, which may deter employees from even attempting a theft.
