Home topics technology Small Business Tech Small Business Boost inventory management in your business with an omnichannel approach to retailing Francesca Nicasio October 24, 2017 By connecting their physical and digital stores, businesses can give their customers a more seamless shopping experience; however, this ‘omnichannel’ approach also facilitates better inventory management. Having real-time visibility of your inventory across all sales channels means less chance of overselling, better forecasting, and less hassle for staff. Let’s backtrack quickly – what is omnichannel? It’s where customers can browse, purchase, and interact with a business across multiple sales channels, including in-store and online via mobile device or computer, either simultaneously or interchangeably – depending on what they find convenient. However, a business with a website, a mobile app, and a physical store isn’t an omnichannel retailer unless they have fused all those channels together for a seamless customer experience. Giving customers the ability to purchase an item using your mobile site, pick it up in your store, and return it via your website is an example of omnichannel retailing in action. And in omnichannel retailing, the different channels support one another – for example, social media can boost website traffic, which in turn can generate foot traffic for the physical store. And omnichannel program, where all your sales channels are linked together, also improves your inventory management. This is because it requires you to have all your stock synced up across every channel – so if someone buys from your website, it automatically updates