Inventory Management embodies the definition of putting the right thing in the right place at the right time. Many businesses struggle with knowing the customer demand, controlling costs, and finding the right kind of visibility online.
It is no surprise that e-commerce is now a household name. With online shopping becoming a norm in cities and towns, total retail sales have risen inexplicably in India. As per Kearney Research, the retail industry in India is projected to grow by 9% over 2019-2030, from US$ 779 billion in 2019 to US$ 1,407 billion by 2026 and more than US$ 1.8 trillion by 2030. India’s direct selling industry is expected to be valued at US $ 7.77 billion by the end of 2025.
For India, this translates to expansion in the retail market size and accommodation of bigger players in the e-commerce industry. Since online shopping through a smartphone has become customary, retailers need to pay heed to the global supply chain and keep an eye out for efficient inventory management to maximize their benefits.
Inventory is one of the most crucial aspects of business that one may not overlook. Processes like material procurement, allocation, production planning, and order fulfillment tasks need to be monitored virtually so the retailers can not only note operations but also use smart tools for better insights.
With the advent of intelligent inventory systems that accurately predict requirements and more, retailers need to ride the wave of inventory management services to stay afloat in the uncertainty of e-commerce. Presently, at least 72% of retailers plan to resort to analytics, sensors, and automated tools to gain better visibility and forecast analytics to enhance their businesses.
Let us break down 5 emerging trends of Inventory Management:
1. Automated Supply Chain Management: Many retailers are now eyeing the automated material and inventory procurement processes with live data analytics tools. These tools come in handy in real-time projection of seasonal demand based on live and historical data helping the retailers to adjust their requirements accordingly.
2. Blockchain Technology: This helps e-retailers track the movement of goods from transit to delivery, establishing accountability and transparency. It also maintains authenticity in the businesses and consumers by protecting them from counterfeit goods.
3. Micro-Fulfillment Centers: These centers have become the new norm where the goods are stored in small warehouses closer to urban areas so the delivery is faster and the customer service is better
4. AI-informed Production Planning: Production schedules can be difficult to document. AI analytics tools have proven to help adjust schedules using real-time data. This enables e-retailers to share live inventory data with manufacturers, vendors, and more. This helps in tuning the live market demands with the production activities so they may be increased or decreased accordingly.
- Cloud-Based Management Solutions:Getting the right visibility for e-retailers is vital. The cloud-based management solutions allow e-retailers to store their live data and host inventory management solutions on the same platform. This makes it a go-to solution for a large section of retailers.
Since the e-commerce industry is two steps ahead of us, the ball now remains in the retailers’ court. With indefinite warehousing solutions for different businesses and industries, e-retailers must make the most of the opportunity to expand and create new avenues for their businesses.
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