Back-to-school and back-to-college shopping is projected to break all records in 2023, as highlighted by the annual survey conducted by the National Retail Federation and Prosper Insights & Analytics. The predictions note an unprecedented $41.5 billion in back-to-school expenditures, while back-to-college spending is anticipated to reach $94 billion.
While these numbers are staggering, they don’t necessarily represent an increase in spending power. A study by World Remit reveals that the cost of school supplies in the US is 25% higher compared to 2022. This spike has shifted the focus towards getting the best value for each dollar spent. Families are not only intent on acquiring essential items like school supplies and clothing, but they are also actively pursuing the best deals and bargains. In this competitive landscape, Oracle Xstore emerges as a beacon of assistance for retailers.
Stock-outs Cause Walkouts
Attracting crowds necessitates ensuring that the shelves are never empty. Oracle Retail’s consumer research in 2022 revealed that nearly 22% of consumers would promptly switch to a different retailer if a product were unavailable. This scenario places retailers in a precarious position, walking a fine line between managing limited supplies and maintaining customer loyalty. Hence, inventory accuracy becomes pivotal in retaining customer trust and establishing long-term viability.
Unified commerce, encompassing both physical stores and e-commerce, relies significantly on warehousing and order fulfillment. The Oracle Retail Order Broker Cloud Service eases the burden on brands by ensuring a smooth flow in inventory management, offering alternative order fulfillment solutions from various sources, including other warehouses and stores under the same brand.
Order Broker – A Retailer’s Trusted Aide
In the post-pandemic era, brands have scrambled to implement new shopping strategies. But can the late adopters catch up and incorporate omnichannel capabilities within a few months? With Oracle’s retail solutions, it’s certainly feasible.
The Oracle Retail Order Broker Cloud Service functions as a distributed order broker and drop-ship software solution, facilitating the fulfillment of customer orders exactly how and where they want it. This service grants retailers real-time inventory information, helping them to make informed decisions and ensure on-demand transaction completion.
The service enhances efficiency through the coordination of cross-fulfillment software, providing round-the-clock inventory and stock details. This feature enables instant decisions on alternative fulfillments, allowing customers to source products from other stores under the same brand or different warehouses.
To mitigate adverse reactions in the current shopping climate, retail companies can leverage Oracle’s service to fulfill customer orders from alternative locations, ensuring customer satisfaction regardless of the product source.
5 Ways to Send Orders
- Retailer’s Favorite Warehouse-to-Customer: Before the pandemic, the favored method was shipping products directly from brand warehouses to the customer, which continues to be popular.
- Store it, Ship it: When a product is unavailable in the warehouse, the service finds and locates the product in physical store locations.
- Buy-Online-Pay-In-Store (BOPIS): Enjoying a resurgence, BOPIS allows customers to choose and order products online while providing the option to pay in-store during pickup.
- Buddy Shipping System: Partner stores and warehouses with the required product in stock are engaged to fulfill orders, enhancing logistic efficiency.
- Omnichannel Centralized System: Oversee multiple streams of order fulfillment from a centralized inventory and workforce base, optimizing operations and ensuring timely deliveries.
- Faster Deliveries: Streamline the supply chain across online storefronts, physical stores, and warehouses for quicker, more efficient deliveries.
- Smarter, Cost-Efficient Decisions: The AI-powered service analyzes and recommends the most economical solutions for product sorting and delivery.
- Perfect Inventory Companion: This error-free system offers intelligent predictions, analytics, and procurement advice, surpassing even the most seasoned warehouse manager’s capabilities.
In this dynamic business landscape, enterprises are investing in advancements ranging from tracking technologies for efficient inventory movement to implementing robotics and artificial intelligence, all aiming to enhance operational outcomes. It’s time to move forward with insights tailor-made for your business.
As the 2023 back-to-school season rapidly approaches, retailers are faced with the challenge of navigating through supply chain disruptions. Leveraging solutions like Oracle Retail Order Broker Cloud Service can equip businesses with the tools they need to sail smoothly in these turbulent waters. The time to adopt such solutions is now, ensuring a seamless shopping experience and fostering a loyal customer base in the face of an evolving retail landscape.
- NRF Press Release
- Oracle Retail Consumer Research 2022
- Axios Article on Inflation and Back-to-School Shopping
- Oracle Retail Consumer Research 2022
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