Cracking The Inventory Planning Code: The Omnichannel Way

Offering a compelling omnichannel experience has evolved from being the bleeding edge of retail to a requirement for survival. With the changing consumer approach, more than one third of Americans have made omnichannel features like buying online for in-store pickup part of their regular shopping routine since the pandemic, and nearly two-thirds of those individuals plan to continue with it.

For 2020, online grocery’s percentage of the $1.04 trillion grocery market is pegged at 10.2%, which is about $106 billion, a 3.4% increase, or $34.54 billion, of the $1.02 trillion market in 2019, according to the recent study. By 2025, online grocery’s dollar share stands to climb to $250.26 billion of the estimated $1.16 trillion overall grocery market.

Undoubtedly, demand predictions play a critical role in the process of establishing seamless inventory planning. Only when you accurately forecast market demand across various channels, can you take action to ensure you hold the correct stock to maximize your sales and revenue. Accurate demand predictions allows you to efficiently cater to your customers’ needs without investing huge capital in keeping stock, this helps you lower your overall operational costs. Download this whitepaper to learn more.