Technology

Data Science

Industry

Retail

Sentimental Analysis

The retail management solution is a complete end-to-end solution that is flexible, scalable and affordable. It addresses the concerns of customers, suppliers and retailers. This solution assists Point of Sale, Merchandising, Operations, Product and Inventory Management, Planning, Warehouse Management and Order Fulfillment.

Client Profile

Our client is a leading retail industry in the field of supply chain management. They follow the business mantra “the customer is king” and focus on providing better benefits for them to remain as a multi-brand loyal customer with maximum engagement.

Overview

The primary goal is to provide a seamless customer experience and an efficient operational performance. The omnichannel retailing produces greater profits by making the customers to shop more across a family of brands. The inventories are updated periodically by a manual inventory validation and reconciled. The three-way matching procedure analyses the invoices and receipts to highlight the discrepancies in the procurement which avoids overpaying or paying for an item which is not purchased.

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Users

There are 2 types of users, the customers shopping across multiple brands from a brick and mortar store, a retailer’s website, third-party retailer websites or a pop-up store. They spend, earn and transfer their rewards developing a community. The retailers monitor the inventory management to achieve order fulfilment by procurement and reconcilement, manual inventory validation, drop shipping products and 3-way matching procedure.

Drop shipping

An expensive order or a bulk order of a product cannot be rejected by the retailer since it will impact the profits and the brand image. Drop shipping delivers the products directly from the manufacturer or a wholesaler to the customer with blind shipping or private label shipping to avoid the manufacturer source. A small percent of the profit is paid to the retailer as a commission.

3-way matching

A 3-way matching procedure comprises of three important documents. The retailer sends a purchase order to the supplier when an order is placed. The supplier generates an order receipt or packaging slip along with the product. Once the product is delivered, the supplier raises an invoice of the purchase for payment from the retailer. These three documents are analyzed for inaccurate quantities, damaged products, price mismatch to save costs for the retailers and optimal auditing.

Key Challenges

Identifying a product from more than one warehouse is a crucial task, monitoring the inventories, processing the invoices and receipts is yet another challenge. We need high accuracy and time-efficient inventory management.

Our Approach

Customers are assisted through omnichannel retailing to increase the purchase rates. Inventories are maintained by reconciling the raised invoices, purchase orders and receipts which can be automated to save time and money. A bulk order can be processed through drop shipping benefitting small retailers to ship the products directly by the supplier to the customer.

Our Solution

We create a solution where customers are benefitted with multi-brand purchases utilizing loyalty, reward points, and paid membership packages with additional discounts. The retailers supervise the inventories for reconciliation. The three-way matching procedures processes the purchase orders, receipts and invoices to highlight the differences saving businesses cost and time.

Results

The solution addresses the concerns of customers and retailers by the efficient management of inventories, warehouses, operation, planning and order fulfilment. The periodical update of inventories supports reconciliation. The three-way matching resolves any discrepancies in the procurement process.

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