Baskets

Challenges of growth: how to manage your inventory ‍

The Netherlands is a true entrepreneurial country. With more than 2 million businesses as of Jan. 1, 2020, most of them are blowing wind. Between 2014 and 2018, the number of fast-growing companies grew by an average of 84%.

Retail is no exception to this growth trend. Although growth and all that comes with it (more locations, more staff, an online presence) is positive at first glance, it also brings challenges. One of the biggest challenges is keeping an overview. As a business owner, how do you make sure your offerings and inventory are always current across all your sales locations, both online and offline?

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The challenge of Baskèts

At Baskèts, an Amsterdam retail concept with a booming online webshop and three physical stores, they faced a major challenge when opening their second location: the stock of this new store had to be linked to their online webshop, in addition to the stock of their existing store. This way, they could maintain an overview and efficiency.

But what if you don't have the stock in one place? This was exactly Baskèts' dilemma. Without the link between online and offline, companies not only lose customers, but also have no visibility into their overall inventory. This made it difficult for Baskèts to properly reconcile orders and further drive the growth of their business.

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How do you make the link between your physical stores and your online Web store?

As a business owner, you always want to be aware of the stock of your stores and webshop. Baskèts, with the help of one of our partners, optimized their Lightspeed POS system for multistore inventory management. This is how they were able to solve the challenge of maintaining an overview. By following these four steps, you too can drive your inventory management efficiently:

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Step 1: Preparation

Good preparation is the key to success. Before you begin linking, it is wise to take stock. Consider factors such as the average number of products in stock, the number of stores you want to link, and whether you want to organize delivery from one or two stores. Also consider how you will handle stock levels, deliveries and delivery times from the store, and how to prepare your staff for these new processes. Also check that the product information (descriptions and photos) of your stock is up-to-date and complete.

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Step 2: Stock

The next step is to link the assortment (with unique product content) from all stores to the web shop. This is crucial for a clear and accurate representation of available stock. An effective way to achieve this is by using API links. Our API links enable communication between different systems and ensure that the current stock data is always visible in the webshop in real-time. This gives you an accurate overview of the available stock and enables you to make optimal use of sales opportunities.

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Step 3: Orders

After the stock is linked from the store to the web shop, a feedback needs to be made from the web shop to the store. This means that orders (including packing list) are passed on to the store, for example through an automatic e-mail. It is important to choose a feedback that suits your current processes and needs. Of course, our experts can help you with this. 

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Step 4: Current Stock

The fourth and final step to achieve a functioning link between your physical stores and webshop is to set up an inventory update. This ensures that the current stock levels in the webshop are always up-to-date. You can do this manually, but there are also tools available that automate the process. This makes the stock update more accurate and efficient, saving you time.

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Greater efficiency thanks to Omnichannel

Using an omnichannel POS system, Baskèts leverages both the benefits of a physical store and those of e-commerce. This maintains tangibility and local brand awareness while leveraging the capabilities of e-commerce. The system streamlines burdens such as a split inventory or customer base, ensuring a good balance between online and offline aspects of the business.

In addition to creating the perfect synergy between your online and physical store, Baskèts goes a step further by analyzing data and figures. In this competitive market, it is essential that entrepreneurs not only rely on their intuition, but also use available information. Measuring is knowing, and by gaining insight into your performance, you can make targeted decisions that contribute to the success of your business.

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