Luxury brands command respect, and discerning customers demand to be treated as luxury clients. Therefore, luxury brands need to be at the bleeding edge of customer engagement and innovation in order to meet their clients’ ever-evolving needs.
Firstly, a key ecosystem is needed in order to introduce innovative services, improve engagement with clients, and push innovation both in-store and online. It’s a long journey, based firmly on the omnichannel pillars of a single inventory view, a single customer view and a single order view — the power to pinpoint where stock is at every point in the supply chain.
The control of having the inventory at your fingertips — understanding where the orders are coming from and seeing how you use your stock — is an important topic in the luxury fashion industry. With new technology such as RFID, which monitors the customer’s behaviour in-store, it’s especially important to translate the resulting insight and data into innovative offers and channels that fulfil the customer’s growing demands.
Having a clear overview and strong control of inventory management has three major benefits:
- Sales optimisation
- Innovative differentiation
- Customer engagement
Introducing a single repository, where you can see your entire stock in one place, is going to drive and optimise sales. You will be able to fulfil orders fast, from anywhere, tailored to the customer. For example, whether a customer places an order from Manhattan or Kreuzberg, you could fulfil the order at a store that’s closest to your customer, and have it shipped and delivered within an hour or two. Now you have a clear operational cost benefit, since you made an innovative, informed decision about the best channel to fulfil the order.
Of course, the customers also benefit from that decision because they get the item faster and at their convenience — not to mention that managing your inventory and stock in this manner opens up omnichannel possibilities. Customers already expect various channels for ordering, delivering, picking up and returning items, and a single stock inventory helps you manage all these channels efficiently — and keeps your prized clients perfectly happy every time they shop.