Merchandise management is a critical function for retailers. A merchandise management system (MMS) is at the heart of all retail operations. Using MMS, retailers can streamline their business operations. Retail MMS is a preferred enterprise solution for most of the retailers. If you are looking for a retail MMS integration partner, you can connect with Integrative Systems as we have 20+ years of experience in MMS implementation, customization, and Upgrade. Apart from this, integrative systems provide a broad range of retail MMS services.
Some of them are:
- System Modification and Enhancement
- System Integration
- 24/7 support
- Version upgrades
- Hardware and Software Needs Assessment
- QA/QC testing
Retail MMS is a powerful solution. Have a look at some of the benefits that organizations can grab by implementing such systems:
Better Omnichannel Marketing
The convergence of digital and physical retail has changed traditional methods of shopping. The buying experience for customers should be consistent – whether done online or at a physical store. Omni-channel marketing cannot be contained. It will only grow in significance and importance. That’s why a tight integration between digital and physical sales channels is imperative.
To support this paradigm change, a tight integration in supply chain components is necessary as well. The key is to serve customers better with increased responsiveness and in a highly business-efficient manner. Retail MMS system implementation can be leveraged to integrate business functions and provide a unified customer experience.
Smooth Integration of Business Functions
With retail MMS services, Integrative Systems has helped companies by integrating their order fulfilment software systems with several other business-critical systems. Companies have achieved tighter integration of the e-Commerce, warehouse, inventory, transport, labor, and order management systems. It has resulted in a better cost saving business model. This aspect provides an opportunity to retain high profitability levels without lowering service levels.
Product Returns Management
Omni-channel retailers find that product returns are costlier when there is a lack of visibility. Because of this, returned products are stored indefinitely at store locations. Instead of being included in the mainstream inventory and made available to be sold, returned products are unnecessarily made to have high opportunity losses. Retail MMS can leverage the returns authorization feature to solve such problems.
Having this feature on-board, the order management system can be configured to issue alerts to the warehouse management system when product returns are expected. The warehouse management system includes returned products into mainstream inventory. This way, opportunity losses are minimized, and margins can be maximized.
Destination Focus for demand management
When shoppers visit a store and can’t find what they are looking for, the store representatives provide another option. The product is delivered from a fulfilment centre directly to the shopper’s home. Traditionally, fulfilment centres did not stock products based on forecasts. It led to shoppers waiting for a long time to get their product. To solve this problem, companies can implement retail MMS and get a unified omnichannel insight system. Here, teams will have insight and visibility into every shopper’s or customers’ omnichannel order information. It allows for forecasting demand and re-stocking fulfilment centres to immediately deliver products to customers when a requisition is created.
Improved Merchandising Processes and Inventory Performance
Companies want a cost-effective, robust, extensible, and integrated solution to manage their sales channels. They want visibility into their inventories, cost-to-benefit margins, and more control over their cash flows. Also, they want to act quickly on market triggers and shifts, manage vendor relationships efficiently, map sales activities to market trends, and leverage analytics. Integrative Systems has been helping companies to improve their operational performance, inventory management efficiency, and market responsiveness with retail MMS implementation.
User Interface Based Reporting
Companies can depict real-time information in easy-to-understand reports by using the Reporting modules of retail MMS. The accurate data is gathered from the entire business network. Although there is the option for batch reporting, real-time reporting can also be implemented. It assists businesses in being vigilant to market dynamics. Data from multiple systems can be consolidated, filtered, classified, and categorized. After an extensive process of applying rules to data, the most relevant data sets can be produced. It enables decision-makers to quickly check business status get the correct pulse of the business.
Control over Inventory
With retail MMS system implementation, companies can create a proactive and reactive inventory management model. The inventory can be stocked to an optimal measure based on current and forecasted customer demand. Furthermore, inventory can be better organized by categorizing products based on inventory, weight, sell, or quantity.
Order and Item Management
Bulk purchase orders or multi-drop purchase orders can be managed efficiently. Retail MMS can be configured to provide multi-currency support for order management processes. The inventory can be optimized to allow even fractional quantities to be delivered at the same speed and service levels.
Comparative pricing estimations can be made. Based on these estimations, products can be repriced, pricing strategies can be revisited, and future strategies can be prepared as per data records.
The best price for a product can be estimated depending on the channel and store with retail MMS implementation.
Inventory can be replenished based on customer demand and purchasing patterns. Safety stock can be optimized so that the holding time for stock does not increase its opportunities loss. Lost sales can be recovered by reducing lead time. It is done by more accurate forecasting techniques, increasing service levels. Also, inventory status can be monitored in real-time to drive forecasts and assess buyer performance with retail merchandise management system implementation.
Omnichannel fulfilment can be aligned in a better manner to provide a better customer experience. Merchandise storage in warehouses can be planned, managed, and tracked with retail MMS implementation. Warehouse operations can be improved by optimizing inventory movement from and to the warehouse and between channels.
Why do Merchandisers Need Planning?
Merchandise planning is a bare necessity for merchandisers and retailers. Such planning strategies intend to identify ways to increase profitability. Traditionally, merchandisers utilized historical records to build a profitability roadmap. But this activity was not completely automated and did not involve tools and technologies to utilize data analytics. Retail merchandise management system implementation helps merchandising companies to use data to derive intelligent analytics.
By applying the modules of retail MMS accurately, companies form predictable forecasts. Forecasting integrates multiple business functions such as marketing, human resources, operations, and product management and enable business planners to formulate a sales plan. The sales plan is not a rigid one. It factors market variables and provides multiple guesstimates based on such data. Nevertheless, it helps businesses realistically interpret the state of their sales, profits, costs, operations, and business health.
Another critical area that retail MMS integration can help is assortment planning. Merchandisers determine the styles and quantities of products that should be part of each category. Additionally, companies can be assisted in mapping inventory to regional store units or fulfilment centres. This type of activity is called merchandise allocation and is one of the most complex aspects of merchandise planning.
In assortment planning, companies use retail MMS to solve many open questions for which the answers are not straightforward.
- Which Stock Keeping Units will drive sales and profitability?
- Which items and products are essential to the overall business strategy?
- How does this company’s assortment compare to the assortment of competitors?
- What is the best way to formulate a system that controls merchandise flow?
- What is the optimal way to decide how to allocate merchandise?
- What are the different decision-making techniques to evaluate merchandising?
- How to determine optimal inventory?
Why choose Integrative Systems for Retail MMS Implementation?
Integrative Systems understands how to leverage the capabilities of retail merchandise management system to increase sales, improve operational effectiveness, increase profit margins, etc. Companies also gain powerful replenishment and allocation processes, vendor management capabilities, and enhanced customer orders management.
The implementation has broad benefits that span multiple business functions. A company can integrate all functions, including inventory control, price and cost management, promotions management, and financial management.
Integrative Systems can help businesses make enhancements and modifications to their MMS environment. Implementing the MMS solution or integrating it into an existing application portfolio, all relevant modules of the solution can be leveraged intelligently. Connect with experts at Integrative Systems by sending your queries at – [email protected] and transform your business.