In this new world of online shopping, what should the competitive strategy be for smaller retailers to survive? If you run a retail business perhaps you should make the old saying, “If you can’t beat them, join them,” be your mantra, because there’s something to be said for watching – and learning – from the online giants that are dominating the e-commerce marketplace.
The three big ones are Amazon, eBay, and Walmart, in that order. But, according to an article in Forbes, Walmart, is “growing total online sales faster than Amazon and eBay,”
There are several layers to Walmart’s omnichannel strategy for success, but a major part of that strategy has been innovating their supply chain to improve delivery to the consumer.
Shoppers expect quick delivery, or easy in-store pickup, of items they buy. As Forbes points out, “Shopping behaviors are not an either-or proposition where consumers shop either in-store or online. The two worlds are merging faster than ever, and in-store pickup is a sign of the times.”
For any retailer, no matter the size, to do this successfully, they must have an efficient inventory management system in place. A smooth-running inventory management strategy is the foundation for success for any retail business.
If you have a retail business and have held back on upgrading inventory management methods, you will only continue to struggle to be successful. As time goes on, it will only get harder to survive. You don’t want to be one of the 43% of small retailers that are still resisting innovation by not using the latest in technology tools and inventory management services.
As business leader, Jack Welch said, “An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.”