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Retailers are beginning to build real-time inventory management microservices because customer spending behaviors and expectations have fundamentally changed due to the pandemic.
Your customers today expect to interact with your business through multiple channels: your e-commerce app, website, or in-store. They also expect to choose from a variety of fulfillment options including BOPIS, BOPAC, BOPIL, BORIS, or getting it shipped from the local store. This means that each store must know what products are available in real time, at all times.
The average inventory accuracy for retailers is 65%, meaning that more than a third of the time most retailers can’t tell where a particular item is, or whether they even have it in stock. The main reasons for this is that inventory management is performed either using manual processes such as physically counting inventory on a periodic basis or ETL processes at the end of the day or the week. These delays, especially in the age of same-day delivery expectations, can significantly impact buyer satisfaction.
One of the worst-case scenarios for you is to have a ready, able, and willing buyer, only to lose them because you don’t have adequate stock for them to purchase your product in-store or online. Not only does this impact your immediate sales potential with that customer, but it may also have a negative impact on future sales.
Confluent’s real-time inventory management microservice addresses three main shortcomings with legacy inventory management solutions: Inconsistent view of data across e-commerce, sales, store, fulfilment data and global order management systems; warehousing cost inefficiencies with overstocking inventory; and lost customer sales and negative customer experiences due to inaccurate or inadequate stock.
You can leverage the power of Confluent’s platform to unlock new revenue streams through personalized and omnichannel customer experiences and eliminate the costs associated with stock outs or excess stock through real-time insights into your inventory.
Future proof your inventory forecasting and supply chain by knowing what you need, where you need it, and when you need it.
Drive close to 100% inventory accuracy by integrating your offline and online channels and seamlessly integrating legacy systems with modern applications. Reduce the costs of stock outs or excess inventory and optimize your warehouse space.
Create omnichannel customer experiences through real-time insights into your product and transaction data across in-store, web, mobile, and social channels.
"Using Kafka and Confluent, Walmart has initiated a digital transformation and modern omnichannel experience that allows customers to interact with Walmart.com seamlessly, order groceries online or in a mobile app, and either pick them up or have them delivered. Walmart’s investment in event streaming with Confluent has contributed to business innovation as well as company growth in the public market."
Vice President of Engineering, Walmart
Confluent is used by Retailers for a wide variety of usecases.