How to Maximize Profit Through Growing Pain
It might dominate the headlines in almost every facet, but COVID-19 has also shown positive impacts on at least one business sector. E-commerce centric companies are booming and the correlation between the pandemic and peoples’ buying habits are feeding this exponential growth.
As documented by statista.com in a recent study on the global impact of COVID-19 and website traffic, e-commerce businesses have generated almost 22 billion visits in just the month of June alone, up from 16.07 billion global visits back in January of 2020. These numbers have even surpassed the holiday shopping season of 2019.
It is no secret that the more people are staying home for increased amounts of time, the more growth in online sales will continue to climb sharply. Unprecedented human behaviors are fueling this global shopping trend and while brick and mortar businesses are struggling to pay monthly bills, e-commerce sites are heading in the opposite direction.
With all this traffic comes increased sales and revenue. But what are the best practices to maximizing profit as a large or small business?
That is where utilizing a service such as Proxima360 just might be the answer.
Proxima360 is a company committed to addressing critical business needs within the complex retail landscape. Its mission: to aid newfound e-commerce businesses, and existing sites, using a holistic approach to implementing retail solutions that will optimize operations, and improve revenue.
Described as a high impact solutions management consulting company, Proxima360 is here to advise, implement, integrate, and support complete Oracle Retail Solutions Suite. Inventory allocation, store optimization, simplifying POS landscape, vendor item portal efficiency, and increased productivity are all ways this company is increasing operational efficiency.
How is Proxima360 executing on these promises to clients?
Radio-frequency identification (RFID) is the use of wireless, non-contact radio frequency to tag items. This allows users to uniquely identify and track inventory and assets. We can think of RFID as the barcode or skew number on products.
Proxima360 has been able to work in conjunction with their clients to implement RFID in the most effective ways possible. Having the ability to scan multiple inventory items using RFID ensures that both labor and time is reduced.
RFID tags are serialized which enables each item to possess a unique identification in the supply chain, inventory, and eventually, the store. RFID readers can count not just one item at a time, but several per second. And the actual RFID reader does not have to be within inches of the actual product, ensuring that item can be counted from some distance away.
All of these characteristics of RFID can ensure the best optimization for a business concerning inventory management.
WMS & OMS
Proxima360 excels at helping businesses with revenues of $65 billion and up by utilizing and implementing warehouse management systems (WMS) and order management systems (OMS). From overseeing the order process all in one place to highlighting the visibility into a business’s entire inventory, Proxima360 implements retail solutions to optimize operations and ultimately, improve revenue.
Using an omni-channel OMS maximizes inventory access by leveraging inventory across channels. This enables that customer purchases work in the most seamless and effective ways possible without disruption or logistical failure. From the moment an order is placed to the handling, delivery and pickup of that item, omni-channel OMS ensures that a specific business is running at its maximum performance.
As a testament to how Proxima360 has been able to implement systems such as an OMS, let us look at one of their clients.
With over 800 brick-n-mortar locations, this National Department Store Chain located in the United States came to Proxima360 with:
- Inefficient and unstable story legacy applications
- Increased security risk and incompatibility with the latest technologies
- Since Point of failure
- Consolidation of over 650 legacy applications under unified Oracle Retail Solutions umbrella
- No 3rd party systems integration required
- Enabled systems to support Omni-channel initiatives like “Buy online, Pickup at Store”, Ship from store, Enterprise Inventory Visibility and Centralized Returns
- Integration of ATG, CSG, and Sterling OMS with Oracle RMS
Oracle Retail Solutions, and programs like it, are another area that Proxima360 is highly competent in implementing. Using the Oracle Cloud, businesses can take advantage of products such as insights and science, merchandising, Omnichannel, planning, and supply chain. With Proxima360’s help, businesses can implement, integrate, and support complete Oracle Retail Solutions Suite.
Into the Future
What does Proxima360 see as its next big challenge? Helping to manage and consult pop-up stores.
With the decay of traditional brick-and-mortar locations within large malls and plazas, Proxima360 believes that a trend to move e-commerce stores from online to a physical location is next in the plans.
But this will not be your traditional business located in the mall, post-COVID. These brick-and-mortars will be without long term contracts and large spaces. It will be a physical store location for a set, period of time until the next business takes over that location.
WMS will function like a mini warehouse for these businesses. Good tools to recognize the shipping and most affordable prices. Inventory will work at its most efficient level.
The team at Proxima360 knows how to solve an array of problems that retailers face in these changing times. Synchronizing all aspects of store merchandising and e-commerce for profitability and better brand recognition is this company’s unique differentiator. For more information on Proxima360, visit www.proxima360.com . You can also follow them on Twitter and LinkedIn .