Business & Finance homework help

Omnichannel is defined as :
Omnichannel is a multi-channel sales strategy that aims to provide a seamless shopping experience for consumers, whether they shop online from a desktop or mobile computer, by phone, or in a brick-and-mortar store. An omnichannel strategy means that on the back end, there is convergence between delivery, marketing and communication networks (Rouse, 2020).

There are many Omnichannel strategies that are used during COVID -19.
STRATEGY 1 :

Maintaining sales by running storefronts like fulfillment centers

The number of orders placed online and picked up at brick-and-mortar stores by customers rose by 208 percent between April 1 and April 20 compared to 2019 levels, according to research from Adobe Analytics. Even as stores reopen, curbside pickup and curbside returns will continue to increase in popularity, as health issues will remain top of mind for shoppers. When retailers invest in omnichannel strategies such as buy-online-pickup-in-store (BOPIS) and buy-online-pickup-at-curb (BOPAC), during COVID-19 they ensure a secure transaction and provide immediate satisfaction to shoppers and items in-hand instantly. This leads to a good consumer experience that will last long after the pandemic effect and enhanced customer loyalty.

ADVANTEGE OF STRATEGY 1
As retailers plan their storefronts to work as much as possible as mini fulfillment centers, store pickup programs run more smoothly. In general, it will help retailers better manage inventory and save on delivery and supply chain costs during this unforeseen period by using a brick-and-mortar location to fulfill orders placed online. It also helps to provide partners with continuing jobs that can offset fixed store lease costs all while serving current customers.

LIMITATUIN OF STRATEGY 1
The presence of storefront workers in an omnichannel approach also brings a new dimension of accountability to the position of the associate, bringing new value to the retail workplace while retaining profits. For the purposes of fulfilling orders and following proper social distancing procedures, retailers should set aside space inside the shop. It will add more to continuing to provide a better customer service by providing simple and accurate processes and picking up signs inside the stores. (Seraphin, 2020)

https://risnews.com/top-3-omnichannel-strategies-retailers-are-using-during-covid-19

https://www.nielsen.com/us/en/insights/article/2020/covid-19-has-flipped-the-value-proposition-of-omnichannel-shopping-for-constrained-consumers/

Using Omnichannel as a Solution During COVID-19: Ship From Store

COVID-19 Drives 3 Key Omnichannel Capabilities

The role of advanced technology on reverse logistics and return management
Reverse logistics is the collection of operations that are performed to recapture value after the selling of a product and end the life cycle of the product. Usually, it means returning or forwarding a product to the manufacturer or distributor for repair, refurbishment or recycling. (Roues ,2016)
On the other hand, the method of return management is the component of supply chain management responsible for the collection, sorting, organization, and replenishment of inventory returned or exchanged. Management of returns goes beyond the final distribution and is not used by every client order. (return management,2020)

Technology has a great impact on reverse logistic and return management as Reverse logistics, the sorting of goods for return, recycling or disposal, poses specific challenges for retailers as e-commerce sales continue to rise. But this growing demand also offers third party logistics suppliers enough opportunities to streamline the process and ensure sustainable practices. There can be difficult reverse logistics. Goods leave distribution hubs packed to fit perfectly on a shipping pallet, but frequently return from the initial shipment in a jumbled mess of boxes containing returned goods, paperwork, and excess packaging. While it may take as little as two to eight hours to sort an inbound truckload of items from a supplier, processing a truck full of returns may take up to 48 hours because each item has to be reviewed individually. All in all, we’ve found that handling a return requires about 20 percent more space and twice the labor as it does to send out a shipment. Technologies to help manage inventory and workflow can be used in reverse logistics operations, such as automation, particularly robots working with workers, and predictive analytics that use historical data and algorithms to predict future demand.
(Caldwell ,2020)
Having the right skills to manage rapid returns will act as the foundation of these operations, as well as technology to bring things back out the door. The method of return management has remained a low visibility cost center that requires items to be properly restored, repaired, recycled, repackaged or disposed of. There were very few alternatives for reversing the channel for traditional logistics service providers; however, as the technology has advanced, businesses using robust, proficient reverse logistics process management have benefited from: Lower costs of administrative, logistics and aftermarket service. Increased pace. Increased market share of the service. Higher achievement of priorities for sustainability. Greater client support and higher rate of retention. With the right technologies in place to handle reverse logistics processes beyond just getting a reverse logistics process in place, shippers profit more effectively from including: Improved reverse visibility of the supply chain, improved efficiency, and greater consumer responsiveness. A synchronized supply chain which will now include conventional forward logistics, inbound logistics, and reverse logistics. Transparency across the network in supply chain operations. Automatic consolidation of partners’ and systems’ data. (Cerasis,2020)

https://blog.snapfulfil.com/using-technology-to-drive-reverse-logistics
http://www.payaro.com/documents/Reverse%20logistics%20and%20RFID_payaro_2.PDF

https://risnews.com/how-technology-improving-returns-process