Luxury goods inventory management; now made much easier
Choose Canary7 for luxury good inventory management, and watch your business transform into its best version.
Luxury goods inventory management; now made much easier
Choose Canary7 for luxury good inventory management, and watch your business transform into its best version.
Canary7; your dream partner for luxury goods inventory management
Selling anything is a complex task; but when it comes to luxury goods, it’s also high-stake which makes it a lot more stressful. On top of it, if you are still relying on manual and paper-based systems, you will find that handling your luxury items is even more troublesome. Yet, if you mishandle your stock, you are at the risk of causing harm to your sales activity and hindering your growth as a luxury brand for the future.
We understand that luxury goods inventory management can be quite a predicament – which is why our inventory management solutions have been designed in a way that can conveniently accommodate your needs as a luxury brand and allow you to take care of your stock like it deserves to be taken care of.
Automate the ins and outs of your inventory and make it a much more favourable environment for your precious goods – only with Canary7.
Why do you need a luxury goods inventory management system?
By its very definition, a luxury brand is characterised by three elements: a high price tag, exclusivity, and high level of quality. This is true for the products that a luxury brand sells, but it must also be applied to the logistics and back end processes of your business if you want it to be classed as a true luxury brand. In simpler words; nothing short of perfection is acceptable when you are looking to establish yourself as a luxury brand.
In this regard, a luxury goods inventory management system to support your logistical activity and make sure that it is up to the mark is particularly crucial. Without it, you’d have to depend on manual processes that are slow, inaccurate, and prone to mishaps. With a luxury goods inventory management system, you can simply not bring the efficiency necessary for a luxury brand to your business processes and make them fit for your goals.
The luxury supply chain is highly complex to take care of, and if you want to do it in the best way possible, you will have to utilise a luxury goods inventory management system, because it is the only way you can ensure your inventory is built on a solid foundation that can truly support your endeavours.
The luxury industry poses a range of unique fulfilment challenges
Because the supply chain for luxury products is so delicate, there are many challenges that luxury brands have to face; especially in the area of inventory management. These challenges are more or less unique to the luxury industry, and hence require specialised solutions that can help luxury brands overcome them. If not dealt with properly, these challenges can overpower your competence as a brand and result in many disadvantages; some of which a luxury brand can simply not afford.
Challenge No. 1: Dealing with the out-of-stock dilemma
There is nothing more disappointing for customers, especially luxury brand customers who are willing to spend so much money on your products, to find that the product they have already placed an order for is out of stock. If a situation like this occurs, it is likely that the customer will be unimpressed with your setup as a brand, which can dent your brand reputation and brand reputation is everything for a luxury brand.
If you have inaccurate luxury inventory management processes, the out-of-stock dilemma can strike you at any time, which will pose a big problem for your business. To avoid this, it is important to have the right tools and technology available – for example, a luxury goods inventory management system that can be integrated with your websites, updated automatically, and provide you with accurate insights. This way you will never have to be out-of-stock ever again, and you can avoid disappointing your customers.
Challenge No. 2: Implementing extensive quality checks
There is simply no way that you can get away with poor quality as a luxury brand. High quality is one of the defining factors of a luxury brand, and if your products don’t fit that criteria, then it is likely that your customers will not consider them to be worthy of the high price tag. However, the thing is that like every other thing in the world, even luxury goods are prone to damage, spillage, and breakage. And that isn’t what the problem is.
The problem arises if you end up sending less than perfect products to your customers by mistake. Believe it or not, this is more common than you think and unless you have the right quality checks in place, it can even become routine – which is unacceptable for a luxury brand. This is why luxury brands have the pressure to implement extensive quality checks: a procedure that is time-consuming and requires effort, but can be executed with ease if a robust luxury goods inventory management system is involved.
Challenge No. 3: Being responsible for a customised customer experience.
Customers for a luxury brand pay a lot of money to get the product they want. However, it is not only the product that matters; because in a way, the price tag also covers a stellar experience. So, if your products have luxury prices but the customer experience you offer is not good enough, then the customer is most likely to feel like doing business with you is simply not worth it.
This is especially true in terms of the shipping experience. Your customers expect it to be fully smooth and seamless, and you will have to make sure that you are being considerate about their preferences. For customers, it might be special packaging, whereas others would expect you to send them consolidated shipments instead of split shipments and no matter what their preferences are, they would want to be accommodated. Providing a personalised experience for each of your customers could get tiring, but it is what a luxury brand has to do!
Challenge No. 4: Handling counterfeit products
As the luxury industry evolves with the passage of time, so does the luxury counterfeit market. Counterfeit products are becoming more sophisticated by the day. And the problem is, some customers will order the genuine product, but send back a fake one; and these are so good that even the brand itself may not be able to tell the difference between the two! Believe it or not, this is a problem that can be dealt with an effective inventory management system.
Your reverse logistics should be so good that counterfeit products don’t stand a chance. Serial numbers, hidden IDs, barcodes, and many other ways of labelling products can help you effectively create a seamless, high-security reverse logistics procedure that will not only make it easier to accept returns and process refunds, but also single-handedly combat the increasingly pervasive problem of counterfeit products. Again, these workflows can be created using a robust luxury goods inventory management system.
Challenge No. 5: Avoiding fraudulent payments
Fraud in the luxury fulfilment experience is not just limited to counterfeit products. It can also happen in terms of the payment. Especially if you are relying on manual processes, you may not be able to carry out the necessary payment fraud checks, which can actually cause you more loss than you would imagine. If you are looking to fool-proof your success as a luxury brand, you can simply not neglect this part of your fulfilment experience. If you automate this part of luxury inventory management, it will be easier to avoid fraudulent payments.
There are quite a few ways you can do this. The checks should consider things like the status of the customer; are they new or a repeat customer? They should also thoroughly consider the payment information provided as well as the other details that are necessary. Cross-checking these is important so that you can make sure there is no identity fraud that is taking place.
Challenge No. 6: Having to observe stringent sourcing rules
In order to be considered a true luxury brand, you have to offer your customers exclusivity. And in order to achieve exclusivity, you will have to be extremely stringent in observing sourcing rules; the products you offer will have to be produced in very specific, restricted quantities, and inventory availability needs to be 100% aligned with it in order for it to be considered effective. Not only that, but you also need to have an accurate view of store stock in real-time so that you can make sure that inventory availability doesn’t end up making an adverse impact on your luxury inventory management processes as well as your sourcing rules.
Does it sound overwhelming to you? It can be, if you don’t have the right technology available to help you achieve an accurate inventory size, it can actually be quite a burden to streamline all of this without it taking a toll on your overall progress. However, with the right luxury goods inventory management system, it can be quite a breeze to achieve your dream inventory.
Challenge No. 7: Creating a fully optimised picking procedure
Luxury products, by nature, tend to be more specialised than normal products. This means that the picking process might be longer and more complex, and may even require you to engage more than one picker for a single order. What you are looking for, therefore, is a carefully optimised picking process that spreads across different areas and covers the full range of variations and specialisations of each product that you offer.
This can be done if your luxury goods inventory management system offers flexibility that will enable you to carefully curate the picking process and make sure it aligns with the needs of your business, whatever they may be. Not only will this make sure that the handling of your stock is done carefully and properly, but it can also help you speed up your delivery times and provide a holistically favourable experience for you, your customers, and even your employees.
Challenge No. 8: Arranging sufficient emergency stock
What if a high-value customer comes to your brand, orders something, but cannot be accommodated simply because you don’t have the desired product in stock? That is where your safety stock comes in handy. The challenge is handling safety stock, which can also easily be done using a luxury goods inventory management system.
Even if you are worried about your emergency/safety stock taking up more space than you want it to, you can rest easy because a good inventory management system will optimise your warehouse layout in a way that accommodates your entire inventory, including emergency stock. This way, you can make sure that your high-value customers never leave disappointed; whether they place an order online or in-store, the challenge of arranging emergency stock can be dealt with using a luxury goods inventory management system.
Challenge No. 9: Carrying out transfer of ownership
This is a challenge that is particularly unique to the luxury goods industry. Because luxury products are hefty in terms of their price tag, the transfer of ownership is a huge deal and the actual process of it should be executed seamlessly, with no hitches at all. This becomes even more pronounced when you realise that the actual timing of the transfer of ownership matters as well, because the second the ownership is transferred, the retailer is no longer responsible for the products and can’t be held accountable for any problems that may occur after it.
In this regard, the transfer of ownership should be carried out under a watchful eye with proper records to rely on in the future. If you are using paper-based systems, it will require a lot of effort and time to make sure that this is seamless. On the other hand, if you are using an agile luxury goods inventory management system, you can do all of this with just a few clicks.
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Canary7; providing luxury features for your luxury brand
As a fulfilment software, we provide luxury solutions so that your luxury products don’t have to suffer in any way! The minds behind Canary7 created these features so that luxury brands like yours don’t have to worry about their fulfilment, especially in regards to streamlining the luxury goods inventory management processes that form the very basis of your business.
Feature 1: 24/7 Access
We understand that luxury brands like yours need to be in touch with their products 24/7. It only makes sense, considering that your products are very expensive and hence vulnerable to theft. The 24/7 access is not just to our solutions, but also to your inventory. No matter where you are in the world, you can log into your luxury goods inventory management system and make sure that everything is as it should be, and your products are in pristine condition; ready to be shipped to your customers.
Feature 2: 100% Accuracy
100% accuracy is one of the most important aspects of our luxury goods inventory management system. With the help of this feature, you can make sure that the size of your inventory fully aligns with customer demand but also maintains exclusivity and helps you cut down on unnecessary carrying costs. 100% accuracy also means that the pick and pack processes are accurate and your customers don’t have to worry about receiving the wrong products. Essentially, with the help of our luxury goods inventory management system, you can future-proof your success and make sure that your brand reputation as a luxury brand remains intact.
Feature 3: Order Tracking
Want to make sure that each order that leaves your warehouse reaches the customer in perfect condition? Then Canary7’s luxury goods inventory management system is the best option for you to place your trust in. From the beginning of the fulfilment process to the very end, Canary7 allows you to stay in touch with your products. This way, you can give your customers the updates they need, provide them relief from some consumer anxiety, as well as making sure that your consignments are safe and cannot get misplaced that easily. So, basically, you are being covered on all ends.
Feature 4: Cloud-based Inventory Management
As a luxury brand, you cannot rely on on-premise inventory management systems. Not only are they hard to maintain, but they are also more susceptible to malfunctioning. So, if anything happens to your on-premise software, your data will be gone forever and you won’t be able to recover it in most circumstances. Alternatively, a cloud-based solution is safer because even if it unfortunately malfunctions, the data will be easily retrievable and the fulfilment experience of your luxury products will not have to bear the brunt of ineffective inventory management. This is precisely why our luxury goods inventory management solutions are cloud-based, and hence more friendly for a luxury brand.
Feature 5: Optimised Reverse Logistics
Reverse logistics are important for a luxury brand, because essentially, it is reverse logistics that makes sure that there are no counterfeit products entering your system under the guise of a “return.” The reverse logistics provided by Canary7’s luxury goods inventory management system is the perfect fit in this regard, because not only will it help you identify original products more easily, but it will also help you save time in terms of the subsequent organisation of your goods.
Make luxury goods inventory management truly luxury; only with Canary7
Canary7 can be your gateway to the perfect luxury inventory management processes. If you want to create the perfect customer experience for your customers and leave them with absolutely no chance to be disappointed in the way you fulfil your orders, you need a luxury goods inventory management system that can help you improve your logistics holistically.
The best part? Canary7 is not just an inventory management system; it is also a warehouse management, labour management, order management, and warehouse control solution – so, no matter what your major concern regarding your luxury fulfilment is, Canary7 can be a part of your strategy and help you deliver the perfect luxury experience.