Reduces lost sales by providing accurate product availability at scale throughout the shopping journey
Nextuple, a pioneer in transforming retail fulfillment, will showcase its Inventory Microservice, part of its Nextuple Fulfillment Studio offering, at Shop Talk 2023 in Las Vegas next week. The offering updates retailers’ inventory availability cache in near real-time, leading to an improved omnichannel shopping experience. Studies show that over 50 percent of online shoppers abandon their cart if one item is out of stock. By providing real-time data, Nextuple’s Inventory Microservice allows retailers to serve up accurate availability information to consumers, suggest substitutions, and address a major pain point in the omnichannel fulfillment process.
Nextuple Fulfillment Studio is a composable suite of microservices that empowers retailers to build and scale omnichannel fulfillment capabilities with speed and precision. The Inventory Microservice consolidates inventory information from multiple fulfillment channels such as stores, warehouses, drop shippers, and marketplace vendors and provides a consistent availability view to selling channels such as B2C, B2B, and 3rd Party affiliates.
Read More: VMware Selects Renewtrak For Global Customer Retention And Growth
“Tapping into real-time store inventory can be a major challenge for national retailers using hundreds of stores for fulfillment as part of the omnichannel shopping experience,” said Darpan Seth, CEO at Nextuple. “Nextuple’s Inventory Microservice allows them to rapidly deploy a solution at the intersection of customer experience and fulfillment, informing shoppers early in the process whether the stock is limited and even making substitution recommendations. Our Inventory Microservice improves the reliability of store-level and warehouse inventory data.”
Read More: SalesTechStar Interview with David von Rothenburg, VP Sales and Alliances at Pitcher
Among the powerful features available with the Nextuple Inventory Microservice are:
- Real-time inventory availability cache updates deliver accurate information about stock levels throughout the shopping journey at scale. The service can handle 100 million item-node combinations, with cache updates occurring within seconds.
- Qualified threshold levels allow the website to display status updates such as “limited stock” when an item is likely to run out and also enable potential substitution suggestions.
- Real-time visibility at the store level, providing store associates with an accurate view of available Inventory, giving them the data they need to determine when to cancel orders because an item is not in stock, and alerting them when it is once again available.
- Comprehensive auditing functionality enables tracking supply, demand, and availability transitions and reconciliation with external inventory systems for early detection of discrepancies.