As we continue to push forward from COVID, you'll need to handle increased omnichannel inventory management that keeps everything on the same page. See how we can help.

Retail is Surging in 2021

Earlier this summer, The National Retail Federation announced an updated annual forecast for 2021, which expects retail sales to grow between 10.5 percent and 13.5 percent to more than $4.44 trillion. The NRF’s original prediction was for 6.5 percent growth, so this revision shows that 2021 is poised to be a massive year for retail sales as the economy recovers from the pandemic.  

“Incoming data suggests that U.S. economic activity continues to expand rapidly, and we have seen impressive growth,” NRF Chief Economist Jack Kleinhenz said in the report. “Most indicators point toward an energetic expansion over the upcoming months and through the remainder of the year.”

For companies ready to ride that wave of growth, you need to be able to have inventory management that can quickly and seamlessly connect your products to your customers, wherever they’re shopping.

BOPIS and E-commerce Rely on Superior Inventory Management

85% of shoppers significantly increased their curbside pickup orders during the pandemic, and a 2020 report said that 50% of survey respondents decided where to shop based on if the store provided in-store pickup. As shopping habits shifted in 2020, BOPIS (Buy Online, Pick Up In Store) became a necessary tool to maximize omnichannel sales. 

The National Retail Federation forecasts that non-store and online sales are expected to grow “between 18 percent and 23 percent” totaling anywhere from $1.09 trillion to $1.13 trillion. These numbers are simply too large to ignore—e-commerce is now accounting for a quarter of retail sales.

BOPIS and other e-commerce avenues require inventory management that communicates across all channels for integrated omnichannel success. BOPIS also drives brick-and-mortar sales: 49% of shoppers made additional purchases when picking up at a store, in one survey.

Custom Packaging Inventory Management

Inventory management that can accommodate custom packaging ensures that your eye-catching products stand out on the shelf, instead of being stuck in a warehouse collecting dust. 

Inventory Management Solutions

There are valuable systems like Just In Time (JIT) and Vendor Managed Inventory (VMI) that can help your company handle packaging fulfillment. By using powerful analytics and model forecasting, these systems optimize your supply chain logistics so that you always have the right amount on hand. This enables you to free up cash flow, space and time to focus on your core competencies.

Having the Right Partner Matters

At Victory Packaging, our turnkey inventory management solutions are designed to make your company more agile, even as you grow to meet demand. To learn more about how we can help you improve inventory management, visit our fulfillment management and supply chain solutions pages and contact us today.