A new data standard for cross-channel inventory that will help retailers maintain accurate inventory records regardless of whether customers place their orders online, in a store or by phone was released this week by the Association for Retail Technology Standards, a unit of the National Retail Federation.
“With so many people shopping on the Internet and wishing to go to the closest store to immediately pick up the item, accurate store level inventory is absolutely critical to retail success,” said Richard Mader, executive director of ARTS.
The new IXRetail XML schema is designed to consistently maintain and update accurate inventory data across all of a retailer’s applications, including warehouse management systems and POS systems, as orders or cancellations are processed from any selling channel, ARTS says. The XML-based schema allows data updates in real time, instead of in occasional batches.
The new standard also makes it easier for retailers to use software applications from multiple vendors, because the XML schema supports data flow among disparate systems, analysts say. “These standards make it easier for retailers to select their POS and e-commerce solutions based on their merits, rather than relying on a single vendor solution,” says Paula Rosenblum, director of retail research at Aberdeen Group Inc.
To make the new standard work, retailers may need to use middleware products like Microsoft Corp.’s BizTalk server that make it easier to map data integration among multiple applications, Rosenblum adds.
“The inventory schema addresses many types of inventory, for sale and for rent, as well as layaways, and holds for a wide range of business purposes,” said Monty Moncrief, advisor for knowledge management at Blockbuster Inc., one of several companies that contributed to the standard. “The objective was to make it useful for all retail segments.”
Other companies that worked with ARTS on the standard included Target Corp., CRS Retail Systems, Oracle Corp., Clicks & Mortar Consulting, NSB Retail Systems, and SofTechnics Inc.
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