The ultimate guide to usage-based pricing
Launching a usage-based pricing model
Measure and track usage
Pricing and packaging for usage
A CFO’s guide to usage pricing models
Revenue recognition for usage
The pros and cons of usage-based pricing
The technology to support usage pricing

Future trends in order management

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As technology and consumer expectations evolve, order management trends are rapidly reshaping how businesses operate in the digital economy. Staying ahead of these trends is crucial for companies looking to thrive in an increasingly competitive and fast-paced marketplace. 

Looking forward, we expect new technologies and trends to make order management even more profitable and efficient.

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Artificial intelligence and automation

Artificial intelligence (AI) and automation improve accuracy and help you run a smarter business. Together, they create smarter, faster, and more efficient workflows across the order lifecycle.Optimizing your workflows stops waste and removes redundancies in your order management system. However, you need a solid understanding of where inefficiencies come from, and that requires a thorough audit of your existing order management processes.

Workflow visualization tools can help with this. Use process mapping services, flowcharts, or visual stream mapping to gain more insights into your order workflows and how their changes affect customers.

Workflow optimization is a helpful order management best practice, but automation takes these efficiencies to the next level. With more businesses transitioning to a recurring model, it’s important to consider how to implement certain layers of automation and artificial intelligence (AI) into order management.

The customer life cycle is shorter with subscriptions, and every order could lead to a recurring relationship. Automation and AI can help cut down on order-capturing time and save costs. That’s not to mention the boost in customer experience.

Automation and AI can fit easily into your order management system through third-party AI-powered virtual agents. These services connect with a company’s CRM or inventory management system through an application programming interface (API). They access the order management data like a live agent would, automating order placement, returns, and more.

AI and automation are perfect for: 

  • Order routing: AI algorithms determine the fastest and most cost-effective shipping routes. AI can even ensure you dispatch orders from the best possible location, minimizing shipping timelines and costs.
  • Demand forecasting: AI can also analyze historical data and market trends to predict future demand. Never worry about under-stocking or over-stocking; with this technology, businesses maintain optimal inventory levels automatically. 
  • Customer service: You still need to employ customer service agents, but AI chatbots can serve as the first touchpoint for customer service queries. Today, this technology can answer simple questions about order status and delivery updates, but it will be able to handle increasingly complex customer issues in the future.
  • Dynamic pricing: If your organization uses dynamic pricing, AI takes the guesswork out of calculating prices and promotions. It analyzes customer behavior, competitors, and overall market conditions to recommend appropriate pricing.
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Blockchain in order management

Blockchain became a household name thanks to the surge in popularity of cryptocurrency, but this technology is about much more than Bitcoin. Blockchain is becoming an increasingly popular order management trend thanks to its ability to ensure traceability. In fact, 10% of supply chain providers rely on blockchain today, with 68% planning to use the technology in the future. From placement to delivery, blockchain provides an immutable record of all activities in real time. Blockchain is relatively easy to set up, provides a single source of truth for all stakeholders, and reduces the risk of fraud. It can even verify ethical sourcing and environmentally friendly practices.  This order management trend requires blockchain experts, but you can use it to streamline: 
  • Order tracking: Blockchain records every step of the order process, giving customers unparalleled transparency into their purchase status. 
  • Supply chain tracking: Many products rely on global manufacturing to reduce costs, but transparency is quickly lost when shipping materials cross international borders. Fortunately, blockchain makes it possible to monitor the origins and movements of goods, providing verifiable proof of quality and authenticity. 
  • Smart contracts: Self-executing contracts are a popular blockchain feature that automatically trigger payments or shipment approvals if an order meets pre-determined conditions. Instead of waiting for employees to push a button, the system can operate automatically, speeding up the fulfillment process even more. 
  • Fraud prevention: From sketchy product sourcing to unauthorized charges, fraud is an unfortunate part of business. Blockchain prevents fraud by making it impossible to place these unauthorized charges in the first place. If fraud does happen, blockchain helps you pinpoint it almost immediately, allowing for swift action.
In the future, experts predict blockchain will provide even more granular insights through internet of things (IoT) enabled devices that track everything from shipping data to equipment temperature. Tokenization is also an exciting trend for seamlessly tracking inventory without relying on physical counts.
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Voice-activated and mobile solutions

If you ship physical products to your customers, you know how much effort goes into picking and packing. Fortunately, voice-activated and mobile solutions are making it much easier for employees to do better work, faster.

Voice-activated and mobile solutions use voice recognition technology and mobile-friendly platforms to streamline order management processes. These solutions allow businesses and customers to interact with order systems through spoken commands or mobile devices, making order placement, tracking, and updates more efficient.

This order management trend is excellent for accessibility, making order management much more manageable for on-the-go employees. Hands-free options simplify navigation and retrieval, and it doesn’t hurt that these systems give employees real-time access to order information.

Integrating voice-activated solutions with augmented reality or virtual reality (AR/VR) technologies can decrease training costs by as much as 30% and boost employee retention by 40%.

More businesses will likely embrace this order management trend through:

  • Voice-activated ordering: On the customer side, shoppers can use voice assistants like Alexa, Google Assistant, or Siri to place orders, check availability, or reorder frequently purchased items. On the business side, employees can use voice commands in the order management system to save time.
  • Hands-free inventory management: Warehouse staff use voice-activated systems to manage inventory, process orders, or locate items without needing to handle devices or extra screens.
  • Mobile customer portals: Customer portals are a great way to streamline communication. Create mobile-friendly portals where customers can view order history, initiate returns, or change orders with just a tap.
  • Voice analytics and reports: Managers use voice commands to generate reports or access KPIs related to order performance and fulfillment.
    Both businesses and shoppers will likely keep their screens in the future, but this order management trend clearly shows a growing preference for screen-free interactions. Just over 20% of the population uses voice assistants, so it’s no wonder why there are 8.4 billion assistants in use today.

Sustainability and green logistics

 

Sustainability and green logistics focus on reducing the environmental impact of order management while maintaining efficiency and cost-effectiveness. It includes practices like eco-friendly packaging, optimizing delivery routes to reduce emissions, and sourcing materials responsibly. 

The best part about this order management trend is that what’s good for the earth is also good for an organization’s bottom line. For example, reducing packaging keeps waste out of the landfill and reduces costs — it’s a win-win. Plus, 78% of consumers say they care about sustainability, so embracing this order management trend will help you better align with customer expectations. 

There are plenty of ways to embrace sustainability throughout the order management process, including: 

Eco-friendly packaging: Transition to biodegradable, recyclable, or reusable packaging. Reducing packaging size and weight will also minimize manufacturing and shipping costs. 

Route optimization: AI-powered tools can identify the most efficient delivery routes, reducing fuel consumption and emissions. 

Energy efficiency: LED lightbulbs, low-flow water fixtures, and solar panels are eco-friendly additions to any physical space. 

Carbon offsets: Give customers the option to offset the carbon footprint of their delivery or subscription. These donations go directly to environmental projects, helping to offset the impact of shipping.

Every organization has a different definition of sustainability. What matters most is that your organization is consistent and genuine. Customers can see right through greenwashing, so be authentic in your efforts to go green. 

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