Strong Inventory Management meets customer demand and improves customer experience.
The true value of a sale goes much further than just the price a customer pays. With increasing competition, technological advancements, and the changing retail landscape, retailers must get creative to impress shoppers and become even more mindful of the customer experience. Ensuring a quality customer experience begins with inventory. As the adage goes, stores need to have the right product in the right place at the right time. A strong inventory management strategy positions your business to sustain accurate inventory levels, which is foundational to building a loyal customer base.
Improve Customer Loyalty Through Your Inventory Strategy
With continued growth in category innovation, store shelf space has become increasingly more valuable. Placing accurate orders throughout the network of stores can ensure the right products in the right quantities are on-hand when needed, allowing stores to maximize sales opportunities. Avoiding overstocks while having enough inventory for fast-moving items is a fine balance and helps ensure a business thrives. A refined inventory strategy is the first step in keeping your customers coming back for more, allowing retailers to create loyal customers who make repeat purchases.
Effectively Manage Online Fulfillment
Online order fulfillment has been emerging and evolving over the past decade in the retail industry. Online ordering increases the need for accurate inventory levels so customers can see what is available in real-time. Digital sales continue to increase in volume across multiple touchpoints, creating a complex process to manage.
Without the proper inventory management strategy, technology, and tools, the challenge is even greater. Manually managing inventory in multiple selling channels creates room for errors and depletes employee hours. With growing customer expectations and limited opportunities to engage them, out-of-stocks could negatively impact your brand reputation, resulting in lost sales and alienated customers. A robust inventory management process will help combat these issues and allow you to stay one step ahead.
Reduce Shrinkage & Eliminate Waste
Inventory cost reduction techniques improve and shorten your supplier lead times through better supplier management relationships. The right tools and technologies allow you to reduce excess and obsolete stock, substantially reducing the levels of expired dated products. With detailed information on performance by brands or suppliers, you will have more information to negotiate deals and terms.
Be Prepared for Anything
Supply and demand fluctuate throughout the week, month, and year. Those without inventory management systems in place in 2020 scrambled to quickly adjust orders based on unexpected customer needs and significant shifts in consumer behavior. Manual inventory management strained employee resources, especially with the employee shortages during those challenging times. The result – inventory not being managed, overstocks on items not selling, and lost sales on items understocked.
Effective inventory management strategies and tools afford retailers with a solid working knowledge of their inventory, enabling managers to be nimble and respond quickly when the unexpected occurs. The invaluable insights gleaned from sales data allow for more data-driven business decisions that provide a competitive edge in your markets.
Inventory management systems provide many benefits. Finding an inventory management strategy that works for your business and then implementing it can be daunting. Impact 21 has the industry experts and knowledge to help retailers maximize sales, decrease overhead costs, and improve customer loyalty from their inventory management system. Our solution-neutral approach ensures that you find the tools that will fit your needs the most. Contact us today to learn more about implementing a winning inventory management strategy.
Principal Consultant, Customer Engagement & Loyalty
Spend five minutes with Jeannie and you will know that she has a true passion for what she does. A customer-driven senior brand management executive, Jeannie…