Inventory management key to staying competitive

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Retailers must achieve pinpoint inventory accuracy if they’re going to stay competitive in the age of eCommerce. According to some researchers, lack of stock visibility seriously hinders a retailer’s ability to serve its customers. That places a high value on the technology they use for inventory management in their stores and warehouses.

Inventory management makes all the difference

Retailers, especially in fashion, can’t achieve high stock accuracy using antiquated stock control methods. In fact, the researchers estimate they can easily max-out at 65% stock accuracy. That, in turn, leads to lost sales and unhappy customers. For example, if retail staff don’t know exactly what’s in the store room, on the shelves or in the warehouse, they may miss an opportunity to complete a sale. They won’t know if a product is available at their location, or if there’s a suitable alternative to an out-of-stock item, or if it’s available in the warehouse or at another location. Complete and accurate stock visibility, then, is the key to making customers happy. And happy customers keep coming back.

Know your shelf

Making customers happy essentially comes down to holding the right range of products in the right quantity to meet demand. This why retailers have to know what’s on the shelf and what’s in the warehouse at any given time. That knowledge empowers you to avoid the two big pitfalls all retailers face. First, it lets retailers know when to restock the products that sell well. Secondly, it shows them what products are simply taking up space and adding storage costs.

Cin7: for every channel

Retailers that want pinpoint inventory accuracy use Cin7. Whether you sell in stores, online or both, Cin7 gives you real time control, visibility and historic insight to keep stock levels in line with orders. Cin7 integrates your POS, eCommerce, warehouse and 3PLs in a single management platform. Click below to find out how Cin7 can help your retail business.

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