Retailers: How much of your system stock is available to Customers?

Category: Business

Inventory precision is a crucial performance matrix for every retail enterprise in the world. Inventory stock-outs is an opportunity lost to sell to a prospective customer, be it an existing customer or acquisition of a new customer. Retailers experience around 30% stock-outs to customer needs. Unless a customer need is instantly satisfied as demanded, retaining the loyalty of a customer becomes an uphill task. In today’s digital world, it takes minutes for a customer to switch allegiance and become habituated to another new experience, forgetting earlier brand experience. Retailers need to ensure stocks are available in the right quantities, smartly moving inventory at the right time. Various decision support systems surrounding inventory movements across stores and warehouses can determine optimum stock movements between warehouses and stores, to ensure stock-outs are minimum or almost negligible. Retailers need to get real-time visibility of their inventory as shoppers do transactions across multi-channels and replenish stocks depending on movements. Most retailers have thousands of stock-keeping units (SKU), and hence continuous monitoring becomes a daunting task. Merchandising module in retail ERP software precisely does this function of allocating inventory transfer depending on the movement of stock at stores and based on classification of fast, normal, slow, or non-moving. That’s precisely the reason that our Retail ERP has got an advanced merchandising module that auto-suggests or triggers stock transfers between warehouses and stores or between stores in a proactive manner. Since most retailers operate on batch-integrated point of sales (POS) system, they do not get minute-to-minute inventory status, which then pushes stock transfers to the next day, after end-of-day (EOD) processing is complete. Our Retail ViVA ERP POS is online and updates stocks in real-time across all channels so that one can see stocks online and take quick actions towards replenishment. A matured merchandising module is key to avoiding stock-outs of out-of-stock (OOS) situations Written by (Ragu)nathan Kannan Visit Website: https://retailviva.com/