Success in the retail industry, especially in modern times, depends on how well retailers can deliver value to their customers. Today’s hybrid customers benefit from lean and nimble inventory optimization methodologies.

However, there are many challenges in the execution of retail excellence. Issues like lost sales, having optimum inventory and fulfillment costs are still being tackled by primitive tools which leave most retailers behind in this game.

Lost sales can occur due to various reasons. Stockouts, supply shortages, inability to meet customer demand, or poor customer service all contribute to this factor that results in a potential loss of sales and affects the bottom line adversely. Companies aim for the Goldilocks-zone factor in inventory optimization solutions, which is to have optimum stock while reducing holding costs. Most of these challenges can be mitigated by using the following methods:

• AI-driven financial-profit-optimization: It gives retailers an idea of the optimum inventory they can hold.
• Demand forecast: Retailers can use advanced analytics for accurate demand forecasting. This helps them with inventory planning that is based on current market trends and future demand.
• Minimizing lost sales: Besides demand forecasting, retailers can minimize lost sales by AI-driven allocation and replenishment methods.  When consumer demands are met according to their needs it results in a better customer experience thus boosting sales and profits.

Download this free pocket guide to find out:

• How retailers can increase their inventory planning capabilities,
• How to reduce lost sales and inventory holding costs,
• Why retailers should avoid having too much inventory,
• How financial profit-based optimization can help retailers make the right inventory decisions.

Key takeaways that will boost you inventory planning superpowers:

• Today, mastery of inventory reduction is one area that retailers simply can’t overlook. The reality is that inventory is a major supply chain cost driver with an incredible financial value.
• Predicting the demand hasn’t been easy and does not seem to be any easier in the future, just the opposite.
• Retailers should strike the right balance and make the right inventory decisions to stay ahead in the ever-changing retail landscape.
• Finding the optimal inventory balance is no longer simply an enabler; it is a key business process that will determine who will (and who won’t) meet customer demand, improve profits and build a competitive advantage.
• Profit optimization opens new doors to increased efficiency and profits. It allows retailers to have a betting strategy that can increase their chances of winning in the game of demand uncertainty.

Download the pocket guide here for more details.