Half of retailers don’t have a single view of their stock, according to new research. The study, by Tyco Retail Solutions and EKN Research, found that by failing to provide a single view of their in-stock position retailers risked a sales decline of as much as 8.2% of total sales due to a lack of inventory accuracy. The problem is of course highlighted by peak period.
Precise monitoring and optimisation of inventory is critical to support retailers’ operational performance in the omni-channel age,” said Tony D’Onofrio, chief customer officer, Tyco Retail Solutions. “As retailers seek to amplify the customer experience, awareness of stores’ in-stock positions can help manage customer demand effectively at the item, store and channel level. This is especially important as customers use fulfillment options like Buy Online Pick-up In-Store (BOPIS), this holiday season,” he said.
In the study 7 out of ten retailers said that they wanted to improve same day or next day fulfilment and shipping capabilities to meet consumer demand, however this does require accurate item-level inventory insights.
The study showed that 40% of those surveyed plan to invest in inventory management technology during the year to solve such problems.