In the world of retail and wholesale, managing inventory efficiently is crucial for maintaining profitability and operational fluidity. Dead stock, or inventory that remains unsold for an extended period, can significantly hamper cash flow. According to Forbes, dead stock costs retailers a staggering $50 billion annually in lost revenue. Thankfully, the advent of AI-powered inventory management
For footwear retailers, effective demand planning is a fundamental factor in sustaining profitability and ensuring customer satisfaction. With the complexities of modern retail, compounded by evolving consumer preferences and external pressures, accurate demand planning has never been more vital. This blog delves into what every footwear retailer needs to know about demand planning.
Understanding the Importance of Smart Inventory Management Customer loyalty in the retail sector has always been a cornerstone of success. Today, this loyalty is more challenging to secure and maintain due to ever-changing consumer demands and market conditions. One way to improve customer loyalty is through smarter inventory management. By doing so, retailers and wholesalers
Stockouts represent a significant financial burden for retailers and wholesalers alike. According to the Harvard Business Review, these occurrences cost businesses around $1 trillion globally in lost sales. The footwear industry, characterised by diverse styles and varying sizes, faces unique challenges in managing inventory. However, advancements in AI-powered solutions are poised to address these issues effectively.
