Retviews ’s Post

Stale inventory can significantly impact a retailer’s bottom line. Here’s how: 1. Tied-Up Capital: Unsold goods lock up funds that could be used elsewhere. 2. Storage Costs: Wasted space incurs higher warehousing expenses. 3. Depreciation: Products lose value over time, leading to markdowns. 4. Opportunity Costs: Stale items prevent stocking more desirable products. 5. Discounts: Clearing old stock often requires heavy discounting. 6. Brand Impact: Outdated inventory can hurt brand perception. Efficient inventory management is crucial to minimizing these costs and maximizing profitability. Ask us how! #RetailManagement #InventoryControl #BusinessEfficiency #PoweredByCityHive #AI

Inventory optimization is not as easy as it sounds. You can't just implement the latest planning and AI tools and expect perfect inventory. Unfortunately, this is not the reality. To get the right inventory, it takes hard work and careful consideration. You want enough inventory to support the business, but not too much that it hinders it. Getting the inventory structure right is a great outcome of an optimization exercise, but it's not always easy. When you look at the typical inventory of a company, you'll see areas where there is too much of the wrong inventory--the inventory structure is almost always not right. As shown in the figure, red is what you don't want. To reduce this part, there are two main tasks: first, eliminate the unnecessary inventory on hand, and then prevent re-occurrence. Remember, inventory optimization is not an easy task, but it's worth the effort to get it right. And it will free a lot of cash, if done right.... #supplychainsuccess #inventory #reduction #rightsizing #makeithappen

Part Two of the Six Part Series Revolutionizing Retail with AI-Powered Inventory Management: Online and In-Store

Effective inventory management is the backbone of operational efficiency. Here are five strategies to enhance your process: 1. Integrate #AI and #MachineLearning for predictive analytics, helping you anticipate demand trends. 2. Optimize #warehouse layout to streamline picking and packing, reducing time and costs. 3. Implement #JustInTime inventory to minimize excess stock and free up working capital. 4. Conduct #demandforecasting regularly to align stock levels with market trends. 5. Build strong relationships with suppliers for more flexible and reliable #supplychains. Mastering inventory management drives profitability and #customer satisfaction.

I found this read from Harvard Business Review makes great points around dynamic pricing (prices responding to demand). My two recommendations: give this article a read, and then contact us at RELEX Solutions. We've got a superb pricing solution for retailers that helps you retain your customers and your profit margins. #Pricing #ai #customerexperience #priceoptimization

How AI is Helping Retailers Forecast Demand and Optimize Inventory Placement

Here’s why I think inventory management is the secret sauce to business success: 1. Cutting Costs Like a Pro 💰 Proper inventory management means saving money by avoiding overstock and stockouts. It’s all about finding that sweet spot where you’re not spending too much or too little. 2. Speeding Up Operations 🚀 With the right inventory practices, we can make everything run smoother and faster. Think of it like turbocharging your supply chain—less waiting, more doing! 3. Keeping Customers Happy 😊 Nothing beats having what your customers need, right when they need it. Good inventory management ensures we’re always ready to deliver, keeping customers coming back for more. 4. Harnessing the Power of Tech 💡 From barcodes and RFIDs to AI, technology is our best friend in managing inventory. Staying on top of tech trends helps us stay efficient and ahead of the game. 5. Making Smart Decisions 📊 Data is king! Analyzing our inventory data helps us make informed decisions, spot trends, and plan for the future. It’s like having a crystal ball for our stock. #InventoryManagement #SupplyChain #Logistics #Efficiency #TechInSupplyChain

#Manufacturers can also rely on #ML to help them understand how their customers will react to varied #pricing strategies and then identify the best price based on their goals. Knowing the potential impact of sales #promotions or #rebates, competitors, weather conditions, seasonal sales forecasts, economic conditions, operating #costs, and regional demand all play into formulating pricing guidance.

Empty shelves cost FMCG companies 46% in lost sales. How did a Spanish video surveillance system provider solve this with AI? Computer vision helps to detect stock-outs in real-time, optimize restocking, and boost sales. Dive in below 👇 https://lnkd.in/dsfC7mr7 #RetailTech #AI #InventoryManagement

🚨 Stockouts: The Nightmare of Supply Chain Management 🚨 Stockouts are the ultimate disruptors in the supply chain world. When a product runs out, it’s not just about missed sales—it’s a ripple effect. From disappointed customers to frustrated retailers and stockists, and the brand’s reputation taking a hit, the consequences are massive. Turn this nightmare into a dream with FieldAssist ’s Automated Stock Replenishment (ARS). With ARS, you can: ▶Ensure nonstop supply: Never run out of stock again with intelligent forecasting and auto-ordering. ▶Boost customer satisfaction: Always have your products on shelves when customers need them. ▶Increase revenue and efficiency: Say goodbye to stockouts and manual errors, and hello to streamlined operations. Let’s move beyond manual stock replenishment and embrace the future with ARS. Ready to transform your supply chain? 💡 Learn more about ARS: https://lnkd.in/em2zpEj8 #supplychainmanagement #automation #ai #stockreplenishment #dms #innovation