Adjust your inventory to the new normal in retail. What is the key ?
The inventory is your most important asset and your greatest capital expense in sales operations.
As online and in-store customers essentially buy from the same set of shelves, inventory management is becoming more difficult than ever for brick-and-mortar retailers. Inventory accuracy is the key to success, but do you know to optimize your inventory to reach this success?
Since the pandemic, consumer shopping habits have changed a lot. Before, many customers came to stores just to browse and interact with the product. Consumers could easily find substitutions, perhaps trying out a new brand when needed. Now, for a customer, a store is no longer a casual place to visit, browse and leave. This is one of the reasons we are seeing contactless shopping options like click-and collect, curbside pickup, or online shopping grow in popularity.
To better address this new normal, electronic shelf labels help retailers better manage their inventory. With our “Put-to-light” application connected to the labels, the system indicates, on the one hand, the position of the product which is out of stock in the store, on the other hand activates the instant flash of the electronic shelf label related to the product. This will allow the retailer, for example, to prevent a new crisis of toilet paper or milk on his shelves. He will be able to better manage and control his inventory in less than half the time it typically takes.
So for retailers, inventory performance is improved by predicting out-of-stocks and forecasting risk and flagging items with potentially high shrink.