The problems of forecasting and inventory inaccuracies continues to bedevil the retail industry.
43.5 percent of retail brands have only entry level visibility of their inventory.
The remaining 46.5 percent have little or no inventory visibility.
Even those that claim to have entry level visibility, base their claim upon merchandise signed for.
They do not have a robust process for knowing if the merchandise actually entered their store inventory.
One of the reasons retail brands struggle to manage inventory is the ever-increasing rate of shrinkage.
Retail shrinkage accounts for 2.6 percent of retail sales. While the average retail profit is one percent of sales.
This means that retail shrinkage more than double retail profit.
A key component of operational efficiency in retail is effective accurate forecasting and inventory management.
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About the author
Romeo Richards is an experienced retail trainer and consultant with knowledge of retail marketing, store performance and retail loss prevention.
He has the ability to choreograph the customer journey, boost store conversion and enhance in-store experience using store design and visual merchandising.
Specialises in increasing retail profit through shrinkage reduction.
He is the author of 23 retail and marketing books including:
• How to Increase Retail Sales
• How to Make Profit In Retail
• Store Design Blueprint
• Visual Merchandising Display
He is the creator of five retail home study courses.
Frequently presents webinars on shoplifting prevention and boosting retail sales.
Featured in Professional Security Magazine, Retail Week & Retail Technology Magazine