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Improving Customer Satisfaction & Profits with Inventory Analysis
Looking for a big competitive advantage that is frequently overlooked and if solved, will increase customer satisfaction and profits? You may be surprised, but taking a look at your inventory levels is the place to start. According to a study by IHL Group, “What’s the Deal with Out of Stocks,”17.8% of consumers experienced out-of-stocks when shopping, about about 123% higher than the out-of-stock rate claimed by retailers themselves.
Lost sales due to products not being available when the customer is ready to purchase, whether online or offline, wholesale or retail, can result in revenue lost to competitors and potentially, a lost customer for good.
A competitive action plan
While customers don’t care about the reason a product is out of stock, businesses do need to identify trends and analyze inventory needs to ensure the correct amount of inventory is available.
Your action plan begins with inventory analysis – determining the optimum level of inventory needed.
Predicting demand, reducing overstocks & understocks, and simplified product reordering all begin with having easy access to real-time business intelligence across all areas of your company. With that knowledge, opportunities to improve working capital and enhance productivity can be uncovered, implemented and realized.
