LONDON--(BUSINESS WIRE)--Quantzig, a premier analytics solutions provider announces the completion of its recent article that offers comprehensive insights into five retail inventory management methods that can help retailers tackle issues arising due to overstock and out of stock scenarios.
Enhance inventory control and avoid overstock scenarios using advanced retail inventory management analytics solutions. Talk to our analytics experts to learn more.
In today’s customer-centric retail environment, one of the biggest challenges faced by retailers revolves around lost sales opportunities. Adopting a holistic approach to retail inventory management helps you maintain stock levels, track inventory, and can provide visibility into this information for all channels. Given the rising competition and complexity in the market, effective inventory management turns out to be a costly and time-consuming activity for retailers. Several such factors have made inventory management a top priority for product-oriented businesses, who are now leveraging analytics tools and collaborating with analytics solutions providers to improve their stock management capabilities.
World-class retailers and manufacturers today are viewing inventory as one common object that can be tracked seamlessly from a command center using the same type of identification, across the supply chain. Quantzig can help you develop and implement such a system, Request a FREE proposal to learn more.
According to Quantzig’s retail inventory management experts, “In times of economic stress induced by the coronavirus pandemic, virtually every company needs to gain better leverage from its working capital by improving inventory management, to grow revenues, hold down costs and increase productivity.”
Retail Inventory Management Methods That Can Help Manage Surplus Stocks
In this article, our supply chain analytics experts have curated a list of top retail inventory management techniques to help you get started.
#1: First-in, first-out (FIFO)
#2: Last-in, first-out (LIFO)
#3: Just-in-time (JIT)
#4: Gross margin return on inventory (GMROI)
#5: Open-to-buy (OTB) inventory planning
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Given the rapid pace of development within the retail industry, adopting a more sophisticated approach to retail inventory management isn’t just crucial, but imperative. Today, there are tons of different retail inventory management methods that can help retailers to avoid stocking up on surplus inventory. If you’re someone who is just starting, inventory management will undoubtedly be one of the major challenges that you are bound to face. Book a FREE solution demo to learn how our inventory management solutions have helped leading businesses to tackle surplus inventory and drive better outcomes.
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
