How to Recapture 10.3% of Sales
Increasing same-store sales are a critical KPI in the retail industry. Yet whether they realize it or not, retailers are losing up to 10.3% of same-store sales due to one simple, yet completely avoidable issue: inventory inaccuracies. From pricing discrepancies to unexpected out of stocks to planogram non-compliance, few issues cause retailers more headaches than inventory inaccuracies.
Luckily, retailers can leverage advanced analytics solutions, like prescriptive analytics, to empower their workforces to quickly and easily identify and resolve even the most complex inventory issues. This research paper discussed how big the problem is as well as the following:
• Why inventory inaccuracies occur and what they look like
• How to leverage prescriptive analytics to help recapture the lost margin and sales
• The strong correlation between inventory accuracy and customer satisfaction
• How real-life retailers have used prescriptive analytics to better manage their inventories – increasing sales in the process!
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