And how can you lower your inventory costs?
Efficiently running a retail business means accurately knowing the stock level company-wide at any time.
If you don't know the amount of stock on hand, your company must keep excess stock at every location. But that still doesn't eliminate stock-outs.
Further, extra stock is expensive to purchase, store, and then clear out.
The only solution to this problem is to have a Single Stock Pool servicing all of your retail channels. Orders from every brick-and-mortar location as well as online come out of the Single Stock Pool, and item returns go back into that stock pool.
The Single Stock Pool model gives your company a unified view of stock in all warehouses, retail stores, and even stock in transit. This model gives you insight into sales trends, allowing you to shift merchandise to the locations that need it most. It also helps you set effective pricing strategies to reduce the need for sharp clearance discounts.
To save money on inventory, decrease response time to sudden demand, and increase profitability, retail companies must shift to the Single Stock Pool model.
To download iVend Retail’s ebook, Moving To a Single Stock Pool for All Channels, please fill out the form on this page. It will be emailed to the email address you provide on the form.
With growth plans for our airport stores, we believe that expanding our utilization of mobile technology and leveraging the omnichannel capabilities of the iVend Retail suite will help us to increase store foot traffic and connect with our existing and potential customers while on layovers.