It’s frustrating to think that despite all your efforts, customers don’t come to your store because you don’t have everything they want.
At the same time, having too broad of an assortment will cause customers to be confused, and not buy merchandise. This is counter-intuitive, because you would think that having lots of options would be more desirable to customers, but the exact reverse is true. They want your inventory to reflect what you truly believe in, so they know what to buy.
Clearly, it is tough to find balance in everything, mainly when you apply this metaphor to retailing. Over and under-buying problems in inventory continue to exist despite the advent of technology and retail consulting companies offering help.
According to the survey conducted by Coresight Research and Celect, almost 45% of respondents answered overbuying as a typical retail challenge, while nearly 40% chose underbuying.
Their reasons? The continuous utilization of manual inventory processes keeps retail management a never-ending struggle, leading to over or under-buying issues.
It’s already 2023, and some retailers are still drowning in this problem that already has many solutions, at a very affordable price. What retailers like you really need is an open mind to accept an extra hand and welcome new people to your doorstep.
By availing of our merchandise planning and open-to-buy services, we will check your sales history, demand forecasts, and stock levels to identify patterns and trends that can help optimize inventory buying. From this, we can determine order quantities and implement just-in-time inventory purchases.
Also, you don’t need to worry about your previous excess inventory, slow-moving items, or stockouts since we can also develop strategies for you to deal with them.
Surely, when all things go as planned, you’ll reduce your inventory expenses and increase sales by spending your money on where it is needed most.
In the long run, retailers like you can expect a minimum three-time return on investment for every dollar you spend on our services in Retail Smart Guys.