Keeping store shelves consistently stocked is the foremost challenge in any retail enterprise. There are many variables that go into determining the right demand at the stores – including demography, seasonality, holiday peaks and product life-cycles. The impact of this is far from trivial on the top line and bottom line and has a significant impact on customer retention. About 21% to 41% of the customers faced with stock out move to a different store to make an alternative purchase. Also, 72% of stock outs occur due to flawed planning and replenishment methodologies as opposed to bottlenecks in the supply chain.
However there is a cost to carrying inventory as well. The solution is to find the balance between overstocking and letting your inventory run out too quickly.
BluePi works with retailers in providing retail optimization solutions that are tailor-made keeping their specific supply chain nuances. Whether you are a multi-format retail chain, apparels or a grocery store our AI/ML driven solutions will add to your bottom-line and top line while at the same time improving customer satisfaction.