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The health crisis is accelerating the transformation of physical points of sale. The multiplication of choices induced by this model translates into a drop in productivity of the physical store space and an increase in markdowns at the end of the season to sell unsold products.
The best way to achieve inventory visibility is by using powerful inventory management software, integrated with your point-of-sale (POS) system. Additionally, real-time inventory management makes it easier to identify slow-moving stock and make adjustments to promotions or markdowns to clear it out.
Advanced inventory management software integrates with point-of-sale systems, monitoring every sale and tracking stock levels. It even accounts for seasonal trends, promotions, and supplier lead times. Managers can visualize metrics like sales trends, inventory turnover, and customer lifetime value.
Most companies today, according to Thorbeck, are accounting only for the front-end advantage that low cost might afford them. The result is slow turns, deep markdowns, write-offs, and heaps of dead stock in warehouses, much of which eventually becomes landfill. Risks, he says, that make businesses far less competitive.
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