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So how can retailers be proactive in their inventory placement to avoid compromising top-line growth and customer satisfaction? Not only will this help ensure margins are managed, but it will ensure customer expectations are met. Preparing for the rush.
Set benchmarks for inventorymanagement, including the rate of inventory turnover and tracking and fill rate. Continue to review minimum stock limits and develop contingency plans should supply issues emerge. A successful year might not be double-digit sales growth in a challenging economic environment.
Customer engagement Customer engagement and experience is essential to business success in retail – in fact 81% of businesses say that it is a key competitive differentiator – because of the way that it drives customerretention and average spend and increased profits. How important are big data and analytics?
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