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One of the most promising is a challenge that has bedeviled merchandisers, marketers and inventorymanagers for decades, if not centuries demand forecasting. Retailers are well aware that having too much inventory in the wrong store, or not enough in the right one, affects not just sell-through but labor costs and storeoperations.
In this kind of shopping environment, how should retailers align their promotions and markdowns for the greatest impact? Keeping in mind as well the need to optimize their supply chain fulfillment to meet consumer delivery expectations while managing parcel carrier costs?
This last, critical element (markdown avoidance) is the least fully adopted technique across the retail landscape today. Doing so effectively requires fluid connectivity, one might even say unification, between inventory optimization algorithms and the order fulfillment algorithm that routes orders all day, every day.
The lack of digitization in the supply chain coupled with unpredictable demand makes inventorymanagement chaotic at best. Retail companies must collaborate with their partners to gain a full understanding of what will be available in their inventories to sell over the next four to six months.?
Luckily, new technology offers solutions to streamline retail storeoperations, boost operational efficiency, and provide top-notch service. Optimizing InventoryManagement Proper inventory control is crucial for any retail business. Enter smart inventorymanagement systems.
Adopting BOPIS can be challenging so we’ll explain how you can successfully merge your online and physical storeoperations. BOPIS, meaning Buy Online, Pickup In-Store, is an order fulfillment option that helps retailers connect their e-commerce channels with their brick-and-mortar storefronts. What is BOPIS?
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