What do you feel when you see empty shelves in your favorite retail store? Almost 30% of all trips to a store end like this. This motivates loyal customers to look for their desired products in other stores. To put it simply, stores with empty shelves have a negative impact on revenue. This blog gives you complete data to solve inventory management challenges with our out-of-stock solutions.
What is an Out of Stock solution?
Out-of-stock solutions automatically scan every aisle of your store. It detects empty spaces on product shelves and helps store managers locate products that might need restocking allowing customers to freely shop without any restrictions. Out-of-stock solutions ensure that all aisles are as efficient and productive as possible.
Additionally, it gives decision support by analyzing shelf conditions and inventory management, helping stores maximize profit by keeping shelves up to date.
Global Market Insights says the inventory management software market is expected to grow from USD 3 billion in 2019 to USD 8 billion by 2026.
Source : Global Market Insights
Below are top 3 Inventory management challenges solved by out-of-stock solutions.
Challenge 1
Know shelf with empty spaces
The average retailer has 8% of its products out-of-shelf, which can cause a 4.1% loss in sales because items are in inventory but not shifted to shelves.
Solution
Visionify’s out-of-stock solution works with smart cameras to detect empty shelves and alert store managers to restock immediately. This reduces stock-outs by 30% and contributes a 5% increase in sales.
Watch the spaces.
Alerts store staff to shifting needs on the selling floor. Notifications are sent to mobile devices when out-of-stock items are spotted, products with incorrect prices need adjusting, and misplaced products on SKUs.
Start focusing
It’s helpful to know how long out-of-stock incidents last and how much sales impact they have. Our solution provides data to develop best possible replenishment plans and make sure limited resources are used wisely.
Challenge 2
Knowing ins and out of your inventory
For insance POS data provides only partial information about products but it does not provide who was check IN and Out. Another instance is when a customer cannot purchase an item due to an out-of-stock incident or an error by a clerk they check In and out cannot be tracked. Missing demand customers store Ins and Out data can lead to inaccurate forecasting of goods and services.
Solution
Let us help you make smarter inventory decisions with data we provide from our out-of-stock solution that keeps track of your most popular and regular items.
Every link counts
Our solution data can help identify items with frequently recurring out-of-stock issues. Discover the best ways to reach your customers and increase your sales, such as understanding a product’s shelf demand and changing a store’s sales forecast.
Have enough space
When the number of SKUs a store carries goes up, floor space stays the same. Few products are available to meet variable customer demand when products are out of stock. We help you match each product’s shelf-holding power to its appropriate SKU.
Challenge 3
How to get e-commerce excellence?
Let customers select an item you can deliver before clicking on an add-to-cart button. Unfortunately due to disconnects between shelf and e-commerce data, 1 out of 3 online grocery orders is missing items.
Solution
Our out of stock solution provides you with real-time data so you can delight customers with timely and precise delivery and pick-up.
No more online shopping letdowns
You can make it easy for your store customers to find what they’re looking for by regular inventory scans of your store’s routine.
Conclusion
Inventory management is a challenge for businesses across all industries. Applying an out of stock solution to your inventory system will help bring transparency to the physical process. Enabling you to get more products into customers’ hands and increase conversion rates.
Stores can now use out-of-stock solutions to understand what’s happening in their aisles by using the data our tools provide. They can then add more products or restock and reorder more products, reducing waste and loss of revenue.
Visionify provides out of stock solution to overcome out-of-stock and empty self issues in your store. It sends you alerts when a shelf is found with empty spaces so that you can restock products and increase customer experience and satisfaction. Our solution will increase your store aisle’s efficiency by 90 % and increase your store productivity. Chat with us and learn how our solution can work with your retail store.
