Software features and automation can improve the retail customer experience by accurately and efficiently managing stock levels.
Controlling inventory is essential to the efficiency and profitability of any retail business. An inventory database provides retailers with an accurate, up-to-date picture of stock levels for each product so that they have what it takes to meet customer demand without overstocking.
As global supply chain issues and rising customer expectations add strain to retailers’ lives, proper inventory management can save the day. So, what tech features should retailers look for in an inventory management system?
According to McKinsey Digital, AI-powered planning decreases supply chain network mistakes by 30-50% .
As retailers know, inventory management goes beyond storing and delivering items from one place to another. It both generates and relies on substantial amounts of data to be effective in terms of time, money and workforce. That’s where AI comes in.
Trained intelligence acts as a supervisor and a watchdog, accurately analyzing the effect weather conditions, events, economic situations and more will have on sales.
AI allows businesses to forecast their consumers’ upcoming wants and create product inventories appropriately.
Automated reordering keeps accurate track of stock transferring, unites multiple locations reporting in your chain, processes store orders and notifies consumers about the goods dispatch — without the very real potential for human error.