In the most recent research study by IHL Services, “inventory distortion” has been blamed for billions in lost sales worldwide. Out of stocks and over-stocks have always been a problem for retailers, but due to a number of complications (worker shortages, supply chain issues and severe weather, to name a few) these costly problems are of particular concern these days.
Grocers are forced to either accept the losses or become more efficient retailers. This is where technology comes into play. Efficiency can be achieved by using software solutions like Itasca Retail’s CGO and in fact, IHL’s report confirms that sales have increased for retailers who employ computer generated ordering systems.
An investment in CGO software can provide a perpetual inventory, trusted forecasts and automated replenishment which keeps inventory distortion low, makes better use of staff members’ time and keeps customers coming back. Isn’t that the ultimate goal?
Read the full report here!