March 8th 2023 11:00:00 AM
Inventory Programs Help Retailers Make Better Decisions
December 12th 2019 16:00:00 PM
Did you know that improving inventory programs also improves efficiency? According to a US retailer survey conducted by Celect called Revealing the Hidden Costs of Poor Inventory Management, off-target merchandising decisions and too many markdowns are two of the biggest challenges retailers face.
Over 200 decision-makers were surveyed. The results are eye-opening:
- Non-grocery retailers in the US lost $300 billion in revenue from markdowns (2018). This figure represented 12% of total sales.
- “Inventory misjudgments” were the primary motivation behind markdown decisions and the impediment to selling items at full price. Misjudgments made up 53% of unplanned markdown costs.
- Multichannel retailers were less likely to sell their inventory at full price. As the channel expands, managing inventory becomes even more complicated.
- A distinct majority (86%) of respondents saw ways in which advanced analytics could benefit their sector by helping to sell more inventory at full price.
What’s a retailer to do? Inventory programs can help you make better decisions which make it less likely to need markdowns to clear out unsold inventory.
Inventory Programs From Scanco
The leading OEM warehouse automation solution for Sage 100 includes inventory programs which provide accurate data on your warehouse inventory. Scanco Warehouse 100 will run on iOS or Android devices.
You can configure Warehouse 100 for barcode scanning which runs on any handheld device. This makes it easy for workers to learn how to use it. Detailed inventory data flows to all systems within your company and provides essential information that helps you avoid making poor decisions.
For more information about Scanco inventory programs, contact us online or call (330) 645-9959.