Keeping store shelves consistently stocked is the foremost challenge in any retail enterprise. There are many variables that go into determining the right demand at the stores – including demography, seasonality, holiday peaks and product life-cycles. The impact of this is far from trivial on the top line and bottom line and has a significant impact on customer retention. About 21% to 41% of the customers faced with a stock out move to a different store to make an alternative purchase. Also 72% of stock outs occur due to flawed planning and replenishment methodologies as opposed to bottlenecks in the supply chain.
However there is a cost to carrying inventory as well. The solution is to find the balance between overstocking and letting your inventory run out too quickly.
BluePi works with retailers in providing retail optimization solutions that are tailor-made keeping their specific supply chain nuances. Whether you are a multi-format retail chain, apparels or a grocery store our AI/ML driven solutions will add to your bottom-line and top line while at the same time improving customer satisfaction.
When it comes to demand planning Data trumps Instinct. Armed with AI driven sales forecasts retailers can make demand planning accurate and impactful.
A vital part of meeting demand is the process of stock replenishment. A modern data science driven approach to replenishment helps firms by determining what to reorder and how much to reorder.
Historical analysis of markdowns can help you determine when to reduce prices and by how much. As promotions impact both brand image and profitability a data driven approach will help achieving higher rate of sales for declining products.
Avoiding reorders by redistributing stock between retail outlets to move inventory from a low selling location to higher selling one can lead to low stock holding and stock outs.
Having a view of product availability at different store locations and a clear view of stock covers can help business leaders make informed decision making.
Get rid of overage and redundant stock while optimising shelf space for fast selling products thereby increasing your return per square foot of retail space.
If an item is not in store you can’t show it. If you can’t show it,you can’t sell it. Learn how BluePi can help you determine your organization’s ROI from the use of an intelligent demand planning solution. The latest forecasting algorithms based on AI/ML can help you carry an optimally inventory.
Unlock the insights from your sales, product and customer data to make the necessary interventions. The dashboards built and powered by BluePi for retail provide KPIs and metrics that keep business stakeholders updated on how the organization is performing.