There’s a lot at stake when it comes to inventory planning. More than risking being out of merchandise earlier than expected or having too much of a product at any given time, poor inventory planning can have any of a number of unintended consequences. For example, problems with planning when it comes to your inventory can lead to dissatisfied customers, inefficiency in your supply chain and can disrupt costs.
What does a customer do when a product they want is not in stock? The answer is seemingly simple. They head somewhere else, to a retailer where they can expect to get what they want. However, is the answer really that simple? There are quite a few more nuances to it. Customers also remember they couldn’t find what they were looking for when they originally shopped for it at your location. This means in the future, they may not attempt to look for it or other items at your store again. Having a well stocked inventory prevents problems like these from occurring.
Fortunately, modern technology is here to help retailers keep track of their inventory planning. There are systems in place that allow vendors to visualize stock and inventory and more effectively keep track of what needs to be purchased and when. This is great news for retailers because they no longer have to resort to older methods of inventory planning that leave a lot up to guesswork. That also means it’s easier than ever to prioritize inventory planning in one’s day-to-day operations, ensuring no stone is left unturned in ensuring inventory is properly tracked and customers are kept happy.