How to Effectively Manage Your Inventory Through the Holiday Season
The holiday season is understandably a stressful time for retailers, but ultimately it can also be the most rewarding. You have 11 holiday shopping days that require careful marketing strategy planning. Under these circumstances, it is understandable that some of you may unwillingly drop the ball when it comes to the state of your inventory.
However, it should always be one of your priorities. Research from the IHL group shows that the worldwide retail economy is worth a staggering $14.5 trillion. However, this figure could actually be substantially larger. Poor inventory management is one of the issues that stand in its way. The same report mentions that companies worldwide lose $634 billion a year from items that aren’t in stock and $472 billion from overstocking items. Combined, this leaves us with an astonishing figure of $1.1 trillion. Lost due to inventory management issues. Now that's a pie that you might want to have a piece of.