As retailers begin to re-open stores during the COVID-19 pandemic, every aspect of brick-and-mortar retail will need to be re-examined. By knowing what to expect, you can jump into #RetailRecovery assured that your stores, and profits, are protected.
EXPECTATION: Inventory issues will be widespread.
- Aged merchandise, reduced shipments due to canceled orders.
- Shipments that were in transit when stores closed.
- Poor receiving practices due to the need to stock shelves quickly during the panic buying.
- Out of stocks, and more.
Inventory loss can be managed, identified, and stopped.
- You have been using exception-based reporting (EBR) systems for years on POS data, now is the time to look for exceptions in your store inventory data.
Improperly addressing inventory exceptions can quickly lead to increases in loss and shrink. In fact:
- New retail routines may have introduced new opportunities for loss that you will need to search for and close promptly.
HOW CAN I GENERATE REVENUE?
- Improving in-stock accuracy will help save sales and keep consumers satisfied.
WHAT CAN I CHANGE?
- Use analytics to find and focus on the highest value integrity issues.
- Distinguish intentional fraud from errors.
- Analyze new inventory and distribution practices for profit leaks.
WHO CAN HELP?
When you re-open, partnerships matter.
- Vendors have a broader view of the marketplace—ask for insights.
- Plan your next moves with financially strong partners, like Appriss, who have previously managed downturns.
- Look for partners with the stability of a large, diverse client base.
- We’re here to help if you want to talk about inventory integrity.