Being out-of-stock(OOS) is generally a sign that your business is doing well but if you’re out of stock too often it will lead to frustrated customers. This infographic from 2Flow takes you through some ways retailers can reduce OOS levels to further increase their profits.
The more often OOS happens the more frustrated customers become and if a product is out of stock regularly you are simply leaving money on the table. For both retailers and suppliers being OOS is a very dangerous game as it causes customers to switch stores or buy substitute products. If this happens 3 times, up to 70% of customers make no purchase or switch stores.
Most retailers are aware of OOS issues and in spite of their best efforts, problems still arise. It can be difficult to estimate the popularity of certain items or you may have done everything in your power to get the pREoduct on the shelves, but a supplier doesn’t deliver the goods on time.
The reality is that stockouts will always happen but having inventory controls in place will help to prevent them. A good rule of thumb is to always eliminate stock issues for the 20% of items that account for 80% of total sales. This essentially means that you should never run short of your best sellers! Check out the full infographic for more information on reducing stockouts.
Save the date for the next Paris Retail Week show from 10 to 12 September 2018
For its 4th edition, the biggest European trade event will take its full scope and will gather in Pavilion 1 of Paris expo Porte de Versailles the e-commerce sector, dedicated to solutions for e-retailers, ranging from digital marketing to logistics, and the Store / Equipmag sector, dedicated to physical commerce and distribution.
Pour sa quatrième édition le plus grand événement retail européen de la rentrée prendra toute son envergure et réunira dans le Pavillion 1 de la Porte de Versailles le secteur E-Commerce, dédié aux solutions e-commerce, du digital marketing à la logistique et du secteur Store / Equipmag, dédié au commerce physique et à la distribution.