Wiser’s infographic highlights some of the best inventory techniques retailers can apply to their own business and win this holiday season.
San Francisco, CA (PRWEB) September 29, 2015
Inventory and assortment strategies must be continuously optimized in order for a retailer to succeed online. As the holiday season quickly approaches, now is the best time for retailers to get the ball rolling on their inventory planning processes. Wiser's new infographic explains how competitive intelligence can help.
Inventory can be costly for retailers. Studies show that US retailers are sitting on about $1.43 in inventory for every $1.00 in sales. It's important to remember that overstocking is just as dangerous as understocking. Approximately 54% of warehouses plan to carry more SKUs within the next 5 years, so it's important for retailers to widen their selection to keep up with the increase in SKU count.
Inventory is a tricky subject to tackle. On one hand, retailers want to avoid an out of stock situation against a competitor. On the other, overstocking can increase costs and lead to a surplus of items that can be difficult to get rid of without sacrificing margins.
Wiser explains how online retailers can put their competitive intelligence to good use and apply it to their own inventory strategy. About 62% of retailers plan to focus their big data initiatives on merchandising, so there is a clear push towards gathering and analyzing data on top selling products to ensure they are consistently stocked to maximize sales. Another important strategy is to monitor competitors' stock levels and capitalize when it is low by increasing prices to boost margins.
Arie Shpanya, an online retail expert and CEO of Wiser, said, "When it comes to the holiday season, one of the most important factors that determine success is a retailer’s inventory. Measuring competitor data to continuously optimize inventory is one of the best ways to stay ahead." Wiser’s infographic highlights some of the best inventory techniques retailers can apply to their own business and win this holiday season.
To view the full infographic, click here
Wiser provides a complete suite of solutions to give retailers, brands, and manufacturers the edge to stay both competitive and most importantly, profitable.
Wiser's flagship product is WisePricer, full-featured dynamic pricing and merchandising engine that monitors, analyzes and reprices retail products in real-time. WisePricer enables retailers to boost profit margins and revenue, price with confidence, and improve merchandising through powering the development of a sound pricing strategy.
Wiser also offers a MAP monitoring solution, WiseMapper, for brands and manufacturers to monitor and protect their pricing across the thousands of retailers selling their products.
For more information on Wiser and WisePricer, please visit wiser.com/wisepricer