All retailers can learn a valuable lesson from the news that Marks & Spencer was hit by a stock shortage after failing to order enough women’s knitwear during the cold winter months (MWlinks/MSimprove).
The weather seems to have contributed to a surge in demand for such products, which highlights the need for all retailers to ensure a well-planned strategy is in place.
Stock control is a fundamental element of this strategy and it is critical that retailers use the right data and tools to analyse inventory activity. Planning effectively for the year ahead allows retailers to not only factor in seasonal events such as Christmas, but also fluctuating weather conditions.
A thorough analysis of the environment and prior trading years will help retailers align inventory against current trends and opportunities more accurately.
Inventory management has become more important than ever to ensure stock is accurately reported across all channels. Smart technology that simplifies these tasks can ensure retailers avoid any unnecessary stock shortages, saving on time and resource.
By leveraging important information from other channels, retailers can also make informed decisions and predictions regarding future strategy.
Keith Bird CEO, eSellerPro