Enabling an Omnichannel Inventory Management Strategy
While today’s consumer has dramatically changed, most retailers are still relying on inventory management tactics that are stuck in the past.
Some of the world’s best-known retailers have learned this lesson the hard way and are now leading the way toward truly omnichannel inventory management.
For example, in 2013, Walmart lost $3 billion in sales due to out-of-stock issues, even though its inventory grew faster than its sales. The culprit? Infrequent collaboration with supply chain partners, who were not nimble enough to react to quick changes in demand. To address this problem, Walmart gave key vendors access to its backroom inventory data, leading to significant improvements in replenishment capabilities and on-shelf availability. [Read more…]