Retail Safety Stock Management
Stockouts and the revenue losses
Sometimes products can get so popular with your customers that they simply sell out. And sometimes they can be sold out just because of the inaccurate safety stock management. Whatever the reason, every time a customer comes to buy a product or a service you can't provide, your business loses money. To avoid this situation, every business wants to have exactly that amount of safety stock which would serve their customers without having any of the products unavailable. However, at the same time, every business wants to avoid overstocking on products which they can not sell later. As easy as it may sound, this is usually a very hard thing to get right.
Predictive safety stock calculation
Shoptimality artificial intelligence extends its product demand planning algorithms to predict when will your business run out of the particular items. As an added feature, it also breaks down those predictions by store, so you will know where you will run short in addition to what. This can be very helpful as it can allow your business to either restock a given item on time or, in the case of a service business, even plan needed service capacities. And the more items you have in your offerings, the more important this capability becomes, as you just can not effectively track demands and stock levels manually for every single product.
Optimal reorder quantity calculation
While knowing when will a product go out of stock is very important, this is not enough on its own. When restocking on given items or planning service capacities, you also want to know on how much is expected to sell. Shoptimality AI predicts this information as well. As our algorithms work closely with Shoptimality inventory management, you are also presented with exactly how much of a deficit our AI thinks one of your stores will end up for a given product. This prediction is based on current inventory levels and predicted future product demand.
Improve product availability
With Shoptimality retail safety stock management based on artificial intelligence technology, your business can benefit greatly. Knowing when will something get out of supply and knowing how much of it will be in demand can be a real business differentiator. The one which can ensure products are never unavailable to your customers and, at the same time, enable your business to optimize profits by not stocking up more than what the actual demand is.
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Learn more about how Shoptimality AI works to...
Predict Revenue Uprises / Downfalls
Combine Artificial Intelligence & POS