Business Intelligence for Optimal Stocking of Retail Fashion Merchandise
New Store Analytics Package for Fashion Retailers with Realtime Alerts to Prevent Inventory Gaps
Visibility and availability of items on the sales floor is crucial; it effectively determines either the sale, or a missed opportunity for customers to buy. This is a particular challenge for fashion retailers as it is essential that the right items be at the right locations in order to prevent customer migration to competitors. To help in meeting this challenge, Detego is expanding its existing inventory management product to the store sales floor, stockroom and central warehouse.
The latest release provides store managers with analysis of turnover and relevant reports in realtime, allowing them to use this important information to optimally present merchandise. Personally customisable dashboards deliver important key performance indicators (KPIs) for individual stores, e.g. merchandise availability, inventory accuracy and inventory aging structure as well as stocking performance.
The new software package is now available for desktop PCs, tablets and smartphones. It offers realtime insights into the operations of the store, not only to store managers but also to category managers and those responsible for turnover at the highest level, enabling the more efficient oversight of workflow processes.
Intelligent Store Analytics Package for the Right Merchandise, Quantities and Sizes at the Right Locations
The software is based on RFID technology and functions at the item level, offering complete transparency. It benefits from a low investment in manpower whilst providing users with stocking and reordering suggestions. It handles returns and merchandise transfer between stores as well as inventory functionality through ongoing inventory control along with required annual inventory counts. In order to steer the store towards sales growth in a targeted way in terms of brand product mix policies, it is now possible to import merchandise plans. This allows the store manager to ensure that the right products for a specific campaign are on hand in the correct quantities and sizes, in addition to the items being in the proper locations within the store.
A comparison of current status vs. targets in realtime provides an effective oversight for optimal merchandise presentation on the sales floor. Detailed reports and graphic analysis covering all merchandise movements are highly effective in offering important decision-making support for day to-day operations.
Enso Detego GmbH offers the ideal market tested software package with innovate improvements, and as CTO Dr Michael Goller explains; “The new analysis possibilities and reporting provide a considerable benefit as well as a valuable time savings for the store manager. First off, more forward looking planning can be carried out, and secondly, the system offers targeted notifications with operational recommendations in real time. In the past, hours or even days could pass between the emergence of an out-of-stock situation and restocking; now the retailer can react immediately”.