Over HALF of U.S. retailers have below 80% inventory accuracy, according to Unleashed.
If that’s you (and odds are that it is), that means you are missing at least 20% of your inventory. That’s 20% of your potential revenue, your opportunities to connect with customers, your chances to make a killer first impression…they’re just gone. You might have them, you might not.
Taken worldwide, inventory distortion costs the retail industry $1.7 trillion dollars annually, according to a study by the IHL Group.
Not only is it a missed opportunity, but it’s an expense that you can’t recoup.
- At least 20% of your inventory—and potential revenue—is unaccounted for
- Waste of associate time and negative brand equity
- Missed chances to delight customers on the first try
Why That Missing 20% Hurts More Than You Think
What you might not realize is that that 20% actually goes even deeper still. After all, that inventory didn’t get lost overnight, and it didn’t get lost on purpose. That 20% represents an ongoing, systemic gap in your operations. It represents disconnected processes, insufficient training, and loss that is baked into the status quo of how you do business. And at the end of the day, that 20% represents resources, focus, and effort that could be put toward your customers, but isn’t.
How Retailers Can Close the Gap With Smarter Inventory Management
What you need is an inventory management system that turns that loss into opportunity, so you can:
- See accurate stock levels across stores, online, warehouses, and drop ship vendors, all in one place. Out of stocks cost North American retailers over $256 billion last year; stop paying that price.
- Sell out of stock or online-only items directly from the store, avoiding missed sales or costly shipping delays. Supply issues cost retailers worldwide over $198 billion in 2024.
- Accurately predict customer demand, letting you cut the inventory bloat while staying ahead of burgeoning trends and preparing for your customer’s wants and needs.
- Time replenishments so that your locations have exactly what they need, exactly when they need it. No more wrestling with outages or surplus stock.
Best of all, when your inventory is accurate and trustworthy, your teams are free to actually engage with your customers. Stop settling for 80%. Let us help you get more.