Retailers manage and sell a large number of different products, particularly with distinctions such as size, color, and style. Demand can be reasonably steady, as with food and hardware or highly seasonal, as with clothes. For steady demand items, retailers tend to set an order point and order quantity. For example, whenever the number of an item in stock goes below 3, order 12 more. For seasonal items, retailers usually buy the items from suppliers before the season, and there is seldom a chance for replenishing stocks mid-season if the item is a big seller.
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Retail Inventory Challenges
What to stock, how much, and when to order & transfer
Forecasting future demand, handling anomalies and shifting patterns in demand
Planning of promotions
Visibility and planning of specific channels, market segments or customers
Difficulty in manually setting min and max levels
Stock-outs of key items
Low inventory turns on a majority of items
Wrong mix of inventory items – excess and obsolete inventory
Managing Retail Challenges with Valogix
Detect trends and seasonality as well as predict slow moving and randomized demand
Virtual Locations – Plan and forecast at the sales channel, segment or customer level
Manually import Promotional Forecasts
Time-Phased Planning and Future Projections
Automatically find and handle anomalies in historic demand for more accurate forecast and reorder point values
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