How to maximise turnover in non-food retail with minimal capital investment

In non-food retail, it is crucial to maximise turnover with minimal capital investment. How well balanced is your inventory? Keeping costs to a minimum while ensuring that the right stock is available on the shelf can prove a major challenge for retailers operating in the non-food sector. On the one hand, disappointing customers may force them to turn to the competition. However, on the other hand, holding high levels of stock requires a high level of capital investment. Slim4 allows non-food retailers to take a dynamic and integrated approach to inventory management which in turn enables businesses to generate greater profit from their investment in stock.

Balancing inventory levels in non-food retail

How does your non-food company manage inventory levels and sales peaks? How do trends impact your demand? Are there any recurring seasonal patterns? By taking into consideration the sales patterns and trends in non-food retail at both an individual store level as well as at a national level, Slim4 dynamically calculates forecasts for each item and location. Slim4 also takes into account seasonal trends, product lifecycles, as well as the desired service level.

Promotions: 80% of your worries for just 20% of your sales

80% worries for just 20% of sales, do you recognise this? ERP systems are not designed to excel in a dynamic non-food retail environment, especially when it comes to managing promotions. Through utilising the promotions manager within Slim4, non-food retailers can build up stock in the central distribution center in the run-up to a promotion which subsequently enables stock to be dynamically allocated to capitalise on local sales opportunities. Furthermore, to avoid losing out on sales in thriving stores as well as to minimise of overstocking underperforming stores, Slim4 constantly monitors the stock situations allowing retailers to be far more responsive to demand. Furthermore, by isolating promotional demand from the forecast calculation, Slim4 ensures future forecasts remain accurate outside of promotional events.

The right omnichannel strategy in non-food retail

How to manage omnichannel as a retailer? How can you determine how best to allocate stock across physical stores and the webshop(s)? Taking an integrated approach to inventory management across the supply chain to ensure that inventory remains well balanced across all channels and locations. Slim4 indicates where best to hold stock as well as in which quantities. For example, if there is a short stocked item which is also at the end of the product lifecycle, you may want to give priority to the physical stores to maximise customer satisfaction; especially where there is a high degree of integration between the physical stores and the online operation. This, in turn, prevents lost sales and ensures you make the absolute most of your stock.

Support of shelf plans

For many non-food retailers, planograms provide the basic formula on which a retailer can secure a differentiated image from the competitors. However, when it is time to change the planogram, new articles must be phased in and out on time. Slim4 fully supports this process and ensures that the initial introduction of items is based on anticipated sales. By taking into account the minimum and maximum on-shelf stock levels, Slim4 ensures that sufficient levels of replenishment stock are ordered at a central level.

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