Retailers face a real conundrum. On one hand, everything from the costs of raw materials to the costs of commercial retail space is increasing dramatically. However, on the other hand, customers are becoming savvier than ever and will simply not accept any increases in price. As retailers look to minimise operating costs to maintain margins, inventory allocation is one area that retailers simply cannot afford to overlook!
Ultimately, to survive in retail, business leaders must do whatever they can to drive efficiencies across every aspect of their business. However, as customers increasingly exploit the convenience of online shopping channels, retailers now must work harder than ever to ensure that their traditional bricks ‘n’ mortar stores still add value to the overall shopping experience.