UK retailers lose approximately £11 billion annually due to inventory discrepancies (KPMG Retail Survey, 2023), with average inventory accuracy hovering around 65%.
💡 Quick Win: Implement a mobile inventory management solution that works with your existing systems.
Implementation steps:
– Evaluate cloud-based inventory solutions compatible with your POS
– Equip staff with mobile devices/tablets with barcode scanning capabilities
– Set up regular cycle counting routines instead of disruptive stocktakes
– Create a daily dashboard of inventory variances for rapid resolution
– Focus first on your highest-value or most frequently problematic items
An independent retail chain in London implemented this approach and improved inventory accuracy from 68% to 94% in three months, reducing stock-outs by 40% and cutting excess inventory costs by 22%.
What’s your biggest inventory management headache? How are you addressing it?
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