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The Importance of Inventory Accuracy: Highlight 3

Discover the profound impact of inventory accuracy on customer experience in this insightful video by Datasan. In an industry obsessed with enhancing customer satisfaction, inventory accuracy issues pose significant challenges for retailers striving to deliver the best possible experience. Datasan delves into the connection between inventory accuracy and customer experience. Explore how a simple inventory…

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Discover the profound impact of inventory accuracy on customer experience in this insightful video by Datasan. In an industry obsessed with enhancing customer satisfaction, inventory accuracy issues pose significant challenges for retailers striving to deliver the best possible experience.

Datasan delves into the connection between inventory accuracy and customer experience. Explore how a simple inventory discrepancy, such as not having the exact shirt a customer ordered, can quickly escalate into a major problem which can tarnishes the customer’s perception of the brand. Understand the elevated importance of inventory accuracy in today’s customer-centric retail landscape.

Datascan has solutions that mitigate inventory challenges. Explore the concept of buffer stock, where retailers increase the quantity of inventory stored in anticipation of potential inaccuracies. Datascan’s President and CEO, Adrian Thomas, discusses the trade-offs involved, including the higher cost of carrying more inventory in-store.

Gain valuable insights into the options available for retailers, whether it’s performing more frequent inventory counts or reevaluating inventory management practices in the supply chain.

Video TranscriptExpand ↓

Because customer experience these days has become you know, a buzzword term for lack of a better word across the retail industry. Right? Everyone's looking at how do we improve the customer how do we give customers the best experience whether it be online in store, a mixture of the two? And so having inventory accuracy issues certainly elevates that that elevates the problem. Right? Because like you mentioned, an an upset customer because you don't have -- Right. -- the shirt that they ordered. All of a sudden, this is now a larger issue than just inventory accuracy problems that they would have normally experienced. Like you said, a month after accounting anyways, now this is an elevated issue that that is a bigger problem for retailers to try to solve. It's a bigger problem. So one one response could be Well, I'm gonna elevate my buffer stock. Right? So whereas, typically, I would want a minimum minimum quantity the store of three or five or whatever the retailer might set as a buffer stock. In order to absorb this potential inventory and accuracy, I'm going to make that six or seven So what that means is they're now carrying more inventory in the store. The cost goes up. So I think there's a trade off between do I perform more inventory counts more frequently? And there's a cost to that, obviously, in order to maintain a higher level of inventory accuracy Or do I change my the way I manage my inventory in my supply chain and have more inventory in the store rather than the the DC or or might manufacture room.

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