Out-of-stocks are a retailer’s nightmare. They are expensive and cost retailers one trillion dollars in missed opportunities annually. Even before the shortages due to the pandemic, out-of-stocks happened frequently–20% of the time in grocery stores and more frequently at other businesses.
When customers can't find their preferred item on the shelf, they may take an alternative route, causing the retailer to lose purchases. Online ordering intensifies the need to solve out of stocks. Retailers need a new approach – a way to manage out-of-stocks and create an efficient process that works for everyone.
In this webinar, we discuss:
- The causes of out-of-stocks and the impact on retailers, brands, service providers and customers
- Why traditional approaches have not been effective
- Best practices for how instore stakeholders can create a foundation for flawless execution, improving on-shelf availability, reducing out-of-stocks and offering customers the best possible visit