The retail industry is an undeniable titan – a $14.5 trillion dollar titan, to be exact. Unfortunately, in recent years, this behemoth industry has been experiencing crippling blows in revenue.
A recent blog post on accessoriesmagazine.com states, “According to a new research report released from retail analyst firm IHL Group, commissioned by OrderDynamics, retailers worldwide lose a staggering $1.75 Trillion annually due to overstocks, out-of-stocks, and needless returns.” That’s almost a 12.5% loss in revenue. According to the report released by IHL Group, the three primary reasons for these losses are preventable returns, out-of-stocks, and overstocks. The report states, “The worldwide losses in these three categories are:
- Preventable Returns: $642.6 Billion each year
- Out-of-Stocks: $634.6 Billion each year
- Overstocks: $471.9 Billion each year”
What is even more gut wrenching than the colossal revenue losses listed above, is that these losses are easily preventable…
SkuVault has designed a groundbreaking Inventory Management System that’s not only affordable for any size eCommerce or retail business, but user-friendly as well.
So, in the words of great comic book superheroes everywhere, we here at SkuVault have a message for not only the eCommerce industry, but retail businesses everywhere: “Have no fear, SkuVault is here!”
Our software assists in all processes related to keeping an accurate count of your quantities – what’s on hand, where it is, and ultimately, what’s free to sell. The goal of SkuVault’s inventory management system is to help you to be able to locate any product in your warehouse at any time, in as few steps as possible. SkuVault utilizes barcode scanners in conjunction with product and location barcode labels to manage your inventory. Knowing when more products are coming in, what products are going out, and most importantly, where your products are at any given time, will help cut down on out-of-stocks and overstocks.
“These problems are within retailers’ grasp to solve, but it requires more than data, more than business intelligence.”
“It requires understanding the root causes of inventory and data disconnects and implementing the technology solutions and operational changes to address these revenue-limiting issues,”said Greg Buzek, president of IHL Group, in the accessoriesmagazine.com blog post.
Kudos, Greg Buzek. We here at SkuVault LOVE this quote. We love it because we do understand the cause of inventory and data disconnects, and we have created the very technology solution he posits to address the revenue issues listed above. It’s up to you, the merchant, to implement our technology into your warehouse.
Technology can be intimidating, no doubt about it. Implementing new technology and new operational changes to your warehouse can be double intimidating. We get that. That’s why we’ve gone out of our way to make the transition as painless as possible for you.
We designed the app specifically with you, the brick-and-mortar & eCommerce merchant, in mind. We test SkuVault in the warehouse through every step of the feature creation process, getting direct, immediate input from warehouse workers, including warehouse managers, pickers, shipping, quality control, and more. We listened to their suggestions (and yours!) and observed processes that slowed them down or sped them up.
We’re working everyday to improve the warehouse management process for traditional and online merchants all over the world. Whether you’re a start-up company, or a multi-billion dollar titan, every dollar counts. And while you may not be experiencing revenue loss in the trillions like the retail industry, we can certainly help reduce what revenue you have been losing because of preventable returns, out-of-stocks, and overstocks. Click below to take back control of your inventory and try a free demo of SkuVault today.