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Inventory Management Tips for Retailers to Reduce Overstock and Increase Profits

RETAIL MANAGEMENT SOFTWARE

Whether you’re selling sneakers, sofa sets, or fine jewelry, carrying too much stock ties up cash, eats up space, and leads to markdowns. According to the National Retail Federation (NRF), retailers lose an estimated $50 billion annually due to inventory distortion, which includes overstock and out-of-stock issues.

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Essential Steps for Surviving Demand Volatility in Business Strategies

Small Biz Trends

Utilize Effective Tools: Invest in retail analytics and inventory management solutions to improve forecasting accuracy and inventory levels, facilitating agile responses to market changes. This prospect affects inventory management, sales forecasting, and pricing strategies.