Retail Execution with VisitBasis

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"Out-of-stock" is a dreaded term in retail. When there is no stock of a certain product, there can be no sales of such product, so out-of-stock means lost revenue. Period. The customer that didn't find their favored product in stock at a certain location might even be lost forever, since the absence of that product could mean settling for - and then liking - available alternatives. In summary, out-of-stocks mean more than lost sales, they can mean losing customers due to poor reputation and brand loyalty. Therefore, consumer product goods (CPG) and fast moving consumer goods (FMCG) companies have systems in place in order to prevent frequent out-of-stocks. One such system involves having merchandising teams going to each and every store where their products are sold in order to verify the quantities still available and request more product if necessary. Field merchandising software has revolutionized how out-of-stocks are handled. Before, companies had to rely on...

Out-of-stocks is truly a nightmare both for suppliers and retailers. According to a new research report from retail analyst firm IHL Group, retailers lose $634.1 billion in annual losses due to out-of-stocks. Lost sales not only significantly impact a company’s bottom line, but also damage brand trust and result in lower customer loyalty. The most common reason why a customer leaves the store without the item he was willing to buy, is empty shelve. The other reasons include mismatch of price, claimed in ad or promo, and actual store price; and lack of assistance in choosing or finding the product. Advanced technology can help retailers address all of these problems, improving logistics and reducing out-of-stocks. Much of out-of-stocks occur due scattered business processes, disordered data workflow, resulting into big time gaps between a store visit and appropriate company's actions. The up-to-date merchandising software solution provides real-time data exch...