Adjusting inventory targets for special events often involves applying blanket increases to entire categories. Retailers tend to use conventional methods that lack the ability to differentiate between individual SKU-locations, leading to inefficiencies in inventory management.
This one-size-fits-all approach fails to consider the unique characteristics of each product in specific store locations. For best-selling items, the overall increase might not be sufficient to meet the surge in demand, resulting in stockouts and missed sales opportunities. On the other hand, slower-moving items might end up with excessive stock, leading to unnecessary waste and tying up capital.
What Can Be Changed:
With Onebeat's Special Event Feature, retailers can break free from traditional methods and adopt a granular approach to inventory adjustments. Our solution empowers retailers to treat each SKU-location differently, acknowledging the diverse demand patterns and potential sales impact during special events.
By leveraging Onebeat's advanced AI algorithms, retailers can accurately calculate the needed sales increase factor for each SKU-location. This precision-based approach ensures that inventory targets are optimized, and the right products are available in the right quantities at the right time. The result? An impressive surge in sales conversions during special events, reduced stockouts, and minimized inventory waste.