Overcoming Today's Biggest Retail Inventory Management Challenges
It's safe to say that inventory is at the heart of the ever-evolving retail industry. For businesses worldwide, managing inventory to ensure a pleasant and seamless customer experience has become one of the primary focuses in today's highly competitive retail landscape. The inventory software market is growing rapidly and is expected to exceed $3 billion by 2024 , with cloud-based software claiming over 30% of that market share. Data analytics, IoT, and Cloud Computing are now some of the most highly sought-after technologies in the supply chain sphere. Good inventory management practices can be a game changer when it comes to achieving exceeding customer expectations and maintaining healthy profitability. While comprehensive inventory control and accurate sales forecasts are reliable strategies, that's just the tip of the iceberg as far as inventory management is concerned. The challenges are as diverse as the global and local markets in which retail businesses operate...