Home / Knowledge / News / Textiles / Retailers' inventory data only 75% accurate
Retailers' inventory data only 75% accurate
06
Jul '18
Courtesy: Detego
Courtesy: Detego
The average retailers' data is only about 75 per cent accurate when it comes to knowing what inventory is actually in stock at any particular time, says a recent report. The problem is often compounded by retailers continually managing stock across multiple channels and increasingly having to stay on top of demands for up-to-the-minute, reliable data.

The detailed analysis was carried out by retail tech specialists at Detego, a European retail software provider. Detego, which has been monitoring its own chatbot service that allows consumers to engage with retailers via their smartphones, found the most common enquiries to be about stock availability. It found data inaccuracies around inventory to be most of an issue in fashion retail where ever shorter product lifecycles, fast turnarounds of stock and multiple style, size and colour combinations can play havoc with the supply chain and in-store operations, the study reported.

"Customers, above all, want instant and accurate information on product availability," said Dr Michael Goller, CTO at Detego. "If you're shopping for clothes, you want to be sure of getting the exact size and style youre looking for. But many retailers fall by the wayside here their systems might tell them that a particular size is available; yet, there's a one in four chance that this isn't the case."

According to Goller, continually relying on manual processes for something as vital to the retail business as stock - usually by shutting up shop once or twice a year for store or warehouse staff to do a stock-take - is madness. And especially given that smart technologies abound, including RFID and mobile devices which ensure continual monitoring and lead to nearly 100 per cent accuracy and operational excellence in the stores.

"RFID item-level tagging is a powerful tool for improving inventory accuracy, which is a prerequisite for both omni-channel strategies and store floor replenishment from the backroom," the study explained.

Technology helps increase the availability of products on the shopfloor - such as using wearable devices that rely on alerts and images to guide staff and speed up the replacement of missing articles and gaps on the shelves - the industry is starting to see a gradual shift towards more connected technologies in retail. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 30th May 2020

Iran sees high level of illegal apparel imports

Iran suffers from a high level of illegal apparel imports, with about ...

Pic: ASOS

Fashion | On 30th May 2020

Asos Marketplace sees increase in growth

In the times of lockdown, Asos Marketplace has witnessed strong...

Pic: Otrium

E-commerce | On 30th May 2020

Otrium raises €24 mn to extend fashion's life cycle

Otrium, an online fashion marketplace that helps global and...

Interviews View All

Top executives, Indian retail players

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Sunil Rathore, Lacoste India

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Textile Industry, Head honchos

Textile Industry
Head honchos

One thing is certain, online sales will go up

Herbert Guebeli,

Herbert Guebeli

Switzerland-based Sedo Engineering develops technologies for the denim...

Mirella Sardini,

Mirella Sardini

A leading manufacturer of automated machinery and equipment for the...

Himanshu Fogla,

Himanshu Fogla

Jumac, pioneers in spinning can manufacturing in India, was founded in...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search