What: NuOrder and Retail Dive released a report on the inventory equation in a shifting retail landscape to help retailers better understand what is happening with their inventory issues.

Why it is important: Inventory miscalculations erode revenue and rapport with customers. The report addresses common pitfalls in conventional retail buying practices to help clarify key capabilities for more profitable assortments.

Historically retail buying has occurred in spreadsheets that pass a number of contributors and owners. Today, spreadsheets are outdated and time-consuming and don’t allow for understanding the overall store product mix. Individual products don’t look appealing when grouped together in the store and some product categories get overloaded.

Today, solutions like NuOrder offer digitalized inventory decisions that offer:

-    Rich visibility into product selections

-    Efficiency gains from automations

-    Ability to assort products the way customers will eventually shop

-    Connected data

Therefore, digital inventory management allows a better assortment and experience to be delivered to customers. And retailers that can capture both of those things well will lead the market and maintain customer satisfaction for the long term.

Nailing the inventory equation in a shifting retail landscape