Retailers are struggling to keep products on the shelves to keep their customers happy. Inventory management has become a guessing game driven by fear. “Companies are so scared of not having what they need that they are erring on the side of ordering “a lot” said Scott Hoyt, senior director for Moody’s Analytics.
7thonline, Inc. is the global leader in integrated demand planning and inventory management solutions for multi-channel retail, supply chain, and wholesale businesses.
7thonline has launched its latest application, ‘Inventory Control Desk™’ in response to calls from multi-channel retail companies grappling with lost sales and growing inventory management problems. The application provides daily, weekly, and monthly sales and inventory positions. It also generates sales forecasts and alerts for re-orders when inventory positions are at risk. As a result, ‘Inventory Control Desk™’ affords visibility to plan and execute promotions, markdowns, transfers, and closeouts.
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“We are thrilled to bring ‘Inventory Control Desk™’ to market. The final product is a true collaboration with clients and industry colleagues alike. We have signed-on several major retailers with one having over 8000 stores. The feedback has been extraordinary. The application’s release has been met with overwhelming success, and we are certainly proud of our entire team who made this vision a reality.”– Chris Chung, 7thonline President, Americas & EMEA
A CNBC press release on May 24, 2022, states, “They [retailers] double order to get inventory in the door, and then as demand softens, they can end up with too much inventory and have to cut back and markdown existing inventory…Walmart was off by a lot — caught with 32% more inventory year over year. Target was higher by 43%; Abercrombie & Fitch inventory was up 45% year over year.”1
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“It’s crazy,” former Walmart president and CEO Bill Simon told CNBC last week. ″I mean 8% would have been high, 15% would have been terrible, 32% is apocalyptic. I mean that’s billions of dollars of inventory. That’s just frankly not managed very well.”1
‘Inventory Control Desk™’ was designed to address the challenges facing retail executives regarding managing inventory level liquidity and optimizing working capital to name a few which will result in improved customer satisfaction and increased revenue and profits.
