When customers come to your store – either online or offline – and find out that the item they want is out of stock, they might not come back again. This can significantly impact the profitability of your business. According to IHL Group, out-of-stock (OOS) can cost retailers almost $1 trillion in sales.
Stock-out situations happen due to imprecise demand forecast accuracy, inaccurate data management, and incorrect shelf-space allocation. You can address these problems by using Smart IoT solutions.
How Smart IoT solutions help prevent OOS
IoT-powered solutions can intelligently, accurately, and automatically collect, process, and send data across the network. You can harness this data and turn it into actionable insights for smarter decisions on how to optimize your store and avoid stock-out situations.
