{"id":27696,"date":"2023-08-30T10:17:18","date_gmt":"2023-08-30T17:17:18","guid":{"rendered":"https:\/\/paladinpointofsale.com\/retailscience\/?p=27696"},"modified":"2025-09-22T15:07:01","modified_gmt":"2025-09-22T22:07:01","slug":"understanding-the-importance-of-inventory-management","status":"publish","type":"post","link":"https:\/\/paladinpointofsale.com\/retailscience\/home\/understanding-the-importance-of-inventory-management\/","title":{"rendered":"Understanding the Importance of Inventory Management\u202f"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_fullwidth_post_title meta=&#8221;off&#8221; featured_placement=&#8221;background&#8221; text_background=&#8221;on&#8221; text_bg_color=&#8221;rgba(255,255,255,0.63)&#8221; _builder_version=&#8221;4.16&#8243; background_color=&#8221;rgba(255,255,255,0)&#8221; parallax=&#8221;on&#8221; parallax_method=&#8221;off&#8221; text_orientation=&#8221;center&#8221; use_border_color=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Intro&#8221; _builder_version=&#8221;4.22.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p>Originally published: July 8, 2019<\/p>\n<p>Updated: August 30, 2023<\/p>\n<p>The importance of inventory management has never been lost on retail business owners. However, a\u00a0<a href=\"https:\/\/coresight.com\/research\/us-retailer-survey-revealing-the-hidden-costs-of-poor-inventory-management-2\/\" target=\"_blank\" rel=\"noopener\">Coresight Research report released in 2019<\/a>\u00a0puts a dollar figure on how costly inventory\u00a0<em>mis<\/em>management can be: $300 billion in 2018\u00a0alone. So, either there isn\u2019t enough focus being put on it, or retailers need to work on their management skills and possibly invest in technology that can help them.<\/p>\n<p>The\u00a0report, based on a survey\u00a0of more than 200 retail companies, determined that by discounting merchandise, U.S. retailers leave billions on the table every year and that money could be saved if better inventory decisions had been made. Estimates show that only about 60% of their merchandise sells at full price.<\/p>\n<p>The Coresight survey also showed that\u00a053% of\u00a0respondents said overbuying and buying the wrong products were the top reasons that led to price markdowns.<\/p>\n<p>Another study by Wakefield Research and\u00a0Bossa\u00a0Nova Robotics shows that 73% of retail professionals say that inaccurate forecasting is a consistent issue at their stores. Other key findings include:<\/p>\n<ul>\n<li>66% say inaccurate pricing is a constant problem.<\/li>\n<li>65% struggle with inventory tracking.<\/li>\n<li>87% think inaccurate inventory is a larger contributor to revenue loss than theft.<\/li>\n<\/ul>\n<p>These numbers demonstrate the importance of inventory management and how it can make or break a retail business.<\/p>\n<p>This year, worldwide retail sales are projected to surpass $30.3 trillion, which is up 4.5% over 2022. However, retailers still face uncertainty that they\u2019ll get top dollar for their products.<\/p>\n<p>According to professional services provider, Deloitte,\u00a0<a href=\"https:\/\/fitsmallbusiness.com\/retail-statistics\/\" target=\"_blank\" rel=\"noopener\">only about one-third <\/a>\u00a0of retail executives have confidence in their ability to maintain or improve profit margins. Inflation is the key factor in that uncertainty in 2023, but other factors \u2013 changing technology and consumer behavior \u2013 also play a role.<\/p>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Out of stock&#8221; _builder_version=&#8221;4.22.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Out of stock means stores are out of luck<\/h2>\n<p>Out-of-stock notifications or empty store shelves became pretty common during the pandemic. Prior to 2020, the odds of shoppers seeing an out-of-stock message were one in 200. That increased to one in 59 by 2022, a 235% increase.<\/p>\n<p>A NielsenIQ data study showed that in 2021, over 7% of sales were not realized due to out-of-stock items.<\/p>\n<p>\u201cCustomers won\u2019t tolerate outs,\u201d says Dan Nesmith, president and founder of <a href=\"https:\/\/paladinpointofsale.com\/\" target=\"_blank\" rel=\"noopener\">Paladin Data Corporation<\/a>, a leading provider of retail technology. \u201cThat\u2019s the retailer\u2019s problem, not the consumer\u2019s. If a store doesn\u2019t have what a shopper is looking for, they not only lose that sale, but they also lose sales on every item on that shopper\u2019s list.\u201d<\/p>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Markdowns Don\u2019t Discriminate\u202f&#8221; _builder_version=&#8221;4.22.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-29431 size-medium\" src=\"https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/pexels-markus-spiske-3806753-300x200.jpg\" alt=\"Image of a SALE sign in a store window.\" width=\"300\" height=\"200\" srcset=\"https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/pexels-markus-spiske-3806753-300x200.jpg 300w, https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/pexels-markus-spiske-3806753-1024x683.jpg 1024w, https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/pexels-markus-spiske-3806753-768x512.jpg 768w, https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/pexels-markus-spiske-3806753-1536x1024.jpg 1536w, https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/pexels-markus-spiske-3806753-2048x1365.jpg 2048w, https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/pexels-markus-spiske-3806753-1080x720.jpg 1080w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Markdowns Don\u2019t Discriminate<\/h2>\n<p>It doesn\u2019t matter how merchandise is sold, online or in stores, retail businesses often struggle to get the prices they want for their products. While only about half of all nongrocery retailers sold the majority of their products at full price, less than a third of multi-channel retailers managed to get top dollar.\u00a0\u00a0<\/p>\n<p>The factors leading to these discounted sales are slightly different for online retailers. The hypercompetitive online retail\u202fmarket,\u202fwhere the largest beasts in e-commerce routinely match or undercut price quotes of competitors,\u202fis\u202fthe biggest problem for most businesses. Direct-to-consumer brands, custom retailers, off-brands, shopping events like Prime Day, Black Friday and Cyber Monday, along with the sheer number of options available to shoppers also lead to price chopping.<\/p>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;The New Retail World\u202f&#8221; _builder_version=&#8221;4.22.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>The New Retail World\u202f<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n<p>It\u2019s pretty obvious that retail today is not what it was even five years ago. The amount of information \u2013 data collected through a variety of sources including sales transactions \u2013 available to retailers today is staggering.<\/p>\n<p>So, having the means to mine it, manage it, and put it to work is critical for businesses of all kinds. Retail business owners might know they have inventory management issues, but they might not know they have the data and the tools available to fix them. Gathering the right data is the first step in dealing with inventory mismanagement.\u00a0Modern retail platforms, which start with a sophisticated point-of-sale\u00a0system that touches all aspects of a business,\u00a0are\u00a0the\u00a0tools business owners use to mine and manage their data and inventory.<\/p>\n<p>Automated order management helps store owners order the right number of products during the right times of the year to satisfy customer demand.<\/p>\n<p>Ross Martin, owner of <a href=\"https:\/\/www.facebook.com\/caledoniaace\/\" target=\"_blank\" rel=\"noopener\">Caledonia Village Ace Hardware<\/a>, uses Suggested Order&#x2122;, a feature in his Paladin inventory management system, to help him place accurate and efficient orders. He says it has allowed his store to keep an in-stock percentage of 97% to 98%, which Ross says helped him earn Ace Pinnacle status as a top-performing store more than once.<\/p>\n<p>\u201cOur store uses Suggested Ordering 100%. Ace considers 95% really good and we\u2019re always above that,\u201d he says.<\/p>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Common Missed Steps\u202f &#8221; _builder_version=&#8221;4.22.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Common Missed Steps<\/h2>\n<p><strong>Poor performance\u00a0measurements<\/strong>, industry experts agree, are the leading cause of inventory management mistakes.\u00a0Not\u00a0having accurate inventory data or a way to gather it leads to outs and overstock.\u00a0<\/p>\n<p>An item could move quickly off your shelves but be a poor investment, while another item could have a poor margin or anemic sales but still be a great investment. Gross margin return on investment (GMROI) provides a true picture of an inventory item\u2019s investment performance.<\/p>\n<p>\u201cOne of the most devastating factors against GMROI is overstock. Overstock kills a store\u2019s gross margin return on investment,\u201d Nesmith says. \u201cGMROI on overstock is zero. Stock depth should be enough to meet expected demand for two to four order cycles and nothing more.\u201d<\/p>\n<p>An\u00a0<strong>inability to meet customer demands\u00a0<\/strong>is another telltale sign a business doesn\u2019t grasp the importance of inventory management. If the in-demand items aren\u2019t on the shelves, customer service declines, which is promptly followed by sales.\u00a0\u00a0<\/p>\n<p>Automated inventory management software does a better job of tracking inventory in real-time and forecasting consumer demand than people.\u00a0\u00a0<\/p>\n<p><strong>Lack of planning<\/strong>\u00a0is the result of not being able to forecast demand for products. A BRP study,\u00a0\u201d<a href=\"https:\/\/brpconsulting.com\/download\/2019-special-report-customer-loyalty\/\" target=\"_blank\" rel=\"noopener\">Keeping Customers Happy<\/a>,\u201d shows that for 63% of shoppers, it only takes one unsatisfactory experience for them to stop shopping at a store. Not having the correct items on the shelf is at the heart of that experience.\u00a0\u00a0<\/p>\n<p>The core function of a retail platform is to streamline operations and make businesses more profitable. To do that, they utilize sophisticated algorithms that analyze sales data and automate processes like inventory management which allows retailers to properly forecast customer and product demand.\u202f\u00a0<\/p>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Putting Data to Work\u202f &#8221; _builder_version=&#8221;4.22.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; use_border_color=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Putting Data to Work<img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-29432 size-full\" src=\"https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/BuffaloCheckoutSm.jpg\" alt=\"Image of a store owner and employee looking at a computer screen.\" width=\"233\" height=\"233\" srcset=\"https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/BuffaloCheckoutSm.jpg 233w, https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2019\/07\/BuffaloCheckoutSm-150x150.jpg 150w\" sizes=\"(max-width: 233px) 100vw, 233px\" \/><\/h2>\n<p>A few years ago, Sam Olson, with help from his parents purchased <a href=\"https:\/\/buffalohardwarestore.com\/\" target=\"_blank\" rel=\"noopener\">Buffalo Hardware<\/a> in Buffalo, South Dakota. Fresh out of Black Hills State University, one of Sam\u2019s first tasks was to find a retail management system that would give him the data he needed to turn the old store around.<\/p>\n<p>The previous owner had operated the store with a cash register, pen and paper. After studying between \u201c10 and 15\u201d business platforms, he found one that he thought he could build his business upon. Buffalo Hardware\u2019s sales tripled in Sam\u2019s first year as owner\u00a0and in 2019 the store notched over\u00a0$2 million in sales.<\/p>\n<p>That business success led to another and another and another. He now has four businesses with all but one running on the same retail platform.<\/p>\n<p>\u201cMy goal was to make sure we had a system that would take us into the future.\u00a0We had to\u00a0have\u00a0the technology to help us succeed. You don\u2019t change systems every year, so we\u00a0made\u00a0sure we made the right decision. Paladin just gives us the data we need,\u201d he explains. \u201cIt was just a natural fit for me being able to use Paladin to\u00a0sell these products. The data you get from it is so clean, easy to get to, and easy to use. It has improved our processes in preparing quotes and\u00a0filling orders.\u201d\u00a0\u00a0\u00a0<\/p>\n<p>Although it is probably one of the least glamorous parts of running a retail business, understanding the importance of inventory management and using it to stock the right products at the right times and sell them for the right prices is the correct formula for success.\u00a0<\/p>\n<p>\u201cYou have to let technology work for you rather than you\u00a0working\u00a0for it,\u201d Nesmith says. \u201cAllow technology\u2019s use of sophisticated forecasting models to automatically tailor your inventory to meet your customers\u2019 expectations.\u201d\u00a0\u00a0<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_team_member name=&#8221;Brian Bullock&#8221; position=&#8221;Author&#8221; admin_label=&#8221;Brian&#8217;s Author Box&#8221; _builder_version=&#8221;4.16&#8243; border_style=&#8221;solid&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_team_member][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understanding the importance of inventory management can lead to greater customer satisfaction, more sales\u202fand\u202fgreater\u202fretail success. <\/p>\n","protected":false},"author":13,"featured_media":27991,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3,18],"tags":[271,165,248,93],"class_list":["post-27696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-posts","category-retail-hacks","tag-buffalo-hardware","tag-caledonia-village-ace-hardware","tag-inventory-management","tag-paladin-data-corporation","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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