Using AI For Retail Instocks
In-stock is one of the most important factors in the customer experience in a big box retail environment. It is essential that stores keep their shelves well-stocked with the products customers need, as this creates an overall positive shopping experience and can lead to higher customer satisfaction and loyalty.
When customers come into a store expecting to find the items they need, it’s very frustrating when they can’t find them due to out-of-stock issues. This not only erodes brand trust but also leads to lost sales opportunities. According to research from Adobe, out of stock items account for 18% of abandonment rates during checkout on eCommerce websites and 13% of shoppers will abandon their shopping carts if an item they want is out of stock. Moreover, nearly half (45%) of consumers are unlikely or very unlikely to shop at a store again if they can’t find what they’re looking for due to inventory issues.
Fortunately, retailers are increasingly recognizing the importance of keeping their shelves stocked. Many are investing in technologies like artificial intelligence (AI) and predictive analytics to help them gain greater visibility into customer demand and manage their inventory accordingly. AI technology can help retailers spot potential supply chain problems before they arise and adjust stocking levels as needed in order to meet customer expectations more effectively. Walmart, for example, uses AI technology combined with predictive analytics tools such as historical data analysis and machine learning in order to anticipate shopper needs and stay ahead of potential stockouts in stores.
In addition to using advanced technology solutions, good old fashioned human intervention can be just as effective when it comes to preventing stockouts and ensuring customers have a great experience when shopping at big box retailers. Good communication between store associates, suppliers and those responsible for restocking shelves is essential for keeping track of product movement within the retail environment—something that ultimately helps ensure shelves remain well stocked with products customers are looking for. Having dedicated personnel assigned solely for restocking also ensures that items are replenished quickly whenever necessary so that customers don’t have any long wait times before finding what they came for.
At the end of the day, having enough inventory on hand is vital if retailers hope to keep their customers happy and maintain their competitive advantage over other stores in their market segment. Visible out-of-stock signs or empty shelves not only make customers feel frustrated but may also leave them feeling unsure about whether or not they should purchase from a particular retailer again in the future—especially if competitors offer similar products that are always available when they need them. Keeping up with consumer demand through proper forecasting processes combined with innovative technological solutions will help big box retailers keep shelves stocked while providing shoppers with better experiences every time they visit stores—ultimately helping them boost sales across both brick-and-mortar locations and online properties alike!