Supply chain experts share their tips for tracking and expediting inventory in today’s ‘I-want-it-now,’ multichannel retail world.
Walmart executives acknowledged it has an inventory management problem: the company lost $3 billion in 2013 sales due to out of stock merchandise while its inventory grew at a faster rate than its sales.
According to a recent report from IHL Group, a research and advisory firm, nearly $1.5 trillion of worldwide merchandise annually is in an overstock position that creates a loss in revenue.
Ever since the “fast fashion” model emerged two decades ago, supply chains have become a key driver of success for apparel companies. Today, they are more strategically important than ever before, due to the added pressures brought about by several trends.