When it comes to forecasting and making decisions for your retail establishment, demand planning is key to customer satisfaction and your business’s bottom line. It offers a host of advantages for retailers, so the team of experts from Eurostop has collected some valuable insight for you here.
Why is demand planning important? Read on to find out.
1. Proactive Business Decisions
Demand planning is a necessity for any retail establishment because it provides your business with visual and actionable insight, especially when utilising effective reporting software. Your company can make better decisions for the future that helps grow your business and predict consumer trends.
2. Helps with Agility
When running a retail establishment, finding proactive solutions to problems that arise rather than reactive ones are paramount. Recently, throughout the UK, postal strikes drew many retail establishments to a halt. However, having the proper demand planning system in place can enable your business to adjust to unforeseen events and take advantage of alternative shipping arrangements, thus minimising losses.
3. Increased Customer Satisfaction
Doing everything possible to keep customers happy and build trust and loyalty is important. As retail evolves, consumers expect a hyper-personalised experience. Demand planning can help you prepare for big sales spikes and seasonal influxes and avoid stockouts, boosting brand loyalty and keeping your business at the forefront.
4. Reduces Operating Costs
Stockouts or having trouble keeping up with customer demand force the need for costly, last-minute stock orders, or worse, losing a customer sale. But demand planning aligns sales and operations, making certain all your business’s offerings are in line with the consumer’s needs. Such planning not only ensures you don’t run out of products but that you’re not paying costly warehouse fees for an influx of unsold inventory due to shrinkage. You can make informed decisions regarding your supply chain and the right planning software can help you save time, as well as money.
Contact Eurostop for best-in-class inventory reporting and business intelligence solutions!