Inventory management is a laborious and time sapping task without the right tools. Imagine how you struggle with your inventories as a small business, what will now happen when you get to the size of Walmart, Amazon or Target? Funnily, all these big names are not immune to the problems that inventory management brings. Truth is that lack of a proper inventory can run a business aground overnight. Let’s show examples how poor inventory management almost killed some well-established businesses;
- Walmart’s Missing Goods in 2013
This is a story that would probably send shiver down your spine as a small business owner. Improper inventory cost Walmart around $3 Billion loss. You can already guess the reason; there were surplus of goods and messy storage space. The giant was losing both customers and storage costs.
- Target Out Of Stock Problems
How can you find some of your most sought-after items going out of stock while they are lying on your shelves? That’s exactly how Target lost $2 Billion it could have made on Barbie Toy cars. The company find itself with frustrated and unhappy customers coupled with a high revenue loss, thanks to inventory problems.
Sharper Track To Your Rescue
Despite being market leaders, this revenue loss really had an adverse effect on the revenue of Target and Walmart. This would not happen if these retail giants have Sharper Track in place. The work of Sharper Track is to automate your inventories and give you an idea of what is amiss with your stock.