One in thirteen products (on average) is out of stock when a customer visits a store, be it online or traditional brick and mortar. This continues to be one of the biggest headaches facing businesses of all sizes as unreliable means of getting supplies cost businesses not only customers but also large sums in lost sales.
Picture this; a customer walks into a store looking to buy their favorite noodle brand, and finds it “out of stock”. What do you think happens? The frustrated customer at this point considers the following:
If to pick another brand — The manufacturer loses.
To visit another store — The Store loses.
Decide to postpone the purchase/not to buy the noodle at all.
While option 2 might be favorable to the manufacturer, none is favorable to the store in question. This doesn’t just affect a business’s profit margin, it also causes major customer dissatisfaction, giving customers a bad shopping experience. Sales, Brand image, and future planning efforts are all damaged as a result of out-of-stocks.
In our age of instant gratification, customers don’t tolerate stockouts, and rather than wait for the product to arrive in stock they will simply and immediately switch to a competitor or buy a substitute.
There are several reasons for a product running out of stock but inaccurate inventory data can never be of those reasons with Geena. Some other causes include underestimating customer demand, lack of employee training or a supplier not fulfilling expectations, or theft. Engage the services of your Personal Business Assistant; Geena and avoid losing money and customers.
To begin;
Download the Geena App on Playstore
Register your business details and products.
Set product reorder level and expiry date for each product.
Input your supplier’s details and the items supplied. (You can add as many suppliers as you want)
You will get notified when products are about to run out of stock (or expire) and you can quickly request restocking from your suppliers on the go. It’s as simple as it can get!
No customer wants to hear, “Sorry, we are out of stock.” Invest in the right tool to enhance retail execution, partner with optimum manufacturers and suppliers, and properly train staff to help reduce the negative impact of stockouts in your business. Go the Geena way today!