While grocers don’t share a lot of data on food waste, RELEX’s research suggests that North American retailers lose, on average, more than $70 million to waste each year, with the number going up to several hundreds of millions for the biggest retailers. Discover some impactful steps retailers can take to reduce food waste –and maximize profitability along the way.
This presentation was originally recorded for RELEX Live: Retail Forward.
Inventory reduction is one of the most misunderstood and mismanaged strategies in inventory management. When executed correctly, though, running leaner can significantly cut costs while reducing stockouts and spoilage of fresh products.
Phantom inventory haunts retailers. The inability to trust when an inventory system claims products are on shelves or in stock is enough to frighten any profit-minded retailer. Scarier still: phantom inventory is so hard to detect that retailers may never be able to identify how much money the issue costs them in the long run.
DIY retail can be extremely challenging–from low margins to the scale and complexity of the DIY assortment. Luckily, the right combination of technology and approach can help retailers address these challenges effectively.