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Smart Merchandising Technology

Inter-store transfers – Reshuffle inventory for optimum sales

As an established retailer, you always carry multiple styles and sizes to meet customer demand. The need for instant gratification has become a dominant force in retail, hence the primary requirement of having the right stock available in the right place at the right time. Constraints on store space, money to buy new stock, and minimum display requirements added to regional demand predictions, determine how this stock will be distributed across a chain of stores. 

“If only we could time-travel into the future, rearranging stock will not be required!

In situations when you know you have stock that is present in another store where the demand is not so much, or when the fresh inventory becomes leaner in terms of both width and depth, inter-store transfer plays a critical role. It is a process of re-filling pre-purchased inventory, balancing the quantity between stores, and making corrections to the allocations done during the pre-planning period. 

Since every decision involves the resources of cost and time, retailers need to analyze the requirements and benefits before making these shifts. Inventory optimization through inter-store transfer has several benefits:

  • Improve inventory health – Boost sales of slow-moving articles by reallocating them to top-performing stores.
  • Increase inventory turns – Increase sales of available stock by redistributing its basis true in-season regional demand.
  • Improve stock cover and reduce stock-outs at SKU level – Minimize loss of sales by identifying the true Rate of Sale (ROS) for every SKU at the store-level. Ensure there is no over-stocking nor understocking anywhere which directly impacts the top line and margins. 
  • Increase full price sell-thru – Push stock from the stores with lower footfalls to those with higher footfalls and higher bill value. This directly increases the chances of selling at full price, thus impacting the top line and margins.  
  • Reduce brokenness: Minimize the broken stock (styles with only fringe sizes available) by consolidating broken stock from all the stores and transferring full-size sets to the ones where the likelihood of selling is maximum as per the latest trends.
  • Improve Omni-Channel distribution: Identify the right stock to be pulled out of Offline stores and transfer them to the Click and Collect stores or other stores that can be used as hubs for online fulfillment.

Increff Iris, our smart merchandising tool, helps in inter-store transfer to optimize stock at the most granular level. By calculating the ideal requirement for every Store + SKU, it utilizes excess inventory to improve stock health and has consistently helped bands achieve 20-30% improvement in stock health and ~30% improvement in sales. 

One of India’s leading formal wear brands used Increff Iris across 150+ brand outlets and witnessed a 40% increase in sales at the receiving store. It reduced brokenness by ~40% and prevented sales loss. One of the well-known International brands, expanding operations in India, reduced brokenness by 34% and uplifted sales by ~80% for the transferred stock. The overall store sales increased by 66%. 

Overstocking and understocking are some of the major challenges in retail. It not only limits proper exposure of inventory but also hugely impacts topline revenue and bottom-line margins. Increff Iris helps you make quick decisions on stock adjustments basis true demand patterns so the optimum potential of your brand can be realized, any time of the year. 

Categories
Smart Merchandising Technology

Making online shopping easy. Give more than what your customers want

The rise of the internet and tech-advancements have moulded the way consumers connect with a brand. This relationship is now more value-driven and personal. While shopping has been around since history itself, the way we shop evolved dramatically with the rise of e-commerce. Digital Darwinism played a critical role in pushing companies to take the online route as the role of brick-and-mortar stores gradually shifted to healthy support structures that assist brands in selling on multiple marketplaces.

“Digitization is no longer an option, it is a necessity.”


Recent technological shifts have only moved in the direction to make e-commerce stronger and robust by empowering the consumer base. Providing an equal opportunity to homegrown brands to scale up operations and leverage digital infrastructure to compete with global brands, e-commerce extends power to customers to determine the true value of a brand. Today we are catering to a population that is digitally native and globally-connected. Sellers need to put the right technology in place that helps them serve customers better.


“It’s much easier to lose customers today than attract new ones.”

To address major e-commerce challenges, Increff has designed specific solutions that help retailers address basic customer needs like:

  1. Full visibility of a range of products across multiple marketplaces, simultaneouslySince your customer can be anywhere, expose 100% inventory across all marketplaces with no bucketing or dedicating stock. Help your customers locate you, wherever convenient for them.
  2. ~100% order accuracyUse technologies like barcode scanning, bin mapping, and photo identification to ensure the right product is picked and packed for your customer. With zero human decision-making errors or delays, guarantee precision and efficiency.
  3. Don’t hinder conversions, make shopping convenient Live Inventory- order sync feature, lets your customer know stock availability instantly. Reduce order cancellations and disappointments by giving your customers a chance, at the perfect time, to select an alternative option as soon as their product of choice is low in stock or over.
  4. Faster, accurate order fulfillmentEcommerce is highly competitive and price-sensitive, hence distributed warehousing is the way forward. Effective, intelligent regional utilization helps reduce logistics costs by increasing surface shipments and delivering the perfect order from the closest local warehouse. This means faster deliveries at the lowest cost.

The benefits extend to retailers in several ways, such as:

  1. 100% remote onboarding Our tech-solutions are built for right-first-time foolproof operations. Through self-learning tutorials and fully scan-based operations, no expert supervision is required in 100% remote onboarding. This ensures the deployment is fast and friction-less.
  2. Easy DeploymentAdvanced technology solutions integrate with, or replace the existing system seamlessly and rapidly to ensure no loss in sales. The transition is quick and effortless with a simple UI/UX designed interface that can be learned in no time and requires zero decision making. There is less dependency on skilled labour and more focus on delivering results.
  3. Efficient resource management, ideal picking, and packing Fully automated, scan-based systems and error-proof operations ensure efficient working of each resource. From tracking every piece in the inventory to mapping every human action in the warehouse, the tool ensures accurate and fast order picking. No piece gets stuck or lost in the warehouse. We have proven competency in achieving ~99.9% fulfillment within SLA. 
  4. Faster return processingAbout 20-30% of e-commerce orders are returned, not due to any defect but because customers habitually purchase more for in-hand comparison. Retailers incur heavy logistics costs on these returns and have a huge impact on the bottom-line and margins. Convert these returns into profits by expediting the return process. Simplify system complexities and make your inventory live and available for sale, almost instantly.

As e-commerce becomes more competitive, brands have a tough road to tread. The right tech-support is necessary to not only develop a competitive advantage but also predict the future in time to take appropriate action. Increff Assure removes complexity in inventory management and order processing and creates a user experience that is free of clutter, smooth, and fulfilling. Get Assured to know the difference!

Categories
Technology

Black Friday Sale may never be the same again – Here’s why!

Black Friday, traditionally a ‘door-busting’ event remembered for its midnight rush, crowded stores, and limited deals will be experienced very differently this year. The majority of shoppers experiencing FOGO (Fear Of Going Out) will avoid stores for their Christmas shopping and take to the online route instead. 

Brands, this year, will be able to expose 100% of their inventory at a lower cost. Reduced CAPEX will give retailers more flexibility to offer discounts and deals that attract value-conscious customers who are not brand loyalists yet, but are waiting for their best fit of quality and price. The early store rush to grab those limited offers, that usually left most shoppers empty-handed and disappointed, will not be there anymore. Last, but not least, what used to be the busiest shopping day will now be at least a week-long event that is expected to be the biggest ever online sale. E-commerce will give more time and space to retailers to clear their piled-up inventory, reach more customers, and recover from year-long losses faced as a consequence of the recent pandemic.

Taking this opportunity of heightened holiday excitement forward, it is time to focus on delivering an exceptional customer experience. Retailers should check their processes for scalability and stability and ensure the right technology is implemented that can fully equip them to handle a large influx of orders efficiently. It’s time to turn Black Friday bargain hunters into loyal customers who will return for the offseason and beyond.

Going one step further with INCREFF offerings

Retailers want accurate visibility and quick updates on stock availability, so that they can provide alternative options to shoppers and therefore promote cross-selling. ASSURE, our revolutionary web-based fulfillment platform allows 100% inventory exposure simultaneously across multiple sales channels with a sync time of less than 30 seconds. Its most-loved live inventory-order sync feature updates sales & inventory in real-time even during peak hours.

Managing large-scale operations needs high CAPEX investment, however, our cloud warehousing solution gives retailers the flexibility to shift to an OPEX model which is designed to handle large volumes optimally across B2B and B2C channels. Our stringent quality check process instantly removes default or canceled items from circulation and allows quick return processing and making saleable inventory immediately available for resale with no loss in time.

Free shipping and same-day delivery have evolved from something that’s nice to have, to a must-have for E-commerce-first brands. IRIS RU, our advanced cloud-based platform, helps brands fulfill orders from the nearest warehouse location, thus converting 70% of air shipments to surface shipments and reducing logistics costs and delivery time significantly.

No one wants to lose customers, especially during the holiday shopping season. Let’s utilize this great opportunity to get new customers and boost revenue. We can prepare you for your next sales spike in less than 7 days so you can sell more with greater ease this festive season.