As a retailer, you may face customer walk-outs because of the non-availability of items on the shelves, while there are a plethora of items hoarded in the warehouse. This leads to a 6 to 24% loss in retailer revenues.
SHELF Monitor proactively alerts store personnel on the floor on a real time basis, to maintain a high on-shelf availability of fast moving items.
The typical business challenges that result from an out of stock situation include:
- Loss of Sales resulting from customer walk-outs
- Customer Attrition and loss, as there is always a high chance of customer walking to another store
- High Inventory Carrying Cost
Tech Mahindra has developed a pragmatic solution that is in line with the Retail pain points associated with out of stock in shelves - SHELFMonitor™.This provides a single window business insight solution that interfaces with the back end systems on real time basis and provides role based reports with escalation mechanisms within the store operation. This solution could further extend beyond the real time alerts to a more predictive and prescriptive analytics solution for planning and operations.
The solution is Cloud enabled and secured which mines sales and inventory data by store, from disparate systems, and delivers alerts on mobile phones. The users will be able to view action driven drill down insights accessed on role based dashboards.
Action driven ability of our key differentiations enable you to reduce customer walk-outs through:
- Identify Out-of-Stock Items
- A single enterprise-wide window that connects to different sources of data
- Identify Store's Shelf Space
- An analytical for retailers for timely access of shelf Space
- Raise Alerts
- Cloud enabled, secured solution that mines sales and inventory data from disparate systems, and delivers role based alerts on mobile phones
- Identify Customer's Demand
- A pertinent solution that helps placing the item on the shelf eliminating a stock-out situation
SHELFMonitor™ is a one stop solution that bridges the gap between stock outs and their availability. Some of the key benefits include:
- Enhanced shopping experience, leading to customer loyalty and increased revenues by 2-3%
- Efficiency in managing shelf -gaps empowering store personals to take corrective actions, on a near real time basis
- Ability to analyze trends to better understand customer buying patterns