CHARMING INSIGHTS

According to the National Retail Federation (NRF) US retailers lose an estimated $61.7 billion per year from shoplifting, employee or vendor theft, and administrative error. These losses average at 1.4% of retail sales but can be greater than 2% in some apparel and cosmetics categories—a huge potential loss when looking at billion dollar companies.

It’s not news that the retail landscape is now driven by the digital-savvy who seemingly have limitless shopping and buying opportunities at their fingertips. The way they discover, find and receive products has been evolving at a rapid pace in the last decade.  According to a 2019 BRP Consumer Engagement Study, 87% of customers are interested in a personalized and consistent experience across all channels and 68% of customers would choose a store that offers personalized promotions/discounts over a store that doesn’t offer them.  While the answer to this seems simple with the latest in ecommerce tools, one critical consideration is often overlooked -- having the inventory visibility to pay off those preferences and get product in the hands of your consumers.