Business
Mounting Inventory Visibility Challenges Add Pressure to Strapped Retailers
Retailers and in-store associates ‘blind’ to accurate inventory data 30% of the time, according to latest research from Manhattan Associates
About this update from Manhattan Associates, Inc.
[{"type":"text","content":"\nRetailers and in-store associates ‘blind’ to accurate inventory data 30% of the time, according to latest research from Manhattan Associates\n\n\n ATLANTA--(BUSINESS WIRE)--\nToday Manhattan Associates Inc. (NASDAQ: MANH) announced the findings of its latest international omnichannel research, highlighting how retailers are increasingly digitizing their in-store offering in efforts to improve customer experiences and maintain market share, at a time where cost-of-living challenges have affected the shopping habits of 89% of consumers.\n\n\nTHE CHANGING FACE OF THE STORE\n\n\nTrending in the right direction, 54% of retailers reported that their customers could buy in-store and return online (50% in 2022), and if the product was out of stock in-store, 48% provided buy online and return in store options (46% in 2022). However, retailers also commented that on average they only had an accurate indication of inventory across their entire operations 70% of the time (down from 74% in 2022).\n\n\nShoppers expect all retail touchpoints to be connected, frictionless and increasingly personalized. “If you don’t know where a third of your inventory is, or what it is that you have, that’s a lot of stock that is either not being sold, marked down or at worst thrown away,” commented Ann Sung Ruckstuhl, senior vice president and chief marketing officer at Manhattan Associates.\n\n\n“It’s vital that retailers have solutions with the flexibility and agility to allow them to recognize and act on shifting consumer behaviour in near ‘real-time’. With access to accurate data, retailers can deliver actionable insight into the hands of their associates, enabling them to add value to every customer’s unique path to purchase,” Ruckstuhl continued.\n\n\nFRICTIONLESS COMMERCE MEETS FRICTIONLESS ENGAGEMENT\n\n\nIt is clear consumers are keen to engage actively cross channels when looking to purchase products and 84% will start their buying journey online (82% in 2022). However, 16% (17% in 2022) of retailers still reported that their organization’s in-store and online operations continue to run as separate functions, suggesting that while year-on-year, more retailers are offering seamless shopping experiences, there is still room for improvement.\n\n\nIn terms of how consumers prefer to engage with retailers before and after buying a product, overall, ema...