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SYCARDA 2.2: Why stock-keeping efficiency is crucial for retailers during pandemic

Why inventory management is crucial for retailers during the pandemic

Snippet: During the pandemic, efficiently managing your inventory determines whether your business will survive. And this is where data plays an important role.

The COVID-19 pandemic has had a major impact on many aspects of society — including how companies run their business.

In times of crisis, retailers are faced with drastic changes in consumer behavior, forced to acknowledge the inefficiencies in their supply chain and rethink many aspects of their long-established business practices. Especially, in how they manage their inventory.

Data and Stock-Keeping Efficiency during the pandemic

According to Innergia Labs’ CEO, Vernon Chua “during normal times, carrying a little bit of dead stock may not have much impact on your business. But during difficult times, stock-keeping efficiency determines whether your business will survive or not”. 

Every retailer seeks to avoid carrying dead goods because it can eat into their profits. But it is especially more impactful during a crisis because it can weigh heavily on your cash flow and limit your ability to navigate the current economic climate.

This is where data plays an important role. Chua stated that the right data analytics tool can help retailers collect and analyze their sales data easily, which will help them make better business decisions.

By gaining access to real-time data, retailers can identify and create an accurate forecast on what kind of products their customers want, how often are they going to buy, and how much they’re willing to pay. This means they can order the right amount of product at the right time.

Filling the gap in data collection and inventory management system

Chua noticed the absence of affordable data collection and analytics systems that can help retailers optimize their processes, and Innergia Labs developed SYCARDA to fill this gap.

Sycarda helps retailers understand their customers better during this challenging time, by collecting a range of data at the point of sale (POS) and creating easy-to-understand reports. With this data, retailers can easily identify certain trends and create a more accurate forecast, which allows them to boost their stock-keeping efficiency, save money, and boost their profits.

SYCARDA is currently present in more than 800 outlets across various business sectors and has helped hundreds of business owners make better data-driven decisions. Now, we’re looking to help you do the same.

Reach out to us today.

Social media snippet

The COVID-19 pandemic had a major impact on many aspects of society — including how companies run their business.

In times of crisis, retailers are faced with drastic changes in consumer behavior, forced to acknowledge the inefficiencies in their supply chain and rethink many aspects of their long-established business practices.

Especially, in how they manage their inventory.

According to Innergia Labs’ CEO Vernon Chua, “during normal times, carrying a little bit of dead stock may not have much impact on your business. But during difficult times, stock-keeping efficiency determines whether your business will survive or not”. 

Every retailer seeks to avoid carrying dead goods because it can eat into their profits. But it is especially more impactful during a crisis because it can weigh heavily on your cash flow and limit your ability to navigate the current economic climate.

This is where data plays an important role.

 

To Read More:
SYCARDA 2.3: Importance of Sales Receipt Data
SYCARDA 2.1: Retail data is affordable