Out‑of‑stocks could be costing retailers $1 T globally and $144.9 billion in North America alone!
Shoppers encounter out‑of‑stocks in as often as 1 in 3 shopping trips.
At food, drug and mass retailers, they encounter out‑of‑stock items in 1 in 5 trips.
At department store and specialty retailers, it’s 1 in 4 trips.
And at electronics stores it’s 1 in 3 trips.
I noted that out‑of‑stocks are more costly than losing a sale and that in 2020 grocery products made up 45.5 percent of the global out‑of‑stock value reported across retail, prompting me to advocate machine‑learning‑based inventory management to prevent stockouts.
45.5 percent of the global out‑of‑stock value for 2020 was from grocery products.