Inventory management in retail

Amgai, Sabina and Deo, Sukh (2018) Inventory management in retail. Applied Management Conference, Hamilton, New Zealand, 23-25 October, 2018.

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Abstract or Summary

The research aim is to find out customer peak times in relation to stock shortage, to minimise stock -out at customer peak times and to study the procedures/processes involved in obtaining the supply of raw materials. Qualitative method is used get information through informal discussion among the staff. To have a better supply chain, every business wants to have an advanced raw material. The management of raw materials involves the activities like acquiring, purchasing, refining, developing and delivering the right amount at the right time. If the raw material waves, then the business should change according to it. Fluctuation in raw materials affect performance that means customer satisfaction. A stockout situation is a waste of time, money and energy, which is one of the major problems in retail industries. Shortage of stock can cause delay and financial burdens. Efficient and effective stock management can provide tracking for stock labels to minimize problems. A true stock management system is beneficial to their company, enablinggreater profit. Normally planning and scheduling is done before the stock get out, lack of planning and inspection of materials leads to delay of delivery.

Item Type:Paper presented at a conference, workshop or other event, and published in the proceedings
Keywords that describe the item:retail, inventory management, customer service
Subjects:H Social Sciences > HF Commerce
Divisions:Schools > Centre for Business, Information Technology and Enterprise > School of Business and Adminstration
ID Code:6526
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Deposited On:18 Dec 2018 00:13
Last Modified:18 Dec 2018 00:13

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