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ABC Analysis Of Inventory
The ABC analysis of inventory is a commonly used inventory categorization methodology. It is rooted in the popular axiom, a small percentage of items contribute most of the revenue/profit, this is a crude translation of Pareto’s principle (also known as 80/20 rule). The ABC analysis classifies inventory into the most...
Stock Replenishment In Supply Chain
Stock replenishment is a routine activity in most retail stores, warehouses and other catchment areas. It can be defined as the process of ordering stock to cover the demand (with some safety cover) for the next period. The definition of “period” and quantity to order depends on the products, supply...
Inventory Accuracy
Inventory accuracy is one of the most important measures in any retail business, it ensures proper planning, product availability, and minimal wastage. Sadly most of the retailers struggle with the accuracy of inventory, in fact, the average accuracy of inventory Is only 63%. Definition Inventory accuracy as a metric can...
What is fill rate
Fill rate can be defined as the percentage of customer demand that was fulfilled with stock in hand. If this looks like an oversimplified definition, it probably is. The idea behind the fill rate is to make sure the customer is satisfied by getting what they want and when they...
Seasonality Definition
Seasonality can be defined as the repetition of events at fixed time in a time cycle. In the context of retail, seasonality can be defined as the repetition of patterns in consumer behaviour in a given period of time, mostly in a year. Just by intuition, we know that sales...
What Is Stock Keeping Unit (SKU) Definition
Stock Keeping Unit (or SKU) is the tracking code that a retailer uses to keep track of inventory. SKU’s are unique to each retailer as they are defined taking into consideration different attributes such as color size, weight, composition, batch, and even location. By no means is this list complete,...