SNAP spending reached an all-time high of $113.8 billion in fiscal year 2021, according to the USDA. This is largely due to recent economic challenges in the last few years and the expansion of SNAP benefits during the pandemic.
5 Ways Retailers Can Avoid Inventory Shortages
Retailers are facing supply chain issues that can lead to food inventory shortages. Amidst many other issues like rising costs and labor shortages, low inventory is the last thing retailers want to deal with. Thankfully, there are ways to prevent this, according to Marketman…
1. Look at last year’s sales
In order to best plan ahead, look at last year’s sales to best plan for how much inventory you’ll need. This will help you learn if you ordered too much or too little last year and allow you to better gauge how much you will need this year.
2. Train employees on stocking
Make sure your employees know how much to put on the shelves so that you can make the best of your inventory. This way no one is overstocking the shelves, which leaves little to no backup inventory or understocking the shelves, which creates more bare shelves that are less appealing to customers.
3. Be flexible with vendors
If a vendor isn’t offering what you need, try checking with other local vendors to see if they have any supply – even if it’s just a smaller supply to get you by for a bit.
4. Order in advance
Give yourself plenty of time to receive inventory so that you aren’t rushing to get stuff on the shelves last minute. This will give you more time to prepare to receive the shipment, train employees on how to stock, create space for the inventory, and get the product out on the shelf in a timely, efficient manner.
5. Be transparent with customers
Let customers know what is in season and what kind of inventory to expect. You can also try to offer options and suggest good replacements for out-of-stock items. This will create a more personalized shopping experience for your customers and allow them to tailor their shopping list to your store’s inventory, so they won’t have to go elsewhere.
While the last few years have been difficult for store owners and challenges continue to come up, there are ways to best handle these challenges and keep your business open!