Before utilizing Happy Buyers, ERBA was making inventory decisions based on weekly POS data exports. Spreadsheets on spreadsheets, like so many other retailers do.
They also believed that the more SKUs on the shelf, the more options for consumers; they expected that would hit the most amount of interest across a broad range of customers.
This is not entirely flawed thinking, but the store strategy has to be very specific for it to make sense and keep sales velocity high. That last point is the most important. What good is product diversity if the product doesn’t move?
If you find yourself in the same predicament, you’ve now just inherited a bunch of aging inventory. What happens to aging inventory?
HEAVY discounting. Sales with zero profit, or worse, negative profitability.
Devon Wheeler
CEO of ERBA
Happy Buyers runs intense equations on an hourly basis of your sales data. We are looking for sell-through of SKUs, velocity of sales per SKU, inventory on hand vs out of stock inventory, and so much more.
This is simply not something that can be reproduced manually without a full-time data scientist running hourly exports of POS data (and even then, this job is just too overwhelming to do well).
Using our platform, ERBA was able to identify over $50k worth of inventory that was over 30 days old, with much of it aging 90+ days. Some of that inventory comprised entire brands, some just specific SKUs in the lineup.
“Happy Buyers' predictive analytics gave us spot-on demand forecasts, which helped us keep our inventory just right. This meant we avoided having too much or too little stock, making our inventory management more efficient and saving us money.”
By identifying the SKUs that needed to go, ERBA reclaimed that investment every month afterward. That’s hard cash that goes back into the business, to bring in more customers through marketing, to bonus out high-performing budtenders, to expand locations, or even just to put in the vault in case more hardships arise in the future.
“Since we started using Happy Buyers, we've cut down a lot on old, unsold inventory. Their advanced analytics and customer insights help us match our stock better with what the market wants.
Happy Buyers' targeted marketing tools have boosted our conversion rates and increased our quarterly revenue. Their detailed and customizable reports are incredibly helpful. Now, we can easily monitor performance metrics, track sales trends, and forecast demand more accurately.”
Erba | The Wood's
Erba | Venice
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