High Street retailers could be losing hundreds of millions each year due to poor stock levels, report warns
A report has warned that high street retailers could be losing more than three quarters of a billion pounds in sales due to poor in-store stock levels.
Warning: The study found 38 per cent of people left empty handed
Digital commerce solutions provider Venda commissioned a YouGov poll of more than 2,000 adults and found that 38 per cent had left a store in the last month without making a purchase because items were either not in stock at all or not in the correct colour or size.
The result, according to Venda, is an estimated loss of up to £43 worth of sales per month for every adult in the UK. In addition, one in 10 people said they would be likely to complain to friends and family or directly to brands via social networks.
Eric Abensur, group CEO at Venda, said: “In a climate of tough trading, retailers need to go back to basics and re-evaluate core aspects of their business’s operations.
“Although promotional activities and flash sales have helped retailers boost bottom lines in recent months, focusing on these strategies should be in line with optimising stock management and order fulfilment.
“Stock management systems that only marginally work are costing retailers millions of pounds worth of sales, which if captures, could be considered as the saving grace of the high street.”
According to the survey, two per cent of customer left stores without an item up to five times in the last month, while four per cent said they would stop shopping at retailers if the problem happened repeatedly.
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