Inventory management is the process of overseeing and controlling a company’s inventory. It involves the acquisition, storage, tracking, and optimisation of inventory to ensure that sufficient stock is available to meet customer demand while minimising costs and maximising profitability. Effective inventory management helps businesses maintain optimal inventory levels, reduce stockouts and overstock situations, and streamline their supply chain operations (Vatumalae, Rajagopal, Sundram, & Hua, 2022).
Inventory management plays a crucial role in the fashion retail industry. Here are some key reasons why effective inventory management is essential in this field:
1. Meeting Customer Demand: The fashion retail industry is characterised by rapidly changing trends, seasonal variations, and evolving customer preferences. By managing inventory effectively, fashion retailers can ensure they have the right products in stock to meet customer demand and capitalise on market opportunities. This helps maximise sales and customer satisfaction.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.
