Future of inventory management in retail chains
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The retail industry in India is growing rapidly and with the customer demands and competition increasing, retailers will have to differentiate themselves to succeed. Inventory Management then becomes a crucial factor in deciding the profitability of a firm. Researches have been done in different parts of the world to analyze efficient practices which will help firms to remain competitive and profitable. We looked at these researches and some of the inventory management practices followed by world class retail firms. Some of the gaps existing in the research area are with respect to how to optimize inventory management by utilizing the multiple stores of the same retailer in a locality. Coordinating with the other stores will be really helpful especially in cases of countries like India where the retailers like Big Bazaar and Ad an is have more than one stores in a locality. International retailers are fast investing in technology through RFIDs and inventory management software to remain competitive and provide the best services to their customers. In India in the future, such initiatives will be deciding factors which will keep the firms profitable and ensure customer service of the highest class.
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