Much has been written about the estimated $245 billion in lost sales each year in North America alone that is a consequence of items being out-of-stock.
Worse than the short-term effects of lost sales to brands is that 65% of consumers say that they would try a new brand if their “go-to brands” were out-of-stock.
In addition Retail Shrink (unaccounted for inventory) caused by retail theft and shortages cause on hand accuracy issues which exacerbate the issue of on-shelf availability.
About Brand L. Elverston
Brand has over 25 years of experience in the retail asset protection/risk mitigation business channel.
After nearly a dozen years as a field artillery officer in the U.S. Army, Brand began his retail career with Walmart’s then Loss Prevention division in 1995, retiring in 2017 to impact the overall industry more effectively, and more broadly.
Brand’s undeniable passions are in the emerging technology scope, not legacy solutions, designed to align innovative risk mitigation measures more effectively with emerging retail business pursuits.
About Mike Graen
With 40 years of experience working for Procter & Gamble, Walmart, and CROSSMARK, Mike Graen has seen the retail industry from every conceivable angle. From helping develop what would become Retail Link to investigating and leveraging the potential of shelf-scanning robots and RFID tech in stores, Graen has made a career out of using technology to solve business problems.
The On Shelf Availability series is presented by the Department of Supply Chain Management at the University of Arkansas, and proudly sponsored by: