Retail Replenishment can be defined as acquiring product on a recurring basis to support actual or anticipated need. Replenishment is best served as an automated process given the huge number of combinations of items and store locations. This newly introduced feature in iVend Retail called Replenishment Planning helps in systematic and automatic creation of recommendations for stock transfers and/or new purchase orders.
iVend Retail enables retailers to see exactly what is happening at the product and SKU level to get the most out of merchandise and stores.
In iVend the merchandize replenishment process for stores is automated based on various item and store specific like, minimum stock, maximum stock, order multiple, pack size, lead time, etc. After an initial calibration and setup of these variables, iVend Retail Replenishment process can be executed at a desired frequency. The system gives out recommendations for stock transfer or fresh purchases which can then be converted into firm documents or orders.
The Replenishment Planning engine in iVend Retail considers and understands the impact of potential loss on every inventory decision it makes responding rapidly to market trends and demands unlike other systems that are limited and restricted. In addition iVend’s replenishment and planning functionality provides users the ability to set retail product strategies and business rules. The focus is always to drive product towards the desired outcome of optimal stock on hand across the retail chain.
Management of exceptions and review of replenishment recommendations help to fine tune the system and thus the inventory stock movement. This automation greatly reduces workload for the inventory workforce and is a major benefit of replenishment planning process. The primary focus of introducing replenishment planning engine in iVend Retail is improvement through management of item / location level, demand forecasts and inventory levels. Retailers’ can easily achieve their primary goal is to maximize sales and optimize service levels, while minimizing inventory investment with iVend Retail 6.2. iVend Retail offers retailers sophisticated merchandize replenishment functionality integrated with Forecasting and Order Planning optimized within one application.
If you look forward to explore more about newly introduced features in iVend POS 6.2 CLICK HERE