Research Paper: Variety and Inventory Trade-off in Retailing: An Empirical Study
Identifying the right level of variety and associated inventory has been an open question in both the retail industry and academia for a long time.
In general, more variety is expected to generate higher traffic to store and higher conversion for incoming customers. Another argument is that too much variety reduces sales due to the confusion it creates in the customers’ minds (choice paradox). Higher variety also implies lower inventory per product due to limited shelf space in the stores. Hence, a critical question for a retailer is to determine where their stores are currently positioned on the variety-sales curve, and whether they should increase/decrease variety by extending/cutting the long tail of slow-moving products or not.
This research paper, written by Prof. Gurhan Kok (founder and CEO of Invent Analytics), investigates the trade-off between variety and inventory in retailing using data from a bookstore chain.
Click here to read more.
-
eBookGrocery Retail Playbook: How to Win in the Omni-Grocery World
Times are not changing; they have already changed. Today, serving the omni-customer in the best way possible requires grocery retailers to look at everything through an omni-channel lens, increase their data and analytics capabilities, and re-engineer their supply chain.
-
eBookFashion Retail Planning: Build Your 2022 Roadmap to Omni-Channel Excellence
As we look ahead to 2022, we created this eBook to help fashion retail industry leaders understand the key dynamics that will impact their planning strategies and provide actionable insights to help them plan and build their roadmap for the next year.
-
Special ReportSpecial Report: The Future of Grocery Retail Planning
Download this special report to discover omni-channel retail planning, inventory optimization trends and predictions.
-
VideoOmni-Channel Is the New Customer Expectation - What It Means for Inventory
We shed light on 3 key areas retailers should be focusing on as they strive to provide the perfect balance in managing their inventory and providing the flexibility their customers expect.
-
VideoHow Can Retailers Take Advantage of Advanced Analytics Across Their Entire Supply Chains?
We asked Bill Frank's opinion on how retailers can take advantage of advanced analytics across their entire supply chain and use data to gain a competitive advantage.
-
VideoMeet Invent Analytics at NRF 2022!
Are you attending NRF2022? Meet omnichannel retail inventory and price optimization solutions provider, Invent Analytics in NYC.
-
VideoTrends and Predictions for Retailers in 2022
What will 2022 look like for the retail industry?
What are the key planning predictions for 2022 that retailers should be aware of now?
What are the top planning trends to expect in 2022?
-
VideoRetail Planning Solutions for a Profit-Optimized Future
In the new world of retail, omni-channel has become the gold standard for success. At Invent Analytics, we empower our retail clients to deliver the omni-channel promise and embrace an end-to-end approach to their planning strategy and execution.
-
VideoHighlights from RILA LINK2022: The Retail Supply Chain Conference
An Interview with our CEO: Highlights from RILA LINK2022, The Retail Supply Chain Conference
-
VideoCustomer Testimonial: Burak Ovunc, CEO of FLO - One of Europe’s Largest Footwear Retailers
Watch FLO’s CEO Burak Ovunc’s video to find out about how FLO reduced lost sales by 12%.
-
VideoTop 3 Highlights from NRF 2023
We take a step back to digest what we heard from various retailers at this year's NRF Show and share our top 3 key takeaways for successfully managing inventory in 2023.
-
VideoHow Economic Challenges Are Impacting Inventory Strategies in 2023
Retailers are facing challenges in managing their inventory due to the current economic conditions. Despite the challenges, there are opportunities for retailers to navigate these issues.
-
VideoRecession or Not - Retail Needs to Be Ready
We review 3 key questions all retailers should ask themselves to prepare for a potential recession to effectively utilize existing inventory, proactively respond to customer demands, and plan ahead to positively impact business in 2023.
-
VideoWhy Inventory Planning Should Report to the CFO
Inventory planning teams are now finding themselves reporting to the CFO. Why is that? Learn the 3 main reasons for this reporting structure that provides a major competitive advantage to retailers' inventory management.
-
VideoFind Out Why a Better Demand Forecast in Retail Isn’t the Answer
Are you constantly striving for excellence and seeking the elusive balance between inventory investment and an exceptional customer experience? Are you hitting your KPIs but not seeing an impact on your financial performance? Learn the 3 most common issues retailers face when it comes to overcoming the challenge of conflicting KPIs that don't align with their financial goals.
-
VideoElevate Retail Success With Our Phantom Inventory Solution
Why are retailers losing sales because of missing or misplaced stock, inaccurate inventory data that doesn’t align with on-hand availability and unnecessary stockouts? In the latest edition of Innovate With Invent, Jonathan Alves, VP of Strategic Accounts, and special guest Tav Tepfer, Chief Revenue Officer at Invent Analytics tackle the issue of phantom inventory that plagues retailers worldwide.
-
VideoTailored Brands Leverages Invent Analytics' AI to Optimize Inventory Management
Discover the future of menswear retail as Tailored Brands leverages AI to revolutionize inventory management. With pinpoint forecast accuracy and precise inventory planning, they've amplified product availability, sales, and profitability, while dramatically reducing stock-outs, enhancing overall customer satisfaction.
-
VideoLower Markdown Losses and Achieve Higher Sell-Through by Leveraging AI and Advanced Analytics.
Our retail experts shed light on how an effective markdown strategy empowers retailers to make data-driven decisions that result in lower markdown losses and higher sell-through rates.
-
Video
AI-Driven Inventory Optimization with Academy Sports + Outdoors
Academy Sports + Outdoors VP Merchant Systems Operations, John Jarrett, and Sr. Director Logistics and Distribution, Kyle Foulkrod, joined Invent Analytics Founder & CEO, Gurhan Kok, and Chief Revenue Officer, Tav Tepfer to share how they transformed their people and processes and achieved unparalleled results in just a few months. Learn how will how they reduced lost sales, ensured product availability, and optimized profitability across diverse channels through AI-driven inventory management, intelligent demand forecasting, and precise inventory decision-making.
-
Video2023 Unwrapped: AI Innovations in Retail and Predictions for 2024
In the final 2023 Innovate With Invent huddle, we review the year's major retail trends, focusing on AI-driven changes, industry challenges, and strategies for future innovation.
-
VideoInventory Optimization Masterclass: Strategic Insights from Tailored Brands' Award-Winning CTO
Learn how Invent Analytics and Tailored Brands enhanced tuxedo rental inventory management with AI and ML, leading to improved efficiency and customer satisfaction in our latest webinar.
-
Video
NRF 2024 Inventory Optimization Masterclass with Tailored Brands and GNC
-
VideoDecoding AI in Retail: Forecasting vs. Decisioning for Retail Growth
Learn why a forecast, even one enhanced by AI, falls short without the strategic integration of AI decisioning.
-
Video
Academy Sports 2023: How AI Powers a New Approach to Drive Profitability
Academy Sports + Outdoors VP Merchant Systems Operations, John Jarrett, and Sr. Director Logistics and Distribution, Kyle Foulkrod, joined Invent Analytics Founder & CEO, Gurhan Kok, and Chief Revenue Officer, Tav Tepfer to share how they transformed their people and processes and achieved unparalleled results in just a few months. Learn how will how they reduced lost sales, ensured product availability, and optimized profitability across diverse channels through AI-driven inventory management, intelligent demand forecasting, and precise inventory decision-making.
-
VideoBehind the Seams: Overcoming Allocation Challenges in Apparel Retail
Discover expert strategies for mastering inventory allocation in apparel retail, as our latest "Innovate with Invent" unveils practical insights for optimizing stock levels and enhancing profitability.
-
PodcastAI-powered Advanced Analytics for Better Pricing, Supply Chain and Merchandising Decisions for Retailers
The retail industry is constantly evolving and becoming more customer-centric to meet the demand of omni-channel customers. That also means inventory optimization is taking center stage.
-
PodcastInvent Analytics Conversations: The Future of Omni-Channel Grocery Retail
In this The Future of Omni-Channel Grocery Retail podcast, Prof. Gurhan Kok and Justin Honaman get together and answer some fundamental questions that are on grocery retailers’ agenda.
-
PodcastInvent Analytics Conversations Podcast: The Future of Inventory Optimization
In this episode, we welcome our CEO, Gurhan Kok, where he talks about retail planning predictions, omni-channel inventory optimization challenges, and opportunities in the new world of retail.
-
PodcastEnhancing Inventory Optimization with Composable Analytics
Invent Analytics CEO and founder, Prof. Gurhan Kök, joins the Martalks Podcast to explain how our composable inventory optimization tool is designed to eliminate the guesswork and introduce greater profitability to brands by eliminating inefficiencies and limitations of legacy solutions.
-
Research PaperResearch Paper: The Future of Retail Operations
The future of retail is very exciting. As the forces of technology, competition, and new business models shape the retail landscape, pivotal questions are on the minds of all participants in the industry, including investors, entrepreneurs, business professionals, and academics.
-
Research PaperResearch Paper: Omnichannel Assortment Planning
In today’s omnichannel environment consumers increasingly interact with assortments of the same firm across different touchpoints.
-
Research PaperResearch Paper: Stockout Risk Estimation and Expediting for Repairable Spare Parts
This research paper written by Prof. Gurhan Kok, Asst. Prof. Mustafa Hekimoglu and Mustafa Şahin focuses on developing an advance stockout risk estimation system for repairable spare parts.
-
GuideEarth Day 2023: How to Reduce Fresh Food Waste
Download this free pocket guide to find out how to address the food waste problem and prevent it.
-
GuideHow to Forecast Demand Accurately: A Pocket Guide for Fashion Retailers
Download this free pocket guide to find out 6 commonly used methods to forecast demand for new items and how to generate more accurate forecasts.
-
GuideFinding Optimal Inventory Balance: How to Reduce Inventory and Lost Sales
Download this free pocket guide to find out how retailers can increase their inventory planning capabilities and how to reduce lost sales and inventory holding costs.
-
GuidePre-Season Planning: Why Successful Inventory Optimization is Vital in Fashion Retail
Download this free pocket guide to find out 4 efficient ways for fashion retailers to help them to see pre-season planning and successful next season planning tips for retailers.
-
GuideA Retailer’s Guide for Returns Forecasting
Don't let returns eat into your bottom line. Learn how to forecast returns and improve your customer experience with our free guide.
-
GuideDark Stores: A Pocket Guide for Grocery Retailers
Download this free pocket guide to find out what a dark store is and the challenges of running dark stores from an inventory planning perspective.
-
GuideDemand Forecasting Pocket Guide for Retailers
Download this free pocket guide to find out what demand forecasting is in retail industry and what retailers need to do to create better forecasts.
-
InfographicCase Study Infographic: Fiba Retail Group
Download the infographic to find out how Fiba Retail Group accelerates its demand forecasting and inventory planning capabilities.
-
InfographicCase Study Infographic: Mavi
Download the infographic to find out how Mavi increased availability, reduced lost sales, and maximized profitability.
-
InfographicCase Study Infographic: Migros
Download the infographic to find out how Migros managed to increase stock availability and reduce inventory days.
-
InfographicCase Study Infographic: FLO
Download the infographic to find out how FLO maximized availability, reduced lost sales and improved net profit.
-
InfographicInfographic: 6 Reasons Why Retailers Trust Us
Download this infographic to learn more about why retailers trust us to help them succeed.
-
InfographicTop 5 Reasons for Inventory Discrepancies
Are you unsure of the causes for your inventory discrepancies? Learn the top 5 reasons why phantom inventory exists and the benefits of utilizing our app to correct them.
-
InfographicInfographic: Why Retailers Need Markdown Optimization and How It Works
Download this infographic to learn more about why retailers need markdown optimization and how it works.