Today I want you to ask yourself: What price are you paying for having empty shelves in your shop?
Research by IHL has revealed that empty shelves account for a massive 32% of the instances when consumers who entered a shop with an intent to buy left without purchasing.
And this figure is on the rise, with out-of-stocks growing significantly from 2015 to 2018, and consumers experiencing out-of-stocks in as many as 1 in 3 shopping trips.
Considering 68% of shoppers say they avoid returning to a store if they find an empty shelf, this practice could alienate a huge section of your customers and have lasting negative effects of your business.
Let’s face it - having empty shelves is costing your business right now. Not only are you missing out on sales, you’re also losing customers.
So how can you avoid this common retail pitfall and avoid catastrophic losses?
MarketHub to the rescue! The ‘Dropped Sales’ report in our Pulse system flags when products which have been selling consistently for 5 weeks don't sell for 1 week or longer, giving you more insight into where there are potential issues with out-of-stock products in your store.
Pulse also breaks down the impact of these dropped sales on your profits, letting you know exactly how much revenue you can recover by fixing these issues ASAP.
You can’t predict what you don’t know will happen in the future, but you can at least be aware of what is happening in your business today, and this is a problem you can fix right now.
Dive in to your Dropped Sales report here, or respond to this email for more insight into the money-saving power of Pulse.
Happy saving,
Nicole from MarketHub