How retailers can avoid striking out during the World Series

| August 16, 2018

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Without question a busy retail period is hugely profitable for businesses. In particular, national and international events can present retailers with a number of significant business opportunities such as increased customer engagement, creating jobs for store associates and opportunities to drive sales at an exponential rate. Major sporting events in particular offer retailers vast opportunities to take advantage of an increased customer demand. For example, the upcoming World Series will see retailers experience an influx of customers looking to purchase replica shirts, electronics, food and alcohol. Yet, whilst these events encourage customers to spend more, it can also present a burden for retailers who aren't prepared for the sudden increase in customer interest. Customers are most disappointed when the products they want are not available. This is often due to retail staff conducting manual stock takes and recording incorrect numbers. Whats more, many retailers remain unaware that they have such poor view of their inventory. For example, many retailers believe that they have a clear view of their stock. Yet, the truth is that their stock accuracy can be as low as 68 percent with items being easily misplaced or lost through the supply chain. Whilst this can just about be adequate for general day-to-day operations, it simply isn't good enough when there is sudden increase in customer demand as a result of a major event, such as the World Series, driving sales.

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