![]() ![]() Stocking of too many items on shelves can lead to slow-moving and this results in difficulty in making space for other new products. Therefore, smart shelf space allocation for each product is important for retail stores and using data-driven planograms, retailers can plan and execute their shelves effectively. A planogram is the visual merchandising software, that ensures store managers control shelf space by communicating to retail field staff about product placement on each shelf. Meanwhile, poor inventory management can lead the retail business to loss. For instance, a gift shop retailer needs to store items on a seasonal basis. Inventory management is a critical process for retail businesses, as it allows retailers to have the right products at their store in the right place. Inventory management refers to the process of ordering, storing, tracking and monitoring a store's inventory at different levels. By managing a store’s inventory right, it will help in reducing costs, increasing profitability and improving stores performance.
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