Inventory Optimization is having the right inventory at the right time with practically no or minimum dead stock. It is the practice of having the exact inventory that meets your target service levels while tying up a minimum amount of capital in inventory. To achieve this, you need to account for both supply and demand volatility.
In order to cater to a larger segment, retail jewellers need to cater to different customers and offer a different range of products with varying designs, sizes, purity, etc. This ensures that there is an increase in footfalls and sales conversion ratio.
In India, jewellery is a seasonal business where a particular type of product is purchased as per the occasion. In a scenario like this, a wrong inventory-based decision by the jeweller seriously affects the business, the selling cycle, and has a great impact on cash flow as well as profitability.
Thus, it is essential for retail jewelers to change the inventory as per the changing times so that they can cater to the market requirements, and preferences of their customers.
A major part of the overall inventory is excess or dead stock, which continues to be one of the biggest problems in the industry. The main earning for a retail jeweller comes from making charges. In other words, the profits will increase only if the stock turnover ratio is high.
Ornate Inventory Optimization service provides crucial analytical data that helps you make informed inventory based decisions. Using these insights you can maintain the right stock, ensure the effective movement of your products, liquidate dead stock, and replace it with fast-moving items.
Our Inventory Optimization team has developed certain Mathematical and statistical algorithms through which Jewellers can optimize their inventory. This Service is provided by our separate team which consists of a Chartered Accountant, Statistician, Data Analyst as well as Developers.
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