Invent Analytics, an award-winning global retail planning solutions provider, announces the latest addition to its suite of intelligent retail supply chain solutions: the Phantom Stock mobile app. While Invent Analytics has long provided phantom inventory detection as an add-on service, it is now offering the same data-driven insights to new and existing clients through the stand-alone app. The Phantom Stock app leverages the power of artificial intelligence (AI) to detect discrepancies between inventory data and physical inventory in stores, helping retailers reduce lost sales, boost customer satisfaction, and maximize profitability.
"In retail, inventory accuracy is crucial. It impacts everything from forecasting and planning to sales and customer satisfaction,” said Gurhan Kok, Founder & CEO of Invent Analytics. “However, retailers often wind up with phantom stock, where inventory records don’t match what’s actually available on the store shelf. This could be caused by wrong shelf placement, pricing discrepancies, product damage, data entry mistakes, or any other human error. Our Phantom Stock app helps retailers spot and solve these issues fast.”
The Phantom Stock app is an easy-to-implement, user-friendly solution that runs on any smartphone. Using AI and machine learning algorithms, the app analyzes a retailer’s demand forecasts, sales data, and inventory data to accurately predict and identify inventory inaccuracies. The app generates weekly alerts for individual store locations, listing suspected phantom inventory issues at the SKU level. The app also quantifies how much sales will increase by resolving the issues. Store managers can access the alerts at any time and quickly investigate each item on the list, prioritizing opportunities with the biggest impact.
Additional benefits of the Phantom Stock app include:
-Pricing accuracy: Retailers can ensure prices, labels and discounts are correct and consistent across stores.
-Time savings: Store managers can reduce the time and effort spent fixing inventory errors
-Lost sales reduction: With the right number of SKUs in the right place, stores capture every sale.
-Customer satisfaction: Stores will delight shoppers with readily available, in-demand products.
-Profitability: By using the app, Invent Analytics’ clients improve their bottom line by an average of 2%.
“The foundation of our company is built on helping large global retailers maximize profits,” said Kok. “We’ll continue to introduce innovative solutions designed to improve their bottom line behind the scenes—as well as create better shopping experiences that keep customers coming back time and time again.”
About Invent Analytics
Invent Analytics is a global retail planning solutions provider that helps leading retailers accelerate their omni-aware demand forecasting, allocation, replenishment, and markdown capabilities using financial profit optimization model and AI-based advanced analytics.
Invent Analytics has been named as a representative vendor in Gartner 2022 Market Guides, including Retail Forecasting, Allocation and Replenishment Solutions and Retail Unified Price, Promotion and Markdown Optimization Applications – Short Life Cycle.https://www.inventanalytics.com/contact-us/phantom-stock