In the fast-paced world of fashion, success for retailers hinges on being able to put the right style in the right color or size in the customer’s hand at the right time — a simple concept that is difficult to execute for a number of reasons. Fashion is a perishable commodity where trends change overnight, making it difficult to ultimately predict duration and demand. The time required to source/ manufacture and to make the merchandise available at right store makes the replenishments an arduous and tedious task. Ordering too much product translates into increased capital expenses that can erode a retailer’s bottom line, while ordering too little can lead to missed opportunities and lost sales.

When customers visit your store with a product in mind and don’t find it, negative customer experiences are not the only result.  In fact, fifty percent of those who encounter an OOS will visit another store to find the item.

An OgilvyAction study estimates that 13% of shoppers leave the store without making an intended purchase. The GMA estimates that 25% of out-of stock items are in the store, just not on the shelf. Further, fully three-quarters of out-of-stocks happen in-store, meaning they aren’t caused by supply chain problems. These out-of-stocks all equate to roughly 4% of total sales, never mind the dissatisfied shoppers who eventually move to another store.

Regardless of the cause, studies show that retailers can achieve at least 10% more revenues by keeping up with appropriate stock levels.

Identify the Lost Opportunities in your Merchandise Collection with KANVAS

A senior executive from a leading online women’s fashion brand told us, “We currently don’t have the means to take timely, high quality decisions. We are held back by limited tools and information for making choices about look and collections.”

And she is not alone. Despite the availability of myriad data solutions, challenges remain. In the fashion industry, for the processes which require business performance analysis along with creative inputs, there have been very limited developments.  The problem of lost opportunities/Gaps in the collection is one such area that requires creative as well factual inputs.

Why Kanvas?

Kanvas is a SaaS platform that associates images with tabular data, providing concept and evidence in one screen. Kanvas accelerates GTM and operations processes, eliminates overlooked gaps and saves real money.

Below is a typical case of how Kanvas impacted the Line balancing process of a leading brand in Asia:

With Kanvas, collection gaps and unbalanced lines can be spotted easily, resulting in higher revenue and margins:

Kanvas’ fast and powerful analytics, help with the below processes:

How much sales are you losing to un-pursued market opportunities? Do something about it. Start here.