Sales Strategy

How Retailers Can Fund Strategic Priorities April 01, 2022 (0 comments)

New York, NY--Inventory management has been a challenging task for retailers since the onset of the COVID-19 pandemic.

It's not expected to change so soon either.

"It's been difficult to plan inventory flow with much precision," said Nordstrom CEO Erik Nordstrom, according to a report by Sourcing Journal. "We do not expect those conditions to change anytime soon, so it's really on us to find ways of mitigating that."

When resource acquisition can be tricky, funding priorities can take a hit. Some preferences, as highlighted by Retail Wire, include:

• Resetting physical stores for omnichannel;

• Modernizing the supply chain;

• Tapping alternative higher-margin revenue streams;

• Enhancing data privacy and security;

• Making the workforce future-ready;

• Incorporating ESG practices;

• Engaging in mergers and acquisitions.

The question remains: how to proceed with funding and managing priorities. According to data reported by Consumer Goods Technology, most retailers aren't entirely applying advanced analytics or artificial intelligence for forecasting and inventory management. 

Read more in the Retail Wire report.