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OSA State of the Industry for 2024
Manage episode 435373623 series 3348400
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Mike Graen discusses the state of on-shelf availability in retail, highlighting the impact of inventory distortion, which cost retailers over $1.77 trillion in 2023. He cites a McKinsey survey showing 62% of shoppers couldn't find an item on their list, leading to 39% switching brands and 32% switching retailers. Graen emphasizes the importance of meeting customer needs, referencing Walmart CEO Doug McMillon. He explores solutions like algorithms, audits, computer vision, RFID, and robots, noting that on-shelf availability is crucial for customer satisfaction and sales. He also mentions the role of buy online, pick up in-store (BOPIS) and research online, buy in-store (ROBUS) in modern retail.
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