The client – A renowned personal care products retailer
Area of engagement – Inventory optimization
Over the years, the personal care products segment has contributed to a major share of the retail industry’s revenues, owing to the rising emphasis on beautification and personal hygiene. With the growing concern for reducing the usage of chemical substances in the products, leading personal care products manufacturers are planning to invest highly in innovations to develop eco-friendly designs. The personal care products space, at large, will witness a stipulated growth with the growing spending power of the consumers, the influence of international brands, and the burgeoning growth of the retail industry. Moreover, the growth in the population and rising demand for luxury products will influence the growth of the personal care products space.
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Here are some of the factors that may curtail the growth of the industry over the years.
- Rising preference for organic care products: In the last couple of years, the preferences of the consumers have started changing, and they have moved towards the use of organic personal care products. The rising concern regarding the negative health impacts of using synthetic care products is compelling businesses to leverage the use of technological capabilities to streamline their product offerings.
- Government intervention: The health issues associated with using synthetic care products are compelling retailers to come up with more natural ingredients for human usage. In the US, the FDA is continuously focusing on creating guidelines to determine the safety of the products for the consumers use. The 21CFR laws pertaining to cosmetics also ensure strict regulations on cosmetics production.
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To counter such challenges and devise effective ways to maintain consistency in the product offerings, organizations are leveraging inventory management solutions. An inventory management solution helps businesses accurately keep track of the products to better serve the customers. Through an effective inventory management solution, businesses can minimize inventory write-offs and overstocks and increase the overall supply chain efficiency.
The Business Challenge
The client, a renowned personal care products retailer, wanted to efficiently track inventory levels with better visibility into the incoming and outbound delivery. The client wanted to meet the needs of the customers and make better-informed business decisions. With the help of industry best practices, the client wanted to curtail data entry errors, increase productivity, and lower operational costs. The primary objective of the client was to reduce manual physical inventories and lost sales track due to inaccurate stock levels, inventory write-offs, and shrinkage. Moreover, the personal care products retailer further wanted to leverage technological capabilities to keep track of their inventory, orders, and vendors.
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The Solution Benefit and the Business Impact
Strategies that we recommend to increase customer satisfaction and enhance brand loyalty.
The inventory management solution offered by Quantzig helped the personal care products retailer maintain order management by monitoring order placements. The client was able to manage and reorder stock through effective purchasing management. In addition, the inventory management solution also helped the client handle sales by managing quotations, invoicing, and receipts. The client was further able to facilitate end-to-end tracking of the products from order to delivery.
Inventory Management Solution Predictive Insights
The inventory management solution offered by Quantzig helped the personal care products retailer better manage inventory levels, replenish stocks, and minimize supply chain costs. The solution further offered ways for the client to strike a balance between working capital, operational costs, and service level.