For grocery and convenience stores dealing with fresh food means having products that have multi-day and multi-hour shelf lives. Yet, many of these retailers’ face challenges with limited visibility of the remaining shelf life for on-hand items, and they have no way to know when to pull products from the shelves. During production, they do not know when Out of Stocks occur as users cannot see that the stock is expiring, and often, they are left making markdowns to not take a loss on full retail value.
As a retailer, how would you like to have more visibility into what is on the shelf and know exactly when products are going to expire?
Traditionally, standard UPC and EAN barcodes have made it difficult to track products that have a short shelf life, but with FreshIQ®’s layered inventory, retailers are granted the flexibility to easily print a variety of different barcodes. This capability allows the system to embed data such as expiration date, serial number, batch/lot number, pack date, and more, granting retailers true visibility into inventory so that they know about every product on the shelf, and granting them with the ability to track fresh items through their entire lifecycle.
What are the top 3 benefits of incorporating layered inventory into your inventory management?
- Reduce Out of Stock: Enhance production forecasting to reduce out of stock situations caused by expiring product between production runs.
- Mitigation of Waste: Surface expiring product for promotion with a suggested markdown or alternate use before it expires. Reducing waste and maximizing product salability while also having visibility into your markdown program to validate its effectiveness.
- Automate Expiring Product Pulls: Proactively inform store users to pull product from the shelf when it is expired, giving shoppers an overall fresher product on the shelf. Automatically assume waste if product has not passed through the POS by its expiration date.
Learn more about how FreshIQ’s layered inventory can offer you visibility into your fresh inventory. Request a demo today!
About the Author
Pete Caito has worked in Fresh Item Management (FIM) for 15 years. He is the Senior Vice President of Product at Applied Data Corporation. As part of FIM, Pete has worked to support the transition to SaaS to better serve the Grocery/Convenience Industries by supporting the development of FreshIQ, the next-gen platform for FIM.