Greater need for inventory technology follows increased earnings
March 28, 2013
For Canadian retailers, the economic success of the public is theirs as well. As consumers find themselves getting back to work or even just bringing in larger paychecks, after experiencing financial difficulties, it is likely that they may start making more purchases. This puts companies in a place to potentially improve their profits, but this often requires making adjustments to meet increased demands. In order to cope with lagging sales, many enterprises will scale back their inventory spending to decrease the amount of unsold items on shelves. By using inventory management software to keep track of products as sales rise, companies may be able to make more intelligent decisions about how to stock their stores.
One major benefit of these tools is that advanced inventory technology helps in determining what items are selling the fastest, and by keeping the right items available in the right amounts, shops can be sure that patrons won't leave disappointed while still keeping their own budgets in check. Making the shopping experience as positive and successful as possible is key to supporting retail sales, and software solutions offer a way to accomplish this without straining employees with more work or risking major errors.
Economic climate getting warmer in Canada
According to a recent report from Statistics Canada, employed individuals are making slightly more money than they have in the near past. Non-farm payroll employees made an average of $908 each week in January, a 0.1 percent increase from December. More significantly, this improvement, however slight, is part of an upward trend, with January earnings 2.7 percent higher than the same time last year. The organization explained that the gains reflected a number of positive factors, including wage growth and boosts to number of hours worked.
Additionally, the Organisation for Economic Co-operation and Development (OECD) found in its newest Interim Economic Assessment that Canada is slated to experience economic improvement through the beginning portion of 2013 along with the other G7 economies. During the first quarter, the country's economy is expected to see 1.1 percent growth, followed by nearly 2 percent in the second quarter. The United States is also likely to see gains, the research noted, and this often spells good news for Canada as well.
With the outlook bright from both individuals and the nation as a whole, many shoppers are will find themselves spending more on retail goods. In order to address their needs effectively, businesses can implement inventory management software now to get prepared.