For companies to keep profits high, a number of important factors come into play. Supporting strong bottom lines is a balancing act, so business leaders need to determine the best hiring, budgeting and stocking practices to ensure they get the most out of their revenue. In the past, Canadian organizations may have achieved this through the use of documents requiring manual data entry, but inventory management software is now available as a much more efficient choice. By implementing inventory technology, retailers can make informed decisions about how to scale their stocking according to consumer demands, which can allow them to reduce waste in times when the economy is experiencing slow-downs.
Canadian shoppers anxious about future
In its most recent Canadian Consumer Confidence Index, TNS found that economic sentiment among the public this month isn't as strong as it was in March. The indicator decreased to 94.4 in April from 96.5 during the previous month. Additionally, the Expectations Index, which rates how shoppers feel about the impending six months, dropped from March's figure of 101.1 to 99.0.
"Canadians' confidence in the economy is slipping quickly back to lows that we haven't seen since during the Great Recession," Norman Baillie-David, study director and senior vice president of TNS in Canada, said in a statement."The continued environment of public sector austerity, combined with high consumer debt, a deliberately slowing housing market and poor job prospects are all combining to create a perfect storm of pessimism among Canadians who increasingly are believing that the situation right now is not good."
However, according to The Globe and Mail, the outlook may not be as poor as confidence ratings suggest. The news source claimed that in terms of the unemployment rate, Canada is going strong, especially compared to other nations. Additionally, not only was Canada the first major Western economy to regain all the jobs it lost in the past several years of downturn, but a higher percentage of its population is currently working than in the other G-7 countries (the United States, the United Kingdom, France, Germany, Italy and Japan).
While Canadian consumer confidence may be experiencing setbacks, retailers can do their part to boost these levels. By improving their financial situations, companies can show shoppers a brighter picture of the future. One way to do this is by using inventory software to make smart business decisions.