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Open Access Journal Article

Inventory Management Strategies in Retail Operations

by Daniel Taylor 1,*
1
Daniel Taylor
*
Author to whom correspondence should be addressed.
ORS  2021 3(1):16; https://doi.org/10.69610/j.ors.20210214
Received: 1 January 2021 / Accepted: 27 January 2021 / Published Online: 14 February 2021
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Abstract

This paper explores the critical role of inventory management strategies in the retail industry, emphasizing their impact on operations efficiency and customer satisfaction. The study delves into various inventory management techniques, such as just-in-time (JIT) inventory, economic order quantity (EOQ), and vendor-managed inventory (VMI), to analyze their effectiveness in the retail domain. The paper further examines the challenges faced by retailers in maintaining optimal inventory levels, including overstocking and stockouts, and suggests solutions to overcome these issues. Additionally, the paper discusses the importance of leveraging technology, such as inventory management software and cloud-based systems, to streamline the inventory process and ensure accurate stock tracking. Through a review of existing literature and case studies, this paper provides valuable insights into the best practices for implementing inventory management strategies in retail operations, ultimately contributing to improved profitability and customer loyalty.

Keywords: Inventory Management Strategies; Retail Operations; Just-in-Time (JIT) Inventory; Economic Order Quantity (EOQ); Vendor-Managed Inventory (VMI).;
Copyright: © 2021 by Taylor. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
Cite This Paper
APA Style
Taylor, D. (2021). Inventory Management Strategies in Retail Operations. Operations Research and Statistics, 3(1), 16. doi:10.69610/j.ors.20210214
ACS Style
Taylor, D. Inventory Management Strategies in Retail Operations. Operations Research and Statistics, 2021, 3, 16. doi:10.69610/j.ors.20210214
AMA Style
Taylor D. Inventory Management Strategies in Retail Operations. Operations Research and Statistics; 2021, 3(1):16. doi:10.69610/j.ors.20210214
Chicago/Turabian Style
Taylor, Daniel 2021. "Inventory Management Strategies in Retail Operations" Operations Research and Statistics 3, no.1:16. doi:10.69610/j.ors.20210214

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ACS Style
Taylor, D. Inventory Management Strategies in Retail Operations. Operations Research and Statistics, 2021, 3, 16. doi:10.69610/j.ors.20210214
AMA Style
Taylor D. Inventory Management Strategies in Retail Operations. Operations Research and Statistics; 2021, 3(1):16. doi:10.69610/j.ors.20210214
Chicago/Turabian Style
Taylor, Daniel 2021. "Inventory Management Strategies in Retail Operations" Operations Research and Statistics 3, no.1:16. doi:10.69610/j.ors.20210214
APA style
Taylor, D. (2021). Inventory Management Strategies in Retail Operations. Operations Research and Statistics, 3(1), 16. doi:10.69610/j.ors.20210214

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