Many Malaysian businesses struggle with maintaining optimal stock levels. Interestingly, a study found that retailers can lose nearly half of intended purchases when customers encounter out-of-stock situations, based on data from over 71,000 consumers in 29 countries. This underscores the importance of implementing effective inventory restocking systems to ensure timely replenishment and prevent stockouts.
Recognising the impact of stockouts on business revenue, Ninja Van Malaysia has released a white paper titled “From shelves to shoppers: The art of seamless logistics” featuring Faber Castell, one of Ninja Van’s customers who benefitted from its restocking service. The study highlighted valuable insights, operation challenges, and successful case studies on how businesses improve their inventory management and customer satisfaction through an automated restocking system.
Lin Zheng, chief executive officer of Ninja Van Malaysia said, “Our white paper sheds light on the crucial role that seamless logistics plays in the fast-paced e-commerce environment. By leveraging cutting-edge technologies, such as our Ninja Restock service, we aim to set new benchmarks to ensure that businesses can meet customer demand with precision. Businesses can leverage solutions that help them thrive in a dynamic retail environment. This white paper reflects our commitment to helping them navigate the complexities of it with an automated restock system,”
The white paper delves into the challenges of understocking and overstocking, which can lead to lost sales and increased costs. A study highlights that out-of-stock are a major cause of shopper abandonment, with customers often leaving stores or abandoning online carts when products are unavailable. This underscores the need for optimal stock levels to meet consumer demand.
Additionally, the study notes that logistics can account for up to 15% of a business’s operating expenses, emphasising the financial impact of inefficient inventory management. Partnering with third-party logistics providers (3PLs) can address these issues by improving inventory management and reducing costs, thereby helping businesses maintain optimal stock levels and enhance overall operational efficiency.
The report also showcases the importance of having a reliable logistics partner, including nationwide coverage to ensure product availability, real-time tracking to minimise losses, and prompt delivery with tailored solutions. For businesses aiming for international expansion, cross-border delivery capabilities are crucial for effective customs clearance and efficient warehouse management.
By minimising manual intervention and reducing human error, businesses can streamline their operations and focus on scaling their growth. Additionally, a comprehensive restocking service can respond promptly to market changes, seasonal peaks, or unexpected surges in demand.
Successful implementation of restocking solutions can lead to significant ripple effects across the market, driving a broader adoption of technology among businesses striving to stay competitive. As companies witness the tangible benefits of streamlined inventory management, they are more likely to invest in advanced technological solutions to modernise their operations.
For Malaysian businesses seeking to elevate their operational efficiency and remain competitive in a rapidly evolving market, partnering with 3PLs that offer such cutting-edge solutions is crucial. By doing so, they can ultimately set themselves apart from competitors and drive sustained growth.
