Another great example of collaboration, we are now ready to release this solution to our partners and channels. Large retail companies can offer wide selections of clothing and have advantages in purchasing, distribution, and marketing while smaller stores can compete by offering unique merchandise, targeting a specific demographic, providing superior customer service, or serving a local market. All retail stores across the industry share a similar and very labor-intensive model when it comes to inventory tracking and inventory replenishment. New competition in recent years has come from discounters and from catalog and Internet retailers. Cost reduction is a key goal for apparel retailers.
Until now, solutions were "tailored" solutions. Thanks to our partner, we have been able to bring up an easy-to-install solution that can provide immediate visibility on apparel item movement and address the out-of-stock problem. Out of stock situations cost the industry nearly $90 billion every year.
