3. Implementing Just-In-Time (JIT) Inventory Management
Just-in-time (JIT) inventory is a strategy that focuses on receiving and storing goods only when needed to avoid excess inventory holding costs and reduce the risk of obsolescence or spoilage.
JIT requires close collaboration with suppliers to ensure timely delivery, allowing retailers to maintain optimal stock levels without tying up capital in unnecessary inventories. This approach is particularly effective for perishable goods and seasonal products.