The retail industry is rife with inefficiencies: product mismanagement, stock-outs, and outdated inventory solutions result in billions of dollars of annual waste. OSA DC aims to neutralize these inefficiencies and usher in a new era of supply chain management and retail industry operations.
The project’s acronym stands for Optimal Shelf Availability Decentralized. As its name suggests, the platform focuses on improving optimal shelf availability for retail stores, or in other words, a retailer’s ability to keep an adequate, consistent supply of stocked shelves for each of the products it carries. Under current business models, retailers lack the resources or data to optimize their shelf availability, a problem that affects not only the stores themselves but also their producers and customers.
Without optimal inventory stocking, retailers and manufacturers can’t move goods as efficiently and thus lose profit. With understocking and overstocking plaguing revenue potential, consumers also lose out as they can’t purchase the items they want and so have to pay marked-up prices on other products, as retailers try to make up for lost dollars.
Leveraging artificial intelligence and Blockchain technology, OSA DC gives retailers the ability to increase their bottom lines by better managing their inventory. Within the data marketplace’s ecosystem, they’ll be able to work more closely with manufacturers to galvanize business strategies, which, in turn, provides consumers with a more positive shopping experience
Consumers are OSA DC’s primary focus and its largest beneficiary. The blockchain will provide consumers with verifiable, transparent product information so that they can make safe and healthy purchases. While OSA’s AI and data analytics will improve product availability to provide them with a more satisfactory shopping experience.
Problems that Plague the Retail Industry
Understocking and overstocking cost the global retail industry $500 bln annually. General inefficiencies and waste account for $100 bln of this, but the vast majority, some $400 bln, results from product shortages and understocking, as retailers lose potential revenue from stock-outs and product unavailability.
Stock-outs, as you may have guessed, occur when a