When answering this question, focus on your experience and strategies for inventory management. Mention specific tools or systems you have used, such as inventory management software, and how you use data to forecast demand and make purchasing decisions. Highlight any methods you use to prevent overstocking or stockouts, such as regular audits, reorder points, and safety stock levels. Provide examples of how your approach has positively impacted the store's operations, such as reducing costs or improving customer satisfaction.
Example: "In my previous role as a retail manager, I used XYZ inventory management software to track stock levels in real-time. I conducted weekly audits and used sales data to forecast demand, which helped me set accurate reorder points and maintain appropriate safety stock levels. This approach reduced overstocking by 15% and improved our in-stock rate to 98%, leading to higher customer satisfaction and lower holding costs."
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