What is Wastage in Retail? Explained

Wastage in the retail sector signifies the loss or disposal of unsold or expired inventory. This includes products deemed unsuitable for sale due to damage, obsolescence, or expiration. Successful retail operations focus on minimizing wastage through strategies like precise inventory forecasting, markdown optimization, and efficient supply chain management. Reducing wastage not only preserves profitability but also aligns with sustainable business practices, promoting environmental responsibility within the retail industry.