What is Work-in-Progress (WIP) in Retail? Explained

Work-in-Progress (WIP) in the retail industry denotes goods or tasks that are currently in the process of being completed but are not yet finished or ready for sale. This includes items in various stages of production, assembly, or fulfillment. Monitoring WIP is crucial for efficient inventory management, ensuring a balance between supply and demand, and optimizing the flow of goods through the retail supply chain.