Retail Smart Guys

MARCH 15, 2023

. #2 Buy what you can sell profitably It is essential to follow a merchandise plan to know what you can purchase from suppliers and sell to customers. It is not enough to keep filling up your stores, as it can only result in heavy markdowns, slow inventory turnover, higher operating costs, and disruptions to cash flow.

Markdowns 52

Markdowns Inventory Turnover Operating Expenses Planning 52

Retail Minded

MAY 3, 2023

JIT involves ordering inventory as needed rather than keeping large amounts in stock, which can reduce inventory carrying costs and improve supply chain efficiency. Effective Demand Planning Efficient demand planning plays a critical role in retail inventory management.

Inventory Management 52

Inventory Management Management Fulfillment Inventory Turnover 52

Retalon

FEBRUARY 10, 2022

You may be dealing with a bad inventory if you are continuously having one or more of the following issues: 1. A low rate of inventory turnover. Low demand inventory builds up resulting in overstocks. No room for in-demand inventory . Stagnant inventory is occupying shelf space, in-place of high demand products. .

Management 41

Management Inventory Turnover Inventory Management Dead-Stock 41

Independent Retailer

AUGUST 1, 2022

Next-generation analytical and planning tools interpret vast volumes of data so that retailers can predict and react to disruptions before they affect inventory levels. Retailers had to revolutionize inventory and planning when the pandemic hit, and many businesses are still finding their feet in the post-pandemic economy.

Inventory Management 70

Inventory Management Management Inventory Turnover Supply Chain Management 70

Inside Retail

JULY 18, 2024

Working with retailers across Australia and New Zealand, Quantiful CEO Jamie Cormack has identified poor planning outcomes as one of the significant causes forcing retailers to contract and even close stores today. The innovation is a demand planning tool that delivers accurate forecasts and illustrates what is driving demand.”

Planning 147

Planning Inventory Turnover Consumer Location 147

365 Retail

JUNE 5, 2024

This will require you to spend some money to improve the customer experience in your store, so consider checking out Credibly’s financing solutions or other lenders to ensure your plans are well-funded. Managers can visualize metrics like sales trends, inventory turnover, and customer lifetime value.

Payment Services 52

Payment Services Inventory Management Checkout Inventory Turnover 52

RETAIL MANAGEMENT SOFTWARE

MARCH 11, 2022

Check data and reports regularly – Consistently checking data will give you a good idea of how your inventory is performing overall. Plan before buying your inventory- Use your data to determine what you should order. Maximize inventory turnover- Increase turn rate to move product gradually through the purchasing cycle.

Inventory Management 92

Inventory Management Management Inventory Turnover Drop-Shipping 92

Retalon

FEBRUARY 24, 2022

Buying too little reduces sales — and the cash you need for more inventory. Open to buy (OTB) planning lets you control inventory and stay cash flow positive. Other benefits of OTB management include: More flexible inventory. Where you started is simple: it is the planned inventory at the beginning of the sales period.

Markdowns 41

Markdowns Inventory Turnover Accounting Planning 41

Retail Adventures

JANUARY 20, 2021

And when it doesn’t you need a plan to get rid of it so you can buy fabric that will sell. Inventory turnover – turn – is a measure of the number of times inventory is sold within a period of time, usually a year. Let’s take a look at the things you can do to move merchandise that isn’t selling: What’s your turn?

Markdowns 98

Markdowns Inventory Turnover Returns Planning 98

Retalon

FEBRUARY 15, 2022

The forecast of future sales demand informs almost all of the decisions a retailer makes throughout the product journey: Planning. What’s more, you’re able to buy enough inventory to meet demand without being left with overstock. Planning inventory based on sales history depends on a logical approximation. Let’s find out.

Markdowns 41

Markdowns Inventory Turnover Fulfillment Accounting 41

RETAIL MANAGEMENT SOFTWARE

SEPTEMBER 19, 2023

Multi-location and Multichannel Management : For businesses with multiple stores or warehouses, RIMS provides a centralized view of inventory across all locations, enabling better inventory allocation and transfer decisions. These notifications help prevent stockouts or overstock situations and improve overall inventory control.

Inventory Management 62

Inventory Management Management Inventory Turnover Location 62

V Count

JANUARY 11, 2023

Plan Staff Schedule According to Rush Hours. Knowing your peak hours and understanding the reasons behind them can help you plan staff schedules and optimize your operations accordingly. Climate can have a massive impact on your visitor numbers, and knowing how it affects your business can help you plan better for the future.

Inventory Turnover 40

Inventory Turnover Promotions Customer Experience Planning 40

V Count

JULY 24, 2024

By analyzing customer traffic patterns, businesses can better plan their inventory levels, ensuring they have sufficient stock to meet demand while minimizing excess inventory. This leads to improved inventory turnover, reduced waste, and increased profitability.

Management 86

Management Supermarket Checkout Inventory Management 86

Retalon

AUGUST 14, 2023

Does your retail business struggle with outdated inventory systems and cumbersome spreadsheets? Nearly 70% of retailers face challenges managing inventory due to relying on legacy processes. For executives in planning and merchandising roles, this leads to sleepless nights and the nagging feeling there must be a better way.

Inventory Management 41

Inventory Management Management Dead-Stock Inventory Turnover 41

Inside Retail

OCTOBER 29, 2024

When data from sales, inventory, and shipping systems is unified, retailers can make informed decisions to optimise pricing strategies, improve inventory turnover, and identify growth opportunities. This reduces the administrative workload and ensures that financial data is always current, facilitating better financial planning.

Shipping 147

Shipping Inventory Management Inventory Turnover Fulfillment 147

Rangeme

DECEMBER 16, 2021

As contingency plans, more executives are finding new vendor partners and sourcing domestically to keep their supply chains closer to home. Beauty rival Sephora is using artificial intelligence (AI)-based demand forecasting to increase inventory turnover and product availability with greater accuracy and efficiency. Retail Dive.

Shipping 52

Shipping Dead-Stock Beauty and Health Inventory Turnover 52

Shopper Motion

DECEMBER 16, 2020

They also contribute to the profitability of the company by fostering sales via marketing and in-store promotions and they manage everything related to product inventory, either they order new items or try to improve the speed of inventory turnover.

Management 52

Management Promotions Inventory Turnover Shopping 52

Retalon

FEBRUARY 15, 2024

Step 6: Enhance Sales Forecasting Accurate sales forecasting is quintessential for strategic retail planning. This precision in forecasting translates into better inventory planning, resource allocation, and marketing efforts – ensuring resources are invested where they yield the highest returns.

Inventory Management 41

Inventory Management Management Marketing Inventory Turnover 41

Retalon

AUGUST 5, 2020

Jump Ahead Most Important KPIs for the Retail Industry in 2020 Examples of Retail KPIs that Maximize Inventory ROI 1. Inventory Turnover Ratio 3. Merchants and inventory analysts must be aware of how well they are getting their products to the stores. Inventory Turnover Ratio. In-Stock Percentage 2.

Inventory Turnover 41

Inventory Turnover Promotions Merchant Services Markdowns 41