Retalon

SEPTEMBER 1, 2023

Mark it down…strategically Markdowns are generally part of any product’s life cycle. So, if you have a ton of inventory and markdowns are a must, then the key is to sell it while making the most profit possible. Instead, prioritize strategic markdowns.

Markdowns 41

Markdowns Net Profit Consumer Location 41

365 Retail

FEBRUARY 17, 2022

With 330 bricks-and-mortar stores globally, its digital fashion offering, available in both the UK and US, has experienced fast-growth, and now accounts for 40% of its sales. To do so requires leveraging granular forecasting for online fulfilment and store sales demand, while taking returns into account.”

Markdowns 52

Markdowns Fulfillment Shipping Fashion 52

Retalon

JANUARY 7, 2021

With seasonal product life-cycles becoming ever shorter, retailers need more strategic and granular ways to plan their seasonal assortments so they can maximize revenue while minimizing markdowns. Account for more variables in your seasonal merchandise planning. Calculate the seasonality for every SKU, at every store.

Markdowns 41

Markdowns Promotions Accounting Planning 41

Retalon

FEBRUARY 15, 2022

Demand forecasting at store/SKU levels leads to better allocation of inventory across the entire business from the start. Price elasticity of demand, meaning the effect that a set price will have on demand, is an important consideration when setting prices, running promotions, or markdowns. Let’s take a look at what those are.

Markdowns 41

Markdowns Inventory Turnover Fulfillment Accounting 41

Retalon

JANUARY 6, 2021

In reality, replenishment planning is a fairly complicated process that has to account for many variables, including logistics routes, timelines, availability, and cost. The purpose of replenishment is to ensure that a retailer has the right quantity of product, at the right location, at the right time to maximize sales and minimize costs.

Planning 41

Planning Markdowns Accounting Shipping 41

Retalon

NOVEMBER 20, 2020

Before we go any further it is important to make a clear distinction between price management and price optimization : Price optimization is the process of identifying the optimal price point for any given product at any given location that will yield the highest profit. You cannot optimize prices without managing them, however.

Management 41

Management Markdowns Accounting Retailing Pricing 41

Retalon

MARCH 2, 2021

Destination resorts that run gift shops must account for occupation rates in their hotels as well as weather. . What sizes should you offer for each product at each location? What unique features, processes, or variables you’d like to include as a business rule or want to be accounted for. For instance, .

Fashion 41

Fashion Markdowns Promotions Accounting 41

RETAIL MANAGEMENT SOFTWARE

MARCH 11, 2022

Use and analyze the past seasonal orders to determine how to price products- By using the data, look at previous seasons to guide your pricing decisions. Instead of simply repeating the same quantities, look at which products were the best and worst sellers and order accordingly.

Inventory Management 92

Inventory Management Management Inventory Turnover Drop-Shipping 92

Retalon

APRIL 14, 2021

It needs to be relevant to the current (and upcoming trends), as well as sensitive to the unique geo0demographics of your channels and locations. Developing a solid product assortment strategy at the beginning optimizes revenue and profit while minimizing the risk. Don’t use the same product assortment across all locations.

Markdowns 41

Markdowns Planning Location Accounting 41

Retalon

FEBRUARY 25, 2022

Whether losing sales to out-of-stocks, or facing overstocking costs and markdowns, inefficient stock replenishment has a huge impact on a retailer’s GMROI. Replenishment seeks to ensure that the right product is on the shelves at the right time for the consumers to maximize sales & minimize costs. Periodic Strategy.

Inventory Management 47

Inventory Management Fulfillment Markdowns Location 47

Retalon

FEBRUARY 10, 2022

So, a retailer who wants to gain the competitive edge while avoiding undue losses, needs to be able to spot the indicators of bad inventory and know how to fix them at the root. Identifying bad inventory can mean the difference between bringing in profits or losses at the end of the year. Drastic Markdowns.

Inventory Turnover 41

Inventory Turnover Management Inventory Management Dead-Stock 41

Retalon

OCTOBER 8, 2020

But first, let’s take a look at what reducing inventory really means, and why it matters. And at the end of the sales season (or at the end of a product’s lifecycle), markdowns you set to clear out excess inventory can easily wipe out the product’s lifecycle profitability. Looking at past performance only gets you so far.

Markdowns 41

Markdowns Inventory Management Promotions Planning 41

Retalon

NOVEMBER 11, 2021

In turn, consumers now expect these same options to be available across all retail locations (both online and in-store). While most retailers are investing at least some portion of their budgets into IT out of sheer necessity (updating old infrastructure, outsourcing tech support to deal with influx of employee tickets, etc.),

Fulfillment 41

Fulfillment Markdowns Promotions Shipping 41

Retalon

APRIL 26, 2021

Product clustering (or grouping) is an increasingly common technique that leading retailers use to manage their planning, inventory, pricing, promotions, and markdowns. Most commonly, retailers use geographical clusters to better account for demographics, distribution cost, climate, and other relevant factors to their business.

Markdowns 41

Markdowns Promotions Inventory Management Accounting 41

Mass Relators

DECEMBER 21, 2021

Shuttering stores will “reduce costs, drive improved profitability and ensure that we have a healthy foundation to grow from, with the right stores in the right locations, for the communities we serve and for our business,” Donigan said. Prescription sales from continuing operations accounted for 71.1 percent of total drugstore sales.

Markdowns 52

Markdowns Planning Accounting Marketing 52

Retail Adventures

AUGUST 8, 2023

Shopping your competition is an exercise that needs to happen at least once a quarter. If you are not mentioned first, or worse, not at all, you have some work to do to build local word of mouth. Where are important basics and hot sellers located on the sales floor? Monthly, yearly? Here’s what to do: 1. Mystery shop your store.

Shopping 52

Shopping Merchant Services Visual Merchandising Markdowns 52

Retalon

APRIL 21, 2021

At its most basic, order fulfillment is the combination of steps required to get products into the hands of customers. direct-to-consumer e-commerce orders), retailers now have to worry about fulfilling orders across multiple complex channels and B&M locations. Will you deny returns at a store level? Emphasizing BOPIS.

Fulfillment 41

Fulfillment Drop-Shipping Shipping Returns 41

Retalon

DECEMBER 17, 2021

Typically unexpected, this situation can be extremely detrimental for retailers and also has the potential to create additional issues such as: Inventory Imbalances Overstocks Markdowns. To better understand how this is accomplished, let’s look at some product cannibalization examples. Product Mix. Product cannibalization examples.

Markdowns 41

Markdowns Promotions Fashion Consumer 41

Retalon

FEBRUARY 13, 2018

Retailers carry tens or hundreds of thousands of SKUs, far too many for buyers to accurately forecast every product at each channel/location. Therefore, purchasing decisions are largely made at a higher than SKU level. Retailers run costly markdowns to clear out overstocks, and out of stock merchandise leads to lost sales.

Markdowns 32

Markdowns Inventory Management Promotions Accounting 32

Retalon

APRIL 27, 2021

It can analyze billions of data points and predict demand at a level of granularity that’s simply impossible to reach using Excel. However, traditional spreadsheet analytics cannot account for store-by-store variations in the promotion’s effectiveness or secondary effects such as demand cannibalization.

Fulfillment 41

Fulfillment Markdowns Promotions Returns 41

Retalon

FEBRUARY 13, 2018

Retailers carry tens or hundreds of thousands of SKUs, far too many for buyers to accurately forecast every product at each channel/location. Therefore, purchasing decisions are largely made at a higher than SKU level. Retailers run costly markdowns to clear out overstocks, and out of stock merchandise leads to lost sales.

Markdowns 32

Markdowns Inventory Management Promotions Accounting 32

Retalon

FEBRUARY 13, 2018

Retailers carry tens or hundreds of thousands of SKUs, far too many for buyers to accurately forecast every product at each channel/location. Therefore, purchasing decisions are largely made at a higher than SKU level. Retailers run costly markdowns to clear out overstocks, and out of stock merchandise leads to lost sales.

Markdowns 32

Markdowns Inventory Management Promotions Accounting 32

Retail Adventures

SEPTEMBER 4, 2022

Shopping your competition is an exercise that needs to happen at least once a quarter. If you are not mentioned first, or worse, not at all, you have some work to do to build local word of mouth. Where are important basics and hot sellers located on the sales floor? Monthly, yearly? Here’s what to do: 1. Are they unique?

Shopping 52

Shopping Merchant Services Visual Merchandising Markdowns 52

Retalon

JUNE 22, 2020

The Cons of using a Sales-based forecast: The problem with this approach is that if you’re a modern retailer that sells through multiple channels, with multiple locations and DCs, a sales-based forecasting will result in far too many exceptions. Demand Forecast Definition.

Merchant Services 41

Merchant Services Markdowns Promotions Location 41

Retalon

SEPTEMBER 13, 2015

All costs associated with the transfer — from logistics and store capacity to demographic diversity and the sizes and colors most likely to sell at the specific location — are incorporated automatically. But for most retailers, the restocking process doesn’t begin until inventory starts to run low at a specific store.

Markdowns 32

Markdowns Promotions Customer Experience Fulfillment 32

Retalon

SEPTEMBER 13, 2015

All costs associated with the transfer — from logistics and store capacity to demographic diversity and the sizes and colors most likely to sell at the specific location — are incorporated automatically. But for most retailers, the restocking process doesn’t begin until inventory starts to run low at a specific store.

Markdowns 32

Markdowns Promotions Customer Experience Fulfillment 32

Retalon

SEPTEMBER 13, 2015

All costs associated with the transfer — from logistics and store capacity to demographic diversity and the sizes and colors most likely to sell at the specific location — are incorporated automatically. But for most retailers, the restocking process doesn’t begin until inventory starts to run low at a specific store.

Markdowns 32

Markdowns Promotions Customer Experience Fulfillment 32

Retalon

DECEMBER 8, 2021

This article will answer those questions while also looking at the best practices being used today, and how to pick the right order fulfillment model. As mentioned earlier, in its simplest form, order fulfillment is the physical process of getting a purchased product from a storage location to the customer. What is order fulfillment?

Merchant Services 41

Merchant Services Fulfillment Drop-Shipping Shipping 41

Retalon

SEPTEMBER 22, 2021

Instead of only shipping to customers’ homes, retailers let online customers shop from their local and online store’s inventory and pick up their orders from their closest brick-and-mortar location the same day. Customers stay in their vehicles at designated parking spots, and employees bring their purchases out to the car.

Fulfillment 41

Fulfillment Payment Services Inventory Management Shipping 41

Retalon

NOVEMBER 19, 2018

Are the right products in stock at the right locations/channels to support the shift in demand? Are the current pricing and markdown strategies still the optimal ones based on the new forecast? Predictive Analytics looks at data from across your business and can both answer questions and proactively offer solutions.

Markdowns 32

Markdowns Fashion Inventory Management Accounting 32

Retalon

NOVEMBER 19, 2018

Are the right products in stock at the right locations/channels to support the shift in demand? Are the current pricing and markdown strategies still the optimal ones based on the new forecast? Predictive Analytics looks at data from across your business and can both answer questions and proactively offer solutions.

Markdowns 32

Markdowns Fashion Inventory Management Accounting 32

Retalon

SEPTEMBER 11, 2020

In order to understand how to take full advantage of this new technology, we will first explain what demand forecasting actually is, the most common methods of demand forecasting in retail, key constraints that need to be accounted for, and modern examples of accurate demand forecasting. What is Demand Forecasting?

Payment Services 41

Payment Services Promotions Accounting Fulfillment 41

Retalon

SEPTEMBER 23, 2020

To explain what makes advanced analytics so special, we need to start at the beginning. But there is a very big difference between an analyst firing up Excel to sift through spreadsheets and using purpose-built AI to analyze billions of data points at once. for any human to account for all of them manually.

Accounting 47

Accounting Markdowns Management Inventory Management 47

Retalon

MARCH 4, 2019

It then calculates the demand of every individual SKU across each location and/or channel and then proactively makes profitable recommendations. Every time a number is changed, the entire plan must be re-calibrated to consolidate the number and make sure it works across all locations, products etc.

Inventory Management 32

Inventory Management Markdowns Planning Fulfillment 32

Retalon

MARCH 9, 2021

At the same time, defining your new product pricing strategy is exciting for a very different reason. Low prices leave little room for promotions or end-of-lifecycle markdowns. Without the right tools, looking at your historical sales may not give you any insight into the optimal new product pricing strategies. Bundle pricing.

Bundled Pricing 41

Bundled Pricing Promotions Markdowns Advertising 41

Retalon

AUGUST 16, 2019

Delivering an experience that feels personalized to shoppers, while also… Creating a consistent experience across retail locations and channels so that customer can enjoy the comfortable familiarity of your brand. Any business that caters to a consumer marketplace deals with 2 common challenges.

Fulfillment 32

Fulfillment Customer Experience Markdowns Consumer 32

Retalon

AUGUST 16, 2019

In any business undertaking that caters to a consumer marketplace, there are two major challenges – delivering an experience that feels personalized to shoppers, while simultaneously creating a consistent experience across retail locations and channels so that customer can enjoy the comfortable familiarity of your brand.

Customer Experience 32

Customer Experience Fulfillment Markdowns Consumer 32