RETAIL MANAGEMENT SOFTWARE

MARCH 11, 2022

It is beneficial to exhaust your resources first, so you don’t end up with the excess products in one store that you eventually have to markdown. Account for items you can’t sell – If you cannot sell an item due to damage, make sure it is classified as non-sellable.

Inventory Management 92

Inventory Management Management Inventory Turnover Drop-Shipping 92

Retalon

NOVEMBER 11, 2021

In turn, consumers now expect these same options to be available across all retail locations (both online and in-store). In fact, recent research from McKinsey & Co found that there are a few key areas of IT investment that has allowed some retailers to outperform their competitors by a whopping 68% in returns.

Fulfillment 41

Fulfillment Markdowns Promotions Shipping 41

Retalon

OCTOBER 8, 2020

But getting the biggest return on that investment, especially in today’s tough retail environment, requires a more nuanced, data-driven approach to inventory management than most retailers are used to. They quickly learn to time their purchases for the inevitable markdowns rather than buying products during the main lifecycle.

Markdowns 41

Markdowns Inventory Management Promotions Planning 41

Retail Adventures

AUGUST 8, 2023

When the associates return, have them to document their visits, breaking down everything they experienced in each area of the store. Watch how shoppers enter the store, which way they go and why, plus what they look at, how long they linger in specific areas, along with what they buy and return. Does it motivate shoppers to buy?

Shopping 52

Shopping Merchant Services Visual Merchandising Markdowns 52

Retalon

APRIL 27, 2021

However, traditional spreadsheet analytics cannot account for store-by-store variations in the promotion’s effectiveness or secondary effects such as demand cannibalization. Advanced analytics has the capacity to integrate every channel of a multi-channel business into its forecast to maximize the return on promotion investments.

Fulfillment 41

Fulfillment Markdowns Promotions Returns 41

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. Deep assortments can appeal to a smaller, more passionate customer base that spends more and returns regularly. Don’t use the same product assortment across all locations.

Markdowns 41

Markdowns Planning Location Accounting 41

Retalon

FEBRUARY 10, 2022

Drastic Markdowns. Last minute markdowns that offload stock at a loss. Inventory storage, overstock management, ROI lost to markdowns, even lost sales due to stockouts, are all tangible costs of bad inventory. Accounting for all relevant factors requires advanced mathematics and powerful computing. .

Inventory Turnover 41

Inventory Turnover Management Inventory Management Dead-Stock 41

Retail Adventures

SEPTEMBER 4, 2022

When the associates return, ask them to document their visits, breaking down everything they experienced in each area of the store. Watch how shoppers enter the store, which way they go and why, plus what they look at, how long they linger in specific areas, along with what they buy and return. After each comment ask, “How did it feel?”

Shopping 52

Shopping Merchant Services Visual Merchandising Markdowns 52

Retalon

SEPTEMBER 3, 2020

As such, the GMROI formula is used to evaluate how successful retailers are in getting a return on their inventory. You may already be familiar with the term Return on Investment or ROI. Traditionally, return on investment measures how much profit you get when you invest a dollar. What is GMROI? How is GMROI calculated?

Returns 41

Returns Accounting Fulfillment Markdowns 41

Retalon

NOVEMBER 2, 2021

Simply put, they have the things you want, when you want them, close enough to your location to guarantee you’ll get them tomorrow. The big-picture reality is that inefficient supply chains are actually costing retailers billions today , and perhaps trillions in the future : Markdowns on excess inventory cost US retailers $300 billion.

Supply Chain Management 41

Supply Chain Management Dead-Stock Markdowns Shipping 41

Retalon

DECEMBER 8, 2021

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. Some factors affecting this decision include the proximity of the storage location to the customer, inventory availability, and the labour involved. 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. BORIS (Buy Online Return In-Store): Concentrates on reverse logistics. Payment, return, and exchange policies.

Fulfillment 41

Fulfillment Payment Services Inventory Management Shipping 41

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

JULY 4, 2018

These tools are not able to account for new products, categories, and markets, or used & exchanged items, let alone suggest accurate and tangible actions going forward. Buy in-store, return to another store (46%). If there is one constant in retail is that nothing ever stays the same.

Promotions 32

Promotions Fulfillment Shipping Markdowns 32