Retalon
AUGUST 22, 2023
One of the key inventory metrics retailers track is inventory turnover. Inventory turnover measures how many times a company sells and replaces its inventory during a period. It indicates how efficiently inventory is managed and whether excess inventory is tying up too much capital.
Retail TouchPoints
FEBRUARY 28, 2024
Different departments can collaborate more easily and work toward a common understanding of the data, promoting better decision-making. Merchandising Performance model: This model helps retailers analyze the performance of their products by tracking metrics such as sales, margins and inventory turnover.
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Inside Retail
FEBRUARY 26, 2024
Set benchmarks for inventory management, including the rate of inventory turnover and tracking and fill rate. Pricing and promotional strategies will be vital as consumers are more cost-conscious. Continue to review minimum stock limits and develop contingency plans should supply issues emerge.
Retail Gazette
FEBRUARY 22, 2024
AI algorithms can accurately predict demand and adjust inventory levels in real time by analysing historical sales data, market trends, and external factors such as weather patterns and economic indicators.
Retail TouchPoints
NOVEMBER 17, 2023
The letdown customers experience when their orders don’t arrive on time, or at all, results in uncertainty and distrust that’s difficult — if not impossible — to remedy. For situations in which customers are purchasing a low-end product option to the point of inventory depletion, retailers can substitute an upgrade to the premium option.
Retail TouchPoints
JUNE 6, 2022
The profit margin at grocery has always been razor-thin, and now, with online grocery growing in popularity, retailers must add the costs of picking individual orders and doorstep delivery to their already tight balance sheets. Especially after COVID people are quite used to staying at home and shopping for groceries online,” said Chen.
RETAIL MANAGEMENT SOFTWARE
MARCH 11, 2022
Tracking your inventory will provide you with the data necessary for these insights. 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. Plan before buying your inventory- Use your data to determine what you should order.
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