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Inventory Management Tips for Retailers to Reduce Overstock and Increase Profits

RETAIL MANAGEMENT SOFTWARE

Whether you’re selling sneakers, sofa sets, or fine jewelry, carrying too much stock ties up cash, eats up space, and leads to markdowns. Transfer Inventory Across Locations Overstock in one location may be a best-seller in another. However, in reality, it’s a silent drain.

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Mejuri Leverages Real-Time Profitability Data to Inform Decision-Making

Retail TouchPoints

Like many brands dealing with COVID-19, DTC jewelry brand Mejuri was forced to focus intently on its online operations this year. Mejuri sells through multiple channels, including ecommerce, call center and physical store locations, processing orders for fulfillment across multiple locations and a variety of shipping methods.

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15 Things to Do RIGHT NOW to Get Your Store Ready for Holiday 2020

Retail Adventures

Place carts and baskets in key locations throughout the sales floor, not just near the door. Think of your cashwrap as another important display area and tastefully load it up with candles, accessories, jewelry – anything that will appeal to an impulse shopper. Spinner racks located near the cash wrap work, too.

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Realizing the Potential Business-Specific Analytics in Fashion Retail (2021)

Retalon

Jewelry retailers need to determine the right assortment mix that offers a good selection while having the right depth of inventory for each SKU. What sizes should you offer for each product at each location? Electronics and games retailers have presales and major demand spikes on game release days. How seasonal is your business?

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11 Things to Do RIGHT NOW to get Your Store ready for Holiday 2022

Retail Adventures

Place carts and baskets in key locations throughout the sales floor, not just near the door. Think of your cashwrap as another important display area and tastefully load it up with candles, accessories, jewelry – anything that will appeal to an impulse shopper. Spinner racks located near the cash wrap work, too.

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Podcast: Leveraging Analytics For Omni-Channel Success

Retalon

Another thing that retailers are trying to do today is to monitor inventory in different locations. The reality today is they can do much more by balancing inventory between locations by satisfying online requests of customers directly from different locations and that basically allows them to use inventory much more efficient.

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50 MORE Ideas to Spin the Doors on Your Stores!

Retail Adventures

This is especially important if your store is located in an area where people tend to walk, and areas populated with restaurants and bars. Choose impulse items like candles, costume jewelry, and body lotions. Don’t wait too long to take a markdown. Light your window displays at night. Your receipt guarantees it.”

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