Retail Smart Guys

DECEMBER 11, 2022

With that, customer satisfaction becomes more favorable because you can offer what they need from your store and do not waste their time since you know your products rather than making them wait with nothing in return. Finally, we’ll help you reduce markdowns to grow your profitability.

Inventory Management 52

Inventory Management Management Markdowns Fulfillment 52

Retail Adventures

JUNE 4, 2020

Remember, if you run an event in your physical location carry that same event over to online store as well. Make Sure Your Return Policy is Competitive. If every one of your competitors accepts returns and exchanges but your policy screams NO! Be Prepared for Markdowns. Consider it a one-on-one 30 second commercial.

Markdowns 90

Markdowns Returns Promotions Planning 90

Retalon

APRIL 21, 2021

Maintaining margins within business constraints while efficiently providing order fulfillment to customers is a tall order, especially considering each customer purchase requires a real-time fulfillment decision within a shifting context of inventory, demand, returns, delivery times, and shipping costs. Will you deny returns at a store level?

Fulfillment 41

Fulfillment Drop-Shipping Shipping Returns 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

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

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. This means retailers can pinpoint high and low performing products for each specific location.

Inventory Turnover 41

Inventory Turnover Management Inventory Management Dead-Stock 41

Retalon

JUNE 11, 2021

. • Increased Carbon Footprint: The shift to “next-day” e-commerce has increased the logistics associated with fulfilling an order and accepting returns. Refusing returns is likely to reduce e-commerce sales. This includes materials and manufacturing, logistics and warehousing, and merchandising, fulfillment and returns.

Fulfillment 41

Fulfillment Drop-Shipping Markdowns Returns 41

Retalon

MARCH 2, 2021

How do you handle returns? What sizes should you offer for each product at each location? If you run out of stock on winter jackets at your busy locations, you will not have an accurate gauge as to what your true demand was last year and you will repeat the same mistake in your forecast for next year. . Do you run promotions?

Fashion 41

Fashion Markdowns Promotions Accounting 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

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. These items need to be replaced and either returned to the vendor or donated. It is essential to keep non-sellable products separated from your regular inventory.

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. 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

APRIL 27, 2021

Advanced analytics has the capacity to integrate every channel of a multi-channel business into its forecast to maximize the return on promotion investments. In effect, this means a reduction of total inventories, maximized sales, and reduced markdowns. Retail AI can apply this process when customers return their purchases.

Fulfillment 41

Fulfillment Markdowns Promotions Returns 41

Indigo 9 Digital

SEPTEMBER 7, 2022

Commissions typically range from 25%-33% depending on whether in addition to providing eCommerce functionality Farfetch manages shipping, returns or other services. With more pricing control brands can offer more merchandise at full price, avoiding markdowns which are thought to negatively impact a luxury brand’s image.

Boutique 98

Boutique Fashion Customer Experience Markdowns 98

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

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

Retail Adventures

JANUARY 1, 2024

This is especially important if your store is located in an area where people tend to walk, and areas populated with restaurants and bars. Your return/exchange policy should be comparable to other retailers in your area that sell what you sell. Don’t wait too long to take a markdown. Light your window displays at night.

Promotions 52

Promotions Returns Cross Merchandising Markdowns 52

Retail Adventures

AUGUST 25, 2021

This is especially important if your store is located in an area where people tend to walk, and areas populated with restaurants and bars. Your return/exchange policy should be comparable to other retailers in your area that sell what you sell. Don’t wait too long to take a markdown. Light your window displays at night.

Returns 83

Returns Cross Merchandising Promotions Marketing 83

Retalon

AUGUST 20, 2019

Plus, going into a retail store significantly reduces the potential for returns and increases upsell opportunities. The debate over bricks (physical locations) versus clicks (online stores) has long centered on several key factors, including: – Cost efficiency. – Promotions, event and markdowns. touching products).

Fulfillment 32

Fulfillment Comparison Shopping Markdowns Promotions 32

Retalon

AUGUST 20, 2019

Plus, going into a retail store significantly reduces the potential for returns and increases upsell opportunities. The debate over bricks (physical locations) versus clicks (online stores) has long centered on several key factors, including: – Cost efficiency. – Promotions, event and markdowns. touching products).

Fulfillment 32

Fulfillment Comparison Shopping Markdowns Promotions 32

Retalon

JULY 4, 2018

Opening new stores can be expensive and risky, which is why many retailers have began connecting with their customers through Facebook, mobile apps, e-commerce stores, and pop-up/kiosk locations. Buy in-store, return to another store (46%). Once retailers notice overstocks, or excess lose sales due to out-of-stocks they begin to react.

Promotions 32

Promotions Fulfillment Shipping Markdowns 32

Cisco Retail

APRIL 28, 2022

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Returns 145

Returns Markdowns Location ATS 145

Retalon

SEPTEMBER 11, 2020

That’s why retail key performance indicators are dominated by inventory-based metrics like Gross Margin Return on Investment and In Stock Percentage. Demand varies based on the store’s location, the time of year, and the impact of other SKUs in the assortment. That approach won’t work in today’s dynamic retailing environment.

Payment Services 41

Payment Services Promotions Accounting Fulfillment 41

Retalon

JANUARY 17, 2022

This is one of the main reasons why leading retailers are bolstering their retail pricing strategy by investing in UPPMO (Unified Price, Promotion, and Markdown) solutions. Pricing is the number one most impactful lever a retailer has to affect GMROI (gross margin return on investment). Let’s find out.

Retailing Pricing 41

Retailing Pricing Markdowns Promotions Accounting 41

Retail Adventures

AUGUST 16, 2022

Place carts and baskets in key locations throughout the sales floor, not just near the door. Spinner racks located near the cash wrap work, too. These signs make it easy for shoppers to locate what they came in to buy. Be prepared for markdowns and returns. People tend to stop shopping once their hands are full.

Markdowns 52

Markdowns Advertising Planning Cross Merchandising 52

Retail Adventures

OCTOBER 22, 2020

Place carts and baskets in key locations throughout the sales floor, not just near the door. Spinner racks located near the cash wrap work, too. These signs make it easy for shoppers to locate what they came in to buy. Be prepared for markdowns and returns. People tend to stop shopping once their hands are full.

Markdowns 98

Markdowns Advertising Planning Cross Merchandising 98

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

AUGUST 5, 2020

Retailers must maintain a healthy In-Stock Percentage for every product at every store, in order to avoid out-of-stocks, lost sales, failed promotions, and costly markdowns. Gross Margin Return on Investment is the ratio between gross margin dollars and the average inventory costs. This avoids markdowns that cut into profit margins.

Inventory Turnover 41

Inventory Turnover Promotions Merchant Services Markdowns 41

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