Maintaining your best-selling inventory is, without doubt, the most critical area of your inventory control. Fast sellers are often only 5-20% of the average stores inventory but can be responsible for generating up to 80% of all storewide sales. Getting them back isn’t just [...]
The first thing to understand when it comes to determining your Optimum Inventory Level (OIL) is that it doesn't start with inventory. There are three other steps required first to ensure your OIL is calculated accurately rather than based on guesswork and hope. It [...]
I would like to start this article with a quote from “Why She Buys” by Bridget Brennan - “Female culture should be studied with the same focus that entering a foreign market requires. Mastering female culture is the key to success for companies that [...]
You probably already know that you should be making videos for YouTube and Facebook if you’re a small business owner. That’s right up there on the business basics list with having a web presence and an email list. What may be less clear is [...]
You’ve searched the show floor. You’ve purchased the perfect product. You’ve put together a merchandising plan. You’re excited about it! Now what? Investing in new product is exciting! But only if it sells. With proper planning, you can ensure it sells. When you purchase [...]
One of the key reasons consumers purchase designer product is because they feel that they share an aesthetic with the designer. In other words, they fall in love with a line or product. I know for instance that the likelihood is very high that [...]
When it comes to copywriting, you may think you already know what makes good writing stand out. It's the pieces that convince others to buy, that stand out and sell the product in a new and meaningful way. This is all true, but if [...]
If you have a surplus of aged inventory (and most retailers do), recognize that you did not acquire this problem in one day. And it won’t get solved in one day. But, to free up dollars for new purchasing and replenishment, you need get [...]
The community you're situated in, is the lifeblood of many businesses. They sell and provide services to the people within that area, and so they rely on their patronage to keep business alive and well. But, many businesses are unknowingly making at least one [...]
Before you start purchasing, dive into reports to build a foundation for your buy plan. Look at what percentage of your total inventory is over 12 months of age. That is your report card on buying in the past. Depending on what it shows, [...]