Most companies suffer from risk aversion and have no clear goals for an analytics project. “Is data important?”“Everyone says yes. If you ask why, many don’t know.” Others look down on analytics, considering their work to be more art than science. One department store executive recalled a buyer asking, “Will an algorithm Read more…
Consumers treat refunds as money they’ve already spent, making it easier for them to spend refunded money on another purchase. https://lnkd.in/geEVqbA6 📢 Exciting Insights for Retailers! Learn How to Leverage the “Refund Effect” to Boost Revenue. 💰 Did you know that product returns cost U.S. retailers an estimated $816 billion Read more…
Promising potential for green inventory management practices to reduce both costs and emissions, but much remains to be done. https://lnkd.in/givY2jmf Green Inventory Planning: The Sustainable Retail Revolution Sustainability isn’t just a buzzword; it’s a powerful strategy for success. 1. Eco-Friendly Inventory:Retailers are redefining inventory practices with a green twist. 2. Read more…
7 Brands That Used the Scarcity Principle to Promote and Sell Products https://lnkd.in/gkvb4Am5 https://lnkd.in/gFaq3u2C The Art of Scarcity: How It Transforms Retail Success In a world of abundance, scarcity stands out. 1. Power of Limited Releases:Limited product releases create a buzz and drive consumer excitement. 2. Why Less is More:Having Read more…
Stop confusing more stock with better availability. https://lnkd.in/gCT8iXpc Boost Sales with Lean Inventory: Proven Success Stories In today’s fast-paced retail world, ‘less is more’ is a game-changer. 1. Smart Reductions:Retailers slashed their inventory, defying expectations and boosting profits. https://lnkd.in/euehCP4B https://lnkd.in/eBhaP-w 2. Minimalism’s Impact:Power of minimalism and how it drives higher Read more…
My posts get a few thousand views every week. 90% of viewers don’t need any tool for Inventory management.7% need it, but not now.Only 3% need to have a tool for inventory AND they need it NOW. Which bucket do you belong to? Use this self-administered test to find out Read more…
“Everything should be made as simple as possible, but not simpler.” Chandrayaan has made us all so proud!Thank you to all our scientists, ISRO and all those who worked behind the scenes. https://lnkd.in/ghsaYF-w Keep It Simple! It’s like using the power of simplicity in our diverse and colourful country. Imagine Read more…
1. Use KPIs alongside human intuition.This enables optimal decision-making. Where hypotheses are continually tested through a feedback loop of intuition and data. 2. KPIs need refinement over time.As well as continual reflection on their reliability and relevance. 3. Combine KPIs with intuition.Focus on the actual objectives rather than just defining Read more…
The impact of stockouts on– customer loyalty, and– future demandare more significant than immediate revenue loss. Quantify the long-term consequences to understand their true cost. Account for stockouts’ long-term effects. Accounting for Stockouts’ Long-Term Effects It’s like looking ahead and understanding how it affects us in the long run! Imagine Read more…
People believe that you should ignore outliers. But, that may not be the best thing to do in planning. Outliers in historical data tell us about potential shifts in demand patterns. Or emerging trends. Investigate them and consider their impact on future forecasts. Don’t ignore outliers. Don’t Ignore Outliers! It’s like Read more…