Sparkling Wisdom: Unveiling the Diamonds of Retail Strategy

Published by riteshkapur on

Do you have any memorable experiences regarding inventory?
Comment below๐Ÿ‘‡
Snippets of a discussion:

“One experience I had was in the summer of 2010.
We received a shipment of diamond earrings. They were like a popular design that was currently trending. We decided to put them on the floor with the other popular items, but to our surprise, they did not sell well.
I felt very disappointed.
After some research, we discovered that customers were looking for something different and unique.
We then decided to showcase the earrings in a special display.
With a sign that highlighted their unique design and they ended up selling out within a week.
This experience taught me to ๐—น๐—ผ๐—ผ๐—ธ ๐—ณ๐—ผ๐—ฟ ๐˜‚๐—ป๐—ถ๐—พ๐˜‚๐—ฒ ๐—ฎ๐—ป๐—ฑ ๐—ฑ๐—ถ๐—ณ๐—ณ๐—ฒ๐—ฟ๐—ฒ๐—ป๐˜ ๐—ผ๐—ฝ๐˜๐—ถ๐—ผ๐—ป๐˜€.

Another important tip was the importance of building good relationships with suppliers.
In the spring of 2016, we were having trouble getting a particular diamond ring that was in high demand.
We reached out to our supplier and explained the situation.
They were able to hold a few pieces for us and gave us a better price for the items.
This experience taught me the ๐—ถ๐—บ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—ผ๐—ณ ๐—ฏ๐˜‚๐—ถ๐—น๐—ฑ๐—ถ๐—ป๐—ด ๐—ด๐—ผ๐—ผ๐—ฑ ๐—ฟ๐—ฒ๐—น๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€๐—ต๐—ถ๐—ฝ๐˜€ ๐˜„๐—ถ๐˜๐—ต ๐˜€๐˜‚๐—ฝ๐—ฝ๐—น๐—ถ๐—ฒ๐—ฟ๐˜€.

I learned that it’s important to keep track of inventory and not always rely on forecasts.
In the holiday season of 2019, we had a forecast that a particular diamond pendant would sell well. So we ordered a large quantity of them. But, it turned out that the demand for the pendant was not as high as we expected. We were left with a lot of unsold inventory. This experience taught me the i๐—บ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—ผ๐—ณ ๐—ธ๐—ฒ๐—ฒ๐—ฝ๐—ถ๐—ป๐—ด ๐˜๐—ฟ๐—ฎ๐—ฐ๐—ธ ๐—ผ๐—ณ ๐—ถ๐—ป๐˜ƒ๐—ฒ๐—ป๐˜๐—ผ๐—ฟ๐˜†. ๐—”๐—ป๐—ฑ ๐—ฏ๐—ฒ๐—ถ๐—ป๐—ด ๐—ฝ๐—ฟ๐—ฒ๐—ฝ๐—ฎ๐—ฟ๐—ฒ๐—ฑ ๐—ณ๐—ผ๐—ฟ ๐˜‚๐—ป๐—ฒ๐˜…๐—ฝ๐—ฒ๐—ฐ๐˜๐—ฒ๐—ฑ ๐—ฑ๐—ฒ๐—บ๐—ฎ๐—ป๐—ฑ.
I felt like I needed to be more careful in future.”

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