Do you have any memorable experiences regarding inventory?
Comment below๐
Snippets of a discussion:
โOne 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 ๐น๐ผ๐ผ๐ธ ๐ณ๐ผ๐ฟ ๐๐ป๐ถ๐พ๐๐ฒ ๐ฎ๐ป๐ฑ ๐ฑ๐ถ๐ณ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐ ๐ผ๐ฝ๐๐ถ๐ผ๐ป๐.
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 ๐ถ๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ฐ๐ฒ ๐ผ๐ณ ๐ฏ๐๐ถ๐น๐ฑ๐ถ๐ป๐ด ๐ด๐ผ๐ผ๐ฑ ๐ฟ๐ฒ๐น๐ฎ๐๐ถ๐ผ๐ป๐๐ต๐ถ๐ฝ๐ ๐๐ถ๐๐ต ๐๐๐ฝ๐ฝ๐น๐ถ๐ฒ๐ฟ๐.
I learned that itโs 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 i๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ฐ๐ฒ ๐ผ๐ณ ๐ธ๐ฒ๐ฒ๐ฝ๐ถ๐ป๐ด ๐๐ฟ๐ฎ๐ฐ๐ธ ๐ผ๐ณ ๐ถ๐ป๐๐ฒ๐ป๐๐ผ๐ฟ๐. ๐๐ป๐ฑ ๐ฏ๐ฒ๐ถ๐ป๐ด ๐ฝ๐ฟ๐ฒ๐ฝ๐ฎ๐ฟ๐ฒ๐ฑ ๐ณ๐ผ๐ฟ ๐๐ป๐ฒ๐
๐ฝ๐ฒ๐ฐ๐๐ฒ๐ฑ ๐ฑ๐ฒ๐บ๐ฎ๐ป๐ฑ.
I felt like I needed to be more careful in future.โ