A jewelry retailer faced challenges due to gaps in their assortment; they struggled to match changing customer preferences. They used consumer data to identify the missing pieces and promptly filled those gaps.This strategic adjustment led to a remarkable turnaround in their sales and customer satisfaction. An apparel retailer confronted a Read more…
When trying to make decisions based on customer demand, it’s always a good idea to start with sales data. There are a lot of different types of information that companies use to figure out what customers want. This could be things like– orders, – shipments, – data from other companies, or – what Read more…
3 Stumbling blocks and what to do about themTackle these 3 stumbling blocks to get better planning: 1. ๐๐ฅ๐ข๐ ๐ง ๐๐จ๐๐ฅ๐ฌ: Different groups in a company want different things. This makes it hard for them to work together and make plans. To fix this, we need to make sure everyone is working towards Read more…
“The rational stories that the brain creates to justify these emotions can prevent us from taking action.ย And limit our potential.” Anger and Fear give you bad advice.Don’t follow it. Our thoughts start with an emotion. Our brain then creates a story or perceived-fact pattern that explains our feelings. This leads to confirmation Read more…
“93% of people in charge of supply chains want to make decisions and act on them quickly.Only 7% are making decisions and acting on them right away.” Many companies are not giving enough attention to supply chain management.However, some companies are doing very well in supply chain management.These successful companies Read more…
To be or Not to Be. What is a necessary part of most businesses and also the major cause of business failure? Inventory management Inventory can be difficult to predict and manage. Demand for products can fluctuate, and it can be challenging to forecast future demand. Additionally, issues such as – theft, – Read more…
Check your assumptions Most in retail believe:More options mean more sales. They are wrong. Having too much inventory can be detrimental to a business. Excess inventory ties up capital that could be used in other areas of the business. It can also lead to storage and handling costs. Excess inventory can Read more…
Any tool is only as good as the process it automates.Automating wrong processes will give you wrong outcomes.Test your process / fit before you scale up. ๐ง๐ต๐ฒ ๐๐ถ๐ด๐ด๐ฒ๐๐ ๐๐ต๐ฎ๐ป๐ด๐ฒ ๐ถ๐ป ๐ฆ๐๐ฝ๐ฝ๐น๐ ๐๐ต๐ฎ๐ถ๐ป ๐๐ฎ๐ ๐ก๐ผ๐๐ต๐ถ๐ป๐ด ๐๐ผ ๐๐ผ ๐๐ถ๐๐ต ๐ง๐ผ๐ผ๐น๐ Forget about fancy tools and shiny new gadgets – the biggest change Read more…
Demand shaping aims to smooth out peak demand, whileDemand shifting redirects demand to different products. – Demand shaping involves adjusting the timing of sales to reduce peak demand, for example, offering discounts during off-peak hours. – Demand shifting involves changing the product mix to appeal to different customer segments, for Read more…
Market-driven systems are better than supply-driven systems because:– They allow for competition, which can lead to lower prices and better products– Companies in a market-driven system must innovate and improve their products to attract customers– They are more responsive to changes in consumer preferences Supply-driven systems are not as good Read more…