A lot of inventory management advice will set you up for failure. Here are 5 things you should ignore if you are getting started ๐ ๐ถ๐๐ฐ๐ผ๐ป๐ฐ๐ฒ๐ฝ๐๐ถ๐ผ๐ป ๐ญ.Always maintain high levels of safety stock to avoid stockouts.๐๐ผ ๐๐ต๐ถ๐ ๐ถ๐ป๐๐๐ฒ๐ฎ๐ฑ:Safety stock is important.But maintaining high levels of it can actually lead to excess Read more…
There are several challenges that a jewellery retailer may face: 1. ๐๐ผ๐บ๐ฝ๐ฒ๐๐ถ๐๐ถ๐ผ๐ป: There is a lot of competition in the jewellery industry, and it can be difficult for a retailer to stand out in the market. 2. ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ ๐๐ฒ๐ป๐๐ถ๐๐ถ๐๐ถ๐๐: jewellery can be a significant purchase for many consumers, and price Read more…
Challenge your definitions every day for every SKU at every store. Ensure your head is always available.Keep your belly trim.Cut down your tail. Are you struggling with low inventory turnover or cash flow issues?It might be time to take a closer look at your product mix. Are all products created Read more…
As long as sales are incentivised only for volume sold into the channel and marketing only for market share, companies will never become demand-driven.To make the move on demand-driven initiatives, companies must focus on profitable sales through the channel. We want to shorten our response time to market, achieving better Read more…
In case the warehouse has limited stock :Don’t send more stock to the ‘best-performing store’. Send instead limited stock where you have the best chance of selling the particular SKU. Give stock without starving stores as much as possible. For instance, let’s say that the total stock required is 10 Read more…
Its Counter intuitive. But true.Ordering more than you actually need makes shortages worse. Typically, a retailer or manufacturer only orders as much as they think they can sell or consume until the next cycle begins. But sometimes a hot seller comes along, or you hear a part is going to Read more…
Having spent time in China, the e-commerce ecosystem there is a lot more multi sensorial (Point 4 below) than in West or even in India. Chinaโs retail architecture is based on the pillars of Social Commerce and Omnichannel. Language is a big issue. I believe that the e-commerce innovations in Read more…
The most popular mantra of retail used to be โLocation, Location, Locationโ.During pandemic times, retailers with best locations have shuttered shops or filed for bankruptcy.Why? New channels are coming up which were not there just a while back. For B2C, there are 2 channels that are becoming very prominent: Social Read more…
Oddly, 2020 turned out to be one of the best years in the overall retail sector in the past 20 years.Also, more than 27 retailers declared bankruptcy in the first nine months of the year.So if overall revenues are increasing, where have all the shoppers gone? In January, before the Read more…