A lot of inventory management advice will set you up for failure. Here are 5 things you should ignore if you are getting started 𝗠𝗶𝘀𝗰𝗼𝗻𝗰𝗲𝗽𝘁𝗶𝗼𝗻 𝟭.Always maintain high levels of safety stock to avoid stockouts.𝗗𝗼 𝘁𝗵𝗶𝘀 𝗶𝗻𝘀𝘁𝗲𝗮𝗱: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. 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻: 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. 𝗣𝗿𝗶𝗰𝗲 𝘀𝗲𝗻𝘀𝗶𝘁𝗶𝘃𝗶𝘁𝘆: 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…