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Mi9 Retail continues to make significant product investments in its flagship Merchandise Management platform to help its loyal customer base adapt to changing trends and strengthen their unified commerce strategies. Mi9 Retail Launches New In-Store Mobile App to Help Retailers Improve InventoryManagement. About Mi9 Retail.
More expensive than real estate, merchandising, or even labor — inventory is the largest investment your company makes. But getting the biggest return on that investment, especially in today’s tough retail environment, requires a more nuanced, data-driven approach to inventorymanagement than most retailers are used to.
Often resulting in inventory distortion that lead to lost sales and costly markdowns. For instance, many retailers run promotions while lacking integration between promotion and inventorymanagement processes. It optimizes markdowns so retailers can get rid of end of life products, while maximizing the GMROI.
Most Important KPIs for the Retail Industry in 2020. Jump Ahead Most Important KPIs for the Retail Industry in 2020 Examples of Retail KPIs that Maximize Inventory ROI 1. Inventory Turnover Ratio 3. This avoids markdowns that cut into profit margins. In-Stock Percentage 2. In-Stock Percentage. DOWNLOAD OVERVIEW.
The multiplication of choices induced by this model translates into a drop in productivity of the physical store space and an increase in markdowns at the end of the season to sell unsold products. For all of these reasons, supply management is one of the current priorities of many retailers, the health crisis having served as an accelerator.
In the area of inventory optimization alone, these forecast accuracy gains translate into measurable benefits: As much as a 2 percent increase in total topline sales as the result of improved availability. Up to 70 basis points of additional profit due to increased sales and reduced inventory costs (e.g.
Keep in mind that promotions are not the same part of a product’s pricing lifecycle as Markdowns. In contrast, markdowns are permanent changes designed to clear inventories at the season’s end. Co-planning meetings can only get you so far if, like many retailers, you plan promotions and inventory on separate systems.
to optimize inventory for gross margins. In effect, this means a reduction of total inventories, maximized sales, and reduced markdowns. More importantly, an analytics-driven retailer no longer reacts to sales and inventory reports, but instead proactively optimizes its business. check out their story here).
Major retailers survived 2020 by transforming how they got their products into customers’ hands. Instead of only shipping to customers’ homes, retailers let online customers shop from their local and online store’s inventory and pick up their orders from their closest brick-and-mortar location the same day. Secure order pickup.
At its most basic, it only requires integrating live inventory counts from your ERP / inventorymanagement software with your e-commerce platform, ensuring customers can get accurate information about which store has the items they’re looking for (or give them the option to ship to store). December 9, 2020. Read More.
The result is slow turns, deep markdowns, write-offs, and heaps of dead stock in warehouses, much of which eventually becomes landfill. The myopic focus on low price has lead to an epidemic of markdowns and dead stock. Sprinkle in some accounting for seasonality and you’ve got inventorymanagement 101.
– Inventorymanagement. – Price management & optimization. – Promotions, event and markdowns. – Inventory needs. Suitable retail AI and predictive analytics can help you with: – Demand Forecasting. – Merchandise, Assortment, and Store planning. – and more.
So, how can you juggle concerns like forecasting, inventorymanagement, distribution, fulfillment, and more against the growing demand for personalization, all while continuing to create the consistent experience customers expect ? This is the level of exclusivity their customers expect and prefer.
Inventory levels (store, warehouse, distribution centers). Prices (markdowns, promotions, competitor prices, etc.). Because retailers can’t afford to lose money because inventory purchases didn’t account for future promotions, business leaders imposed processes to keep everyone on the same page. POS data (sales, returns, etc.).
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