Retail TouchPoints

JUNE 18, 2024

Third, the brand can use both data sets to start building a profile of that customer, which will allow them to personalize various touch points, from promotional emails to product recommendations. Give Some, Get Some It makes a lot of sense when a brand offers a nominal discount to encourage an email sign-up or account creation.

Markdowns 263

Markdowns Customer Experience Consumer Accounting 263

Wiser

AUGUST 3, 2017

These two types of brands often choose to go about retail promotions in different ways. In this article we will break down the elements all retailers and brands need to carry promotions out as efficiently as possible. . Your competitive positioning is a key metric when planning retail promotions. Know Where You Fit in .

Promotions 99

Promotions Markdowns Marketing Checkout 99

365 Retail

SEPTEMBER 16, 2021

Clearly retailers cannot base their price and promotion strategies this year solely on the experience of prior seasons. The result can be costly post-season markdown events that leave retailers stuck with short-life seasonal items that necessitate steep marks or even complete write-offs. Cross-Item Effects at Your Fingertips.

Markdowns 98

Markdowns Promotions Accounting Planning 98

Retalon

APRIL 14, 2021

What is a retail markdown strategy? A retail markdown strategy is a plan that describes when and how certain products should go on markdown. Having a markdown strategy is important because, all too often, markdowns are a kneejerk reaction to end-of-life inventories. ” What are markdowns in retail?

Markdowns 41

Markdowns Dead-Stock Promotions Planning 41

Inside Retail

MAY 30, 2024

As Hirata remarked, “Often you can’t, that’s why brands do markdowns like discounts or sample sales, or even why inventory sometimes goes straight to the landfill.” In fact, that’s a large part of what drew Hirata to the brand. Prior to joining the team, had been acting in the role of chief executive officer at Diane von Furstenberg.

Markdowns 130

Markdowns Wholesale Planning Consumer 130

Retalon

JUNE 18, 2019

Promotion planning is a constant balancing act. You have many types of promotions to choose from, each with its own effects on consumer behaviour and the resulting outcome. These promotions must also fit within your overall promotional strategy which supports your company’s business goals.

Promotions 32

Promotions Markdowns Payment Services Inventory Management 32

365 Retail

DECEMBER 3, 2021

DemandTec , a pioneer in retail price and promotion optimization technology, today launched Unify by DemandTec, the industry’s first autonomous unified merchandising platform for retailers. As a result, retailers and their suppliers can run personalized promotions and invest trade funds more efficiently, with accurate accounting.

Markdowns 52

Markdowns Promotions Retailing Pricing Accounting 52

Wiser

SEPTEMBER 22, 2020

The particular formula you will follow is: (Price or Average of Prices) x (1 + your markup or markdown rate). If you sell in different countries or regions, there are many factors you have to take into account when selecting pricing for each geography. Geographic Pricing. High-Low Pricing. Limit Pricing. Liquidation Strategy.

Advertising 148

Advertising Markdowns Marketing Promotions 148

Retalon

JANUARY 7, 2021

With seasonal product life-cycles becoming ever shorter, retailers need more strategic and granular ways to plan their seasonal assortments so they can maximize revenue while minimizing markdowns. Account for more variables in your seasonal merchandise planning. This is most obvious when a promotion doesn’t take inventory into account.

Markdowns 41

Markdowns Promotions Accounting Planning 41

Retalon

JUNE 18, 2019

Retail Sales Promotion Goals, Examples, and How AI is Optimizing Them. Promotion planning is a constant balancing act. You have many types of promotions to choose from, each with its own effects on consumer behaviour and the resulting outcome. The math needed to account for these effects is hard enough.

Promotions 32

Promotions Markdowns Inventory Management Payment Services 32

Wiser

OCTOBER 3, 2017

Using the collected data, you’re able to compare prices and see when your competitors ran promotions and sales. Taking it a step further, automate repricing by using algorithms and taking into account the conditions of the market. Whether in-store or online, Wiser has you covered from pricing to assortment to promotions.

Markdowns 47

Markdowns Promotions Marketing Accounting 47

Retalon

JANUARY 17, 2022

Granted, many retailers have developed pricing strategies that account for multiple factors affecting product price, such as; Production and distribution costs Competitor pricing Revenue goals. On top of having visibility across the business, retailers also need to account for all internal and external factors that affect pricing and demand.

Retailing Pricing 41

Retailing Pricing Markdowns Promotions Accounting 41

Retalon

SEPTEMBER 11, 2020

Often resulting in inventory distortion that lead to lost sales and costly markdowns. New products, moving holidays, new promotions, changes in demand, competition, vendor costs and other factors make last year’s sales data unreliable. Imagine a retailer runs a big promotion on a popular winter jacket brand.

Fashion 41

Fashion Markdowns Promotions Accounting 41

Retalon

JUNE 10, 2020

may cover generic approaches to managing and optimizing price for any given product, but they don’t account for the most critical variables that determine your pricing success. Retailers who don’t account for these considerations often struggle with profitability. ultimately determine how profitable your business is.

Planning 41

Planning Markdowns Promotions Accounting 41

RETAIL MANAGEMENT SOFTWARE

MARCH 11, 2022

It is beneficial to exhaust your resources first, so you don’t end up with the excess products in one store that you eventually have to markdown. Account for items you can’t sell – If you cannot sell an item due to damage, make sure it is classified as non-sellable.

Inventory Management 92

Inventory Management Management Inventory Turnover Drop-Shipping 92

I Vend

OCTOBER 26, 2024

For mid-size retailers, real-time updates are particularly valuable during peak sales seasons or promotions when stock levels fluctuate rapidly. Additionally, real-time inventory management makes it easier to identify slow-moving stock and make adjustments to promotions or markdowns to clear it out.

Inventory Management 52

Inventory Management Point of Sale Management Markdowns 52

Retalon

MAY 10, 2024

At home, the gift budget may need to be significantly higher in December than in January to account for holidays. Anticipate the activities for the sales period: If you are aware of upcoming promotional activities, you’ll need to adjust to reflect demand accordingly. To learn more, check out our article on demand planning.

Planning 41

Planning Markdowns Merchant Services Payment Services 41

Retalon

MAY 10, 2024

At home, the gift budget may need to be significantly higher in December than in January to account for holidays. Anticipate the activities for the sales period: If you are aware of upcoming promotional activities, you’ll need to adjust to reflect demand accordingly. To learn more, check out our article on demand planning.

Planning 41

Planning Markdowns Merchant Services Payment Services 41

Retalon

NOVEMBER 20, 2020

You can manage prices without optimizing them, but you run the risk of poor margins, higher costs, and down-stream inventory challenges (markdowns, out-of-stocks, etc.). . Each product will have several attributes and factors that need to be accounted for when setting prices that are specific to that product.

Management 41

Management Markdowns Accounting Retailing Pricing 41

Retalon

FEBRUARY 24, 2022

Fewer markdowns. Essentially, OTB is a purchasing plan which takes into account current inventory levels and projected sales for a set time period. Where you expect to finish is your closing inventory plus your planned sales and markdowns. Other sales periods, such as promotional seasons, are also useful. OTB management.

Markdowns 41

Markdowns Inventory Turnover Accounting Planning 41

Retalon

FEBRUARY 15, 2022

Price elasticity of demand, meaning the effect that a set price will have on demand, is an important consideration when setting prices, running promotions, or markdowns. Changes made by competitors Changes in geodemographics Changes in promotional calendars and strategies Changes in seasonality Changes in vendor pricing.

Markdowns 41

Markdowns Inventory Turnover Fulfillment Accounting 41

365 Retail

JUNE 5, 2024

It even accounts for seasonal trends, promotions, and supplier lead times. These systems calculate the fastest routes while accounting for traffic patterns, driver schedules, and service time windows. For instance, it might suggest markdowns for slow-moving seasonal items or pinpoint opportunities to cross-sell.

Payment Services 52

Payment Services Inventory Management Checkout Inventory Turnover 52

M19 Retail

MARCH 17, 2021

Demand Forecasting & Replenishment: Automated sales forecasting and inventory optimization supported by advanced machine learning algorithms, accounting for seasonality, causal events, and shifts in trend.

Inventory Management 40

Inventory Management Management Markdowns Planning 40

Retalon

APRIL 26, 2021

Product clustering (or grouping) is an increasingly common technique that leading retailers use to manage their planning, inventory, pricing, promotions, and markdowns. Most commonly, retailers use geographical clusters to better account for demographics, distribution cost, climate, and other relevant factors to their business.

Markdowns 41

Markdowns Promotions Inventory Management Accounting 41

Retalon

OCTOBER 8, 2020

And at the end of the sales season (or at the end of a product’s lifecycle), markdowns you set to clear out excess inventory can easily wipe out the product’s lifecycle profitability. They quickly learn to time their purchases for the inevitable markdowns rather than buying products during the main lifecycle.

Markdowns 41

Markdowns Inventory Management Promotions Planning 41

Retalon

APRIL 27, 2021

Although e-commerce gets all of the attention, the past two decades of technological change have transformed every aspect of the retail business — from planning, inventory, pricing, and promotions — all the way down to customer service and the in-store experience. Online sales now account for more than 20% of total retail sales.

Fulfillment 41

Fulfillment Markdowns Promotions Returns 41

Retalon

JANUARY 6, 2021

In reality, replenishment planning is a fairly complicated process that has to account for many variables, including logistics routes, timelines, availability, and cost. For one, retailers often make the mistake of replenishing too much end-of-season inventory — creating unnecessary markdowns in the future.

Planning 41

Planning Markdowns Accounting Shipping 41

Retalon

SEPTEMBER 13, 2015

In today’s omnichannel retail world, the best way to improve KPIs and meet yearly objectives is by adopting a predictive analytics solution that can forecast true demand, accurately allocate inventory, optimize promotions, and balance inventory and assortment between stores while being in tune with individual business goals. Promotion Lift.

Markdowns 32

Markdowns Promotions Customer Experience Fulfillment 32

Retalon

NOVEMBER 11, 2021

As a result, retailers are able to optimize their inventory across all channels and locations to avoid potential lost sales and unnecessary markdowns. Optimized pricing and promotions: Optimized pricing solutions allow retailers to maximize GMROI by setting optimal initial prices, in-season prices, as well as, promotions and markdowns.

Fulfillment 41

Fulfillment Markdowns Promotions Shipping 41

Retalon

SEPTEMBER 13, 2015

In today’s omnichannel retail world, the best way to improve KPIs and meet yearly objectives is by adopting a predictive analytics solution that can forecast true demand, accurately allocate inventory, optimize promotions, and balance inventory and assortment between stores while being in tune with individual business goals. Promotion Lift.

Markdowns 32

Markdowns Promotions Customer Experience Fulfillment 32

Retalon

SEPTEMBER 13, 2015

In today’s omnichannel retail world, the best way to improve KPIs and meet yearly objectives is by adopting a predictive analytics solution that can forecast true demand, accurately allocate inventory, optimize promotions, and balance inventory and assortment between stores while being in tune with individual business goals. Promotion Lift.

Markdowns 32

Markdowns Promotions Customer Experience Fulfillment 32

Retalon

FEBRUARY 13, 2018

Business Intelligence (BI) and traditional forecasting methodology can provide visibility into a retailer’s past sales, promotions, stock levels, and more. The problem stems from business intelligence, buyer intuition, or company targets lacking the ability to account for all factors that affect demand. Key Takeaways.

Markdowns 32

Markdowns Inventory Management Promotions Accounting 32

Retalon

SEPTEMBER 1, 2020

Without historical data to draw upon, how do you predict the best way to allocate them to stores, pricing, promotional demand, and balance online versus in-store sales? Co-marketing funds you receive require investments in store merchandising and promotional campaigns. – all costly mistakes. What should initial pricing look like?

Promotions 41

Promotions Markdowns Inventory Management Accounting 41

Retalon

DECEMBER 17, 2021

Typically unexpected, this situation can be extremely detrimental for retailers and also has the potential to create additional issues such as: Inventory Imbalances Overstocks Markdowns. Promotional uplift. Avoided overstocks and minimized markdowns. More predictable promotions and seasonal events. Seasonality.

Markdowns 41

Markdowns Promotions Consumer Fashion 41

Retalon

JUNE 29, 2013

For Example: When products don’t sell well at specific stores, retailers are forced to markdown inventory in order to clear the inventory. Store A” is already low in inventory for this product due to increase in demand, while “Store B” has low demand for the same product, and is now forced to markdown the hats to clear their shelves.

Inventory Management 32

Inventory Management Management Markdowns Fulfillment 32

Retalon

FEBRUARY 13, 2018

Business Intelligence (BI) and traditional forecasting methodology can provide visibility into a retailer’s past sales, promotions, stock levels, and more. The problem stems from business intelligence, buyer intuition, or company targets lacking the ability to account for all factors that affect demand. Key Takeaways.

Markdowns 32

Markdowns Inventory Management Promotions Accounting 32

Retalon

FEBRUARY 13, 2018

Business Intelligence (BI) and traditional forecasting methodology can provide visibility into a retailer’s past sales, promotions, stock levels, and more. The problem stems from business intelligence, buyer intuition, or company targets lacking the ability to account for all factors that affect demand. Key Takeaways.

Markdowns 32

Markdowns Inventory Management Promotions Accounting 32