Retail TouchPoints

NOVEMBER 17, 2023

Using substitution tactics, retailers can recalibrate inventory levels. When a high demand product runs out of stock, it can be substituted with a similar product that is not selling as fast to maximize inventory turnover, reduce carrying costs and minimize the administrative burden associated with cancellation, refunds and follow-up.

Customer Experience 264

Customer Experience Inventory Management Fulfillment Inventory Turnover 264

Inside Retail

JUNE 28, 2022

In terms of store operations, all Miniso stores in mainland China are equipped with their proprietary intelligent store management system, which provides sales and inventory data in real time, as well as suggestions based on big data analysis. An eclectic design team.

Inventory Turnover 130

Inventory Turnover Clienteling Social Commerce Consumer 130

Inside Retail

OCTOBER 29, 2024

When data from sales, inventory, and shipping systems is unified, retailers can make informed decisions to optimise pricing strategies, improve inventory turnover, and identify growth opportunities. Data-driven decision making: An integrated tech stack provides a comprehensive view of business performance.

Shipping 147

Shipping Inventory Management Inventory Turnover Fulfillment 147

Inside Retail

FEBRUARY 26, 2024

Set benchmarks for inventory management, including the rate of inventory turnover and tracking and fill rate. Take the opportunity to review team responsibilities and assess whether the business has got the right eople in the right positions, or if their skills and knowledge can be better used to keep operations lean.

Inventory Turnover 147

Inventory Turnover Supply Chain Management Customer Retention Inventory Management 147

Storis

MAY 23, 2024

In the context of furniture retail, where capital investments in inventory can be substantial, proactive cash flow management is crucial for maintaining financial stability and seizing growth opportunities. Inventory turnover, or inventory turns, is defined as the inventory turnover ratio.

Inventory Turnover 52

Inventory Turnover Payment Services Dead-Stock Inventory Management 52

Inside Retail

JULY 18, 2024

While most retail executives understand the key drivers determining whether their business is turning a profit – factors like sales revenue, inventory turnover and margin management – such information can often be siloed in different company divisions.

Planning 147

Planning Inventory Turnover Consumer Location 147

Inside Retail

JANUARY 30, 2024

“For example, Hunkemöller, a brand served by JD Logistics in Europe, benefits from a self-operated automated warehouse solution that enables them to fulfil the demands of tens of thousands of SKUs across multiple countries and sales channels, greatly improving inventory turnover,” he stressed.

Merchant Services 130

Merchant Services Inventory Turnover Inventory Management Supply Chain Management 130

Inside Retail

NOVEMBER 14, 2023

It facilitates wider brand reach, quicker inventory turnover, and direct engagement, thereby fostering increased brand loyalty. Behind this initiative was the vision of increasing exposure and customer engagement for partner brands, while offering consumers premium products at more accessible prices. “It

Inventory Turnover 130

Inventory Turnover Fashion Shopping Consumer 130

Retail Focus

AUGUST 8, 2023

Inventory Management Efficiently managing inventory is essential for meeting customer demands while minimizing carrying costs. Outsourcing inventory management to experts can optimize stock levels, monitor product trends, and ensure timely replenishments.

Loss Prevention 130

Loss Prevention Inventory Management Inventory Turnover Shipping 130

Retail Gazette

FEBRUARY 22, 2024

AI algorithms can accurately predict demand and adjust inventory levels in real time by analysing historical sales data, market trends, and external factors such as weather patterns and economic indicators.

Inventory Management 122

Inventory Management Checkout Inventory Turnover Promotions 122

Retail Smart Guys

OCTOBER 7, 2023

Set Up Regular Inventory Counts Regularly counting your inventory helps identify discrepancies between physical stock and recorded quantities. Schedule periodic physical counts, such as weekly, monthly, or quarterly, depending on your business’s size and inventory turnover rate.

Inventory Management 97

Inventory Management Inventory Turnover Management ATS 97

Retail Adventures

JANUARY 20, 2021

Inventory turnover – turn – is a measure of the number of times inventory is sold within a period of time, usually a year. To determine your inventory simply divide your last year’s total retail sales by your year ending inventory at retail value.

Markdowns 98

Markdowns Inventory Turnover Returns Planning 98

RETAIL MANAGEMENT SOFTWARE

MARCH 11, 2022

Monitor important metrics : Keep track of inventory costs, turn rate, and sell-through rates to know how your inventory performs and make appropriate changes. Maximize inventory turnover- Increase turn rate to move product gradually through the purchasing cycle.

Inventory Management 92

Inventory Management Management Inventory Turnover Drop-Shipping 92

Storis

SEPTEMBER 16, 2024

Understanding Key Concepts in Supply Chain Management Inventory Turnover: A crucial indicator of retail health, inventory turnover reflects the efficiency with which stock is sold and replenished. The digital transformation of supply chain workflows offers an opportunity to reduce costs and improve profit margins.

Payment Services 52

Payment Services Supply Chain Management Inventory Turnover Inventory Management 52

I Vend

SEPTEMBER 10, 2023

This level of flexibility reduces lost sales, maximises inventory turnover and increases customer satisfaction along with revenue and profit. Ambitious retailers the world over want to grow.

Point of Sale 111

Point of Sale Inventory Turnover Management Inventory Management 111

Global Shop

JULY 19, 2024

This innovation enabled the ERP to automatically update inventory and record sales in real time, further simplifying the inventory process. Best of Both Worlds Managing multiple locations as if they were one has not only improved Simpson’s inventory turnover but also helped them achieve significant cost savings.

Location 52

Location Inventory Turnover Inventory Management Management 52

RETAIL MANAGEMENT SOFTWARE

SEPTEMBER 17, 2024

Enhanced Team Communication and Collaboration Effective communication is crucial for retail success, especially during the holiday season when staff are dealing with increased customer traffic and inventory turnover.

Inventory Management 92

Inventory Management Inventory Turnover Management Customer Experience 92

Retalon

FEBRUARY 10, 2022

You may be dealing with a bad inventory if you are continuously having one or more of the following issues: 1. A low rate of inventory turnover. Low demand inventory builds up resulting in overstocks. No room for in-demand inventory . Stagnant inventory is occupying shelf space, in-place of high demand products. .

Management 41

Management Inventory Turnover Inventory Management Dead-Stock 41

Retail Minded

OCTOBER 2, 2024

It’s generally recommended that you do a stocktake between 1 and 4 times per year, depending on your inventory turnover. Implement a Barcode System Using a barcode system can make your inventory management process much more streamlined, helping to reduce errors related to manual management.

Inventory Management 52

Inventory Management Management Inventory Turnover 52

CJ Retail Solutions

FEBRUARY 14, 2024

By analysing key metrics such as foot traffic, conversion rates, and inventory turnover, we can identify opportunities for improvement and optimize your merchandising strategy for maximum results. That’s why we leverage advanced analytics and market research to inform our merchandising decisions.

Store Layout 52

Store Layout Inventory Turnover Boutique Promotions 52

Independent Retailer

AUGUST 1, 2022

Retailers need tools that can connect and correlate all inventory data with the impact of external events. Without them, retailers cannot proactively address inbound disruptions, accurately calculate inventory turnover velocity, or reduce discounting and overstocking.

Inventory Management 73

Inventory Management Management Inventory Turnover Supply Chain Management 73

Retail Smart Guys

MARCH 15, 2023

It is not enough to keep filling up your stores, as it can only result in heavy markdowns, slow inventory turnover, higher operating costs, and disruptions to cash flow. . #2 Buy what you can sell profitably It is essential to follow a merchandise plan to know what you can purchase from suppliers and sell to customers.

Markdowns 52

Markdowns Inventory Turnover Operating Expenses Planning 52

Retalon

AUGUST 5, 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. Inventory Turnover Ratio. The Inventory Turnover Ratio represents the total cost of goods sold over a period divided by the average inventory cost.

Inventory Turnover 41

Inventory Turnover Promotions Merchant Services Markdowns 41

Storis

SEPTEMBER 16, 2024

Custom Reporting and Analytics: Robust reporting tools enable retailers to generate customized reports on inventory turnover, warranty claims, repair trends, and other key metrics, empowering data-driven insights and continuous improvement initiatives.

Inventory Management 52

Inventory Management Inventory Turnover Management Point of Sale 52

365 Retail

SEPTEMBER 30, 2024

The lift system makes it much easier to transport goods to enable faster restocking and inventory turnover. Optimise the use of vertical space A mezzanine floor lift takes up less space than a standard staircase and can be manufactured to your exact specifications.

Inventory Turnover 52

Inventory Turnover Management ATS 52

DMS Retail

JANUARY 29, 2024

To achieve this, thorough analysis of sales data, trends, and inventory levels is essential for effective inventory management. By optimizing stock levels and reducing overstock and stockouts, retailers can enhance inventory turnover and reduce carrying costs.

Management 40

Management Inventory Turnover Promotions Inventory Management 40

CJ Retail Solutions

AUGUST 26, 2024

Retailers can evaluate how well their merchandising strategies are minimizing stockouts & excess inventory, which will ultimately increase operational efficiency and profitability, by monitoring inventory turnover & sell-through rates.

Marketing 52

Marketing Visual Merchandising Inventory Turnover Store Layout 52

365 Retail

JUNE 5, 2024

Managers can visualize metrics like sales trends, inventory turnover, and customer lifetime value. These platforms crunch numbers from multiple sources – POS systems, e-commerce platforms, loyalty programs, and more – to reveal critical patterns.

Payment Services 52

Payment Services Inventory Management Checkout Inventory Turnover 52

RETAIL MANAGEMENT SOFTWARE

SEPTEMBER 19, 2023

These notifications help prevent stockouts or overstock situations and improve overall inventory control. Reporting and Analytics : Generate detailed reports and analytics on inventory turnover, profitability, and more. These insights assist in making informed decisions and optimizing stock levels.

Inventory Management 62

Inventory Management Management Inventory Turnover Location 62

Retail Minded

MAY 3, 2023

Through this process, you can review inventory metrics and trends, identify areas that need improvement, and optimize your inventory procedures. One effective method for analyzing inventory metrics is by computing inventory turnover.

Inventory Management 52

Inventory Management Management Fulfillment Inventory Turnover 52

Storis

SEPTEMBER 12, 2024

A barcode inventory system provides real-time visibility into your inventory levels and movement. With accurate data at your fingertips, you can make informed decisions, prevent stockouts, and optimize inventory turnover.

Inventory Management 52

Inventory Management Management Inventory Turnover Fulfillment 52

Retalon

FEBRUARY 15, 2022

Increased inventory turnover. Matching demand and supply boost turnover. Not meeting the challenges in forecasting demand and supply causes the most intractable retail issues from slow inventory turnover to anemic GMROI. Stores get just enough product to meet demand without risking empty shelves.

Markdowns 41

Markdowns Inventory Turnover Fulfillment Accounting 41

CJ Retail Solutions

DECEMBER 8, 2024

By prioritizing hardware maintenance and replacement, kiosk operators can ensure that their systems remain functional and user-friendly, ultimately leading to increased customer satisfaction.

Kiosk 52

Kiosk Shopping Inventory Management Inventory Turnover 52

Retalon

FEBRUARY 24, 2022

It’s part of a three-step open to buy process: Step 1 – Know your inventory turnover. Turnover rates impact OTB. You need to have a clear picture of your current inventory levels and an accurate demand forecast for your OTB strategy to succeed. Let’s look at how to calculate open to buy: Open to buy process.

Markdowns 41

Markdowns Inventory Turnover Accounting Planning 41

V Count

JULY 24, 2024

By analyzing customer traffic patterns, businesses can better plan their inventory levels, ensuring they have sufficient stock to meet demand while minimizing excess inventory. This leads to improved inventory turnover, reduced waste, and increased profitability.

Management 86

Management Supermarket Checkout Inventory Management 86

CJ Retail Solutions

NOVEMBER 18, 2024

Inventory Management and Organization Metrics Value Inventory Turnover 5.2 times Stockout Rate 2% Fill Rate 95% Lead Time 3 days Effective inventory management and organization are vital for maintaining operational efficiency. You need to keep track of all tools, parts, and supplies required for maintenance tasks.

Shopping 52

Shopping Inventory Management Inventory Turnover Management 52

Rain Pros

MARCH 6, 2024

Categorizing a store’s inventory allows the owner to make quicker and more informed decisions about ordering new inventory. Offering more of what sells and less of what doesn’t increases efficiency by minimizing overstock and accelerating inventory turnover, leading to higher profits.

Inventory Management 40

Inventory Management Inventory Turnover Point of Sale Accounting 40