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Like many brands dealing with COVID-19, DTC jewelry brand Mejuri was forced to focus intently on its online operations this year. Retailer Plans to Use Solution Across Multiple Channels. This granular data also makes it easier for the retailer to analyze its business by channel and international geography.
Making the Golden Quarter work for you requires careful planning that, but even if you haven’t laid the groundwork for a big finish throughout the year, you can still reap the benefits of a solid holiday season. This year consider the following in your Golden Quarter planning: 1. Both of these retailers offer good plans.
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.
the largest privately owned jewelry retailer in America, has implemented Retalon’s Inventory and Assortment Management solution to maintain product assortment and inventory levels across all channels. We have thousands of jewelry products and loose gemstones that all have a unique SKU number,” said Tom Shane, the Chairman of Shane Co. .”
the largest privately owned jewelry retailer in America, has implemented Retalon’s Inventory and Assortment Management solution to maintain product assortment and inventory levels across all channels. We have thousands of jewelry products and loose gemstones that all have a unique SKU number,” said Tom Shane, the Chairman of Shane Co. .”
Jewelry retailers need to determine the right assortment mix that offers a good selection while having the right depth of inventory for each SKU. That’s why fashion retail planning and analytics software needs to be unique and specific to fashion, with the ability to break down business considerations even further than that.
Making the Golden Quarter work for you requires careful planning. Plan a monthly sales goal and set daily targets for sales, and even for specific products. It just makes sense to have a plan of action. Include after-holiday plans too, including required floor moves and décor that needs to come down. It’s almost here.
It’s been almost a joke what has happened in retail business for years where retailers will declare a promotion or announce a markdown, 20 percent off, and the stores will not have any additional inventory to support it. And if you use these numbers to forecast your next year data, you’ll basically plan yourself to be out of stock next year.
In particular, effective promotion planning depends on having accurate measurements of In-Stock Percentages. Retailers must maintain a healthy In-Stock Percentage for every product at every store, in order to avoid out-of-stocks, lost sales, failed promotions, and costly markdowns. This avoids markdowns that cut into profit margins.
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