How to Be a Better Merchandiser
Merchandising is both an art and a science. There are retailers who can make it look easy, then there are retailers for whom it is a big cinch. It can be a lot easier for you too if you have the right tools.
Good merchandising boils down to having the right information about each of your product lines. Even down to the individual SKU.
Here are 6 specific ways to become a better merchandiser no matter what type of retail chain you operate.
- Automatic replenishment – Instead of relying on human error to get timing and product orders correct, replenish your merchandise automatically based on rules you set. This will cut down on your markdown promotions and out-of-stocks. Set your replenishment schedules based on seasons, products, sales, and other preferences.
- Size and SKU Analysis – How many times have you run out of one particular size of a specific product and weren’t aware of it until a customer asked for it? You can intelligently analyze the inventory levels of every product based on size and SKU.
- Know every vendor – Group your products by vendor and track each size, color, and style of every product in your inventory.
- Advanced allocation rules – Don’t just allocate your products based on a minimum-maximum count. There’s a better way. You can be more accurate with advanced formulas tied to your replenishment rules.
- Use a cost calculator – Establish clear formulas for ordering product and determine the cost before you place the order. This will improve your cash flow and give you better control over product pricing.
- Get more comprehensive reports – Tracking and reporting is one of the most important aspects of merchandising. Get reports based on sales performance, purchases, individual products, suppliers, and a lot more. Make merchandising decisions based on hard data, not guess work.
Become an Integrated Merchandiser
When it comes to merchandising, make it work for you by cutting costs, improving efficiencies, and ordering the right products for the right stores. You can manage your entire retail operation better by having a better handle on your merchandising practices. Not only will your entire chain be more profitable, but each individual store will be more profitable and efficient.