How Do You Plan Your Buying Options?
One of the most important aspects of running a retail operation is the buying process. As the saying goes, “You make your profit when you buy.” So you need a open to buy plan for the effective buying process.
That’s true wisdom. You can’t sell an item for a profit if you overpay for it. That’s why many retail operations plan their buying in bulk, taking advantage of wholesale prices so that they can sell merchandise at a fair retail price while taking into consideration other operational expenses like overhead and employee pay.
A great open to buy plan solution will help you manage the product purchasing process efficiently.
ChainDrive’s Open to Buy software solution gives you plenty of graphs and analytical information so that you can see how your buying decisions are affecting your retail operations. You can see information on the following analytics:
- Year-over-year comparisons
- Sales vs. markdowns
- Purchases against gross margins
- And a lot more
If your retail business operates on a seasonal rotation, you can plan your purchasing based on those seasons.
With flexibility and versatility, the Open-to-Buy planning solution allows you to drill down to the individual store level or view the corporate data. Each user can choose their own data to view, which allows your entire management team to be more effective and efficient.
For more information on how you can use the OTB Planning solution provided by ChainDrive to make your retail operation more efficient, demo the software.