𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 𝗙𝗼𝗿 𝗮 𝗡𝗲𝘄 𝗟𝗼𝗰𝗮𝘁𝗶𝗼𝗻:
In retail, there’s no universal solution, so inventory planning teams have a range of strategies at their disposal when preparing for a new physical or digital location.
✅ When launching a new store, it’s crucial to establish a robust inventory strategy to guarantee that the store is adequately supplied with the appropriate products to satisfy customer needs.
✅ An essential aspect to consider is the existing inventory in other stores, as it can provide valuable insights for determining the product assortment in the new location.
✅ By examining sales data from existing stores and identifying successful product lines, retailers can make well-informed choices regarding the merchandise selection for the new store.
✅ The 80/20 rule, a widely used inventory strategy, helps retailers boost profits and reduce risks.
✅ It asserts that 80% of a retailer’s sales originate from just 20% of their products, termed core best sellers.
✅ When launching a new store, it’s vital to identify and prioritize products falling under this core best-seller category and ensure their ample availability.
✅ Retailers must also consider their fashion merchandise mix, often comprising trendy products with shorter lifespans.
✅ While online purchasing patterns may not directly mirror physical in-store behaviours, scrutinizing online sales data becomes particularly valuable without additional brick-and-mortar data in the vicinity, as it can effectively illuminate emerging trends.
✅ When planning a new store, retailers need to consider the physical layout of the space and how it compares to other stores in their portfolio.
✅ Climate can significantly impact consumer buying behaviour, and retailers must consider this when planning a new store.
✅ When opening a new store, it’s important to consider the socioeconomic demographics of the local market.
✅ Sustaining a rapid inventory turnover rate optimizes a retailer’s profit potential while reducing the likelihood of excessive overstock.
✅ This holds particular significance for newly established stores, as they might need to fine-tune their product selection and marketing approaches while gaining insights into their local market and customer preferences.
✅ From colours and sizing to categories, assessing your competition products can help identify gaps in your assortment.
✅ Retailers can leverage competitive intelligence to evaluate their rivals’ pricing strategies and make necessary pricing adjustments in response.
In summary, proficient inventory planning is a pivotal element in the triumph of a retail enterprise. When opening a new store, retailers must meticulously assess various factors, encompassing current stock levels, consumer habits, regional weather conditions, and demographic insights.
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