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I’d like to introduce myself.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👋" title="Waving hand" aria-label="Emoji: Waving hand"> hi, I’m Taylor. I have a B.S. in fashion merchandising, and worked as a retail buyer and merchandiser for leading brands like Levi’s, Old Navy, and Johnston&Murphy.
Handling millionshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👏" title="Applaus-Zeichen" aria-label="Emoji: Applaus-Zeichen"> of https://abs.twimg.com/emoji/v2/... draggable="false" alt="👏" title="Applaus-Zeichen" aria-label="Emoji: Applaus-Zeichen"> dollars worth of inventory.
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Handling millions
I did a LOT. Sales analysis, trend watching, inventory monitoring, allocation, distribution plans, size packs, purchase orders, negotiating with vendors, investment planning, product selection, product styling and placement, pricing, promotions...
The list goes onhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤓" title="Nerd-Gesicht" aria-label="Emoji: Nerd-Gesicht">
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The list goes on
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I see lots of entrepreneurs these days who have a cool product and have some success, but then they don’t know how to grow or evolve their business. https://abs.twimg.com/emoji/v2/... draggable="false" alt="😱" title="Vor Angst schreiendes Gesicht" aria-label="Emoji: Vor Angst schreiendes Gesicht">
The merchandising function helps gain a holistic view of your market trends, competition, sales, and inventory metrics.
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The merchandising function helps gain a holistic view of your market trends, competition, sales, and inventory metrics.
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Merchandising also helps you make more informed strategies and decisions for your business. https://abs.twimg.com/emoji/v2/... draggable="false" alt="👏" title="Applaus-Zeichen" aria-label="Emoji: Applaus-Zeichen">
Notice that a new product you just launched is selling way more units per week than others that you sell?
That’s a clear merchandising lever - i.e. BUY MORE!
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Notice that a new product you just launched is selling way more units per week than others that you sell?
That’s a clear merchandising lever - i.e. BUY MORE!
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(But not too much https://abs.twimg.com/emoji/v2/... draggable="false" alt="😅" title="Lächelndes Gesicht mit offenem Mund und Angstschweiß" aria-label="Emoji: Lächelndes Gesicht mit offenem Mund und Angstschweiß"> )
This is where your retail math comes in handy.
Say your new product sold 22 units last week, and 55 units this week.
Your avg ROS (rate-of-sale) is 38.5 units.
Now calculate your WOS (weeks of supply).
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This is where your retail math comes in handy.
Say your new product sold 22 units last week, and 55 units this week.
Your avg ROS (rate-of-sale) is 38.5 units.
Now calculate your WOS (weeks of supply).
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Let’s say your total on-hand inventory is 120 units, divided by your ROS:
120 unitshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="➗" title="Dickes Divisionszeichen" aria-label="Emoji: Dickes Divisionszeichen"> 38.5 units per week = 3.1
This would indicate that you have just over 3 weeks of supply remaining, so to avoid a stock-out, you’ll need to get replenishment in just 3 weeks!
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120 units
This would indicate that you have just over 3 weeks of supply remaining, so to avoid a stock-out, you’ll need to get replenishment in just 3 weeks!
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These types of mathematical analyses of the state of your business help you move and modify, adapt to your trends, drive revenue, accelerate unit sales, and increase profitability.
If math isn’t really your thing - don’t worry, you can learn! It just takes practice!https://abs.twimg.com/emoji/v2/... draggable="false" alt="📖" title="Offenes Buch" aria-label="Emoji: Offenes Buch">
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If math isn’t really your thing - don’t worry, you can learn! It just takes practice!
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Https://skubana.com/blog/inventory-KPIs
Follow for more retail and ecommerce tips!
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