profitsystems retailvantage 2.0 prospect webinar
TRANSCRIPT
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MANAGING YOUR INVENTORY FOR INCREASED PROFITABILITY
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Who we are Roots in the home furnishings industry go back to 1897
Built software solution to address the needs of own store
Today, we provide 1000+ retailers with the tools they need to improve profitability and efficiency
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Today’s presenters
Tari Ann MakingsEducation Manager
Lee RychelCustomer Relations
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Housekeeping Presentation: 30 minQ&A: 15 min
We’ll move [email protected]
Questions?Use the Q&A Box
Recording + SlidesWe’ll send you a link.
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Spot winners and keep best sellers in stock
Base reorder quantities on business intelligence
Become more nimble in reacting to trends
GAIN GREATER CONTROL OF YOUR INVENTORY AND INCREASE PROFITABILITY
What you’ll get out of
today’s webinar
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Question Your Current ParadigmsWhat can I do better?
Leverage Business IntelligenceWhat is it?
Seek Good InformationWhere can I find it?
Take the Next Step Today What do I do NOW?
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#1Spot your winners and keep your best sellers in stock.
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What defines a WINNER?
Quantity sold
Low return rate
High margins
Ease of ordering
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Having a good analysis of inventory performance is critical
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Not just a list, but all of the things that make up inventory performance …
Shipping Lead Time
Gross MarginRate of Sale
Return RateGMROI
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#2Base reorder quantities on actual business intelligence.
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Rate of sale report Report by category Report by vendor Line up Automated purchasing
recommendations
Where do I get this
information?
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Good information helps determine:
– Trending Collections
– Vendor Performance
– Category Performance
– Special Order Profitability
Just for stock? Can I measure
Special Orders?
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WHAT’S TRENDING: The critical component
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#3Become more nimble in reacting to sales trends.
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KNOW what impacted your increase or decrease in sales
REMEMBERthe customer is determining what the “trend” is, not the retailer
PAY ATTENTIONto your displays
So, what do I do?
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Inventory + Merchandising = Full-time Job
Be sure to do heavy categories more frequently
Touch each category at least every 60 days
Schedule time every week to work on a category
Be sure to consider floor moves
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Know where your holes are Know your winners Shop new goods to fill voids by category
Be ready for Market
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#4Gain greater control of your inventory and increase your profitability.
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If they haven’t sold, make them sell Recognize that slow or dead product is
costing you real cash– Insuring– Labor to work around it– Keeping track of it– Repairing it because it gets handled too
many times
Manage slow moving
products
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Understand vendor shipping/freight opportunities
Can you consolidate with nearby dealers?
Do you have access to a freight buying group?
Don’t be afraid to ask
for help
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Knowing that you’re making weekly decisions that will improve your competitive position and make your store more money is
mission One in managing inventory.
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What’s next?
Assemble your information
Build your lists
Schedule time for analysis
Act on your information
RETAILvantage has the tools you need to accomplish this mission
TALK TO US
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Thank you!Questions?
Contact us to learn how RETAILvantage can help you gain greater inventory control and increase profitability: [email protected] | 800.888.5565www.profitsystems.com