Retail sales can be your most profitable area or it can be a big cash drain and stocking nightmare. Here are some quick tips to keep your inventory lean and profitable:
Reconfigure your inventory each month based on each items percentage of total sales. If a certain shampoo is 10% of sales it should get 10% of your retail realestate. The low percentage items lose shelf space and maybe even go away.
Take all new products on a 30 day consignment test. If it doesn't sell send it back. Any item that has no sales for 60 days needs to go away.
Set up a SALE table. Put a big sign on the table 40% OFF. Any products that can't be returned go on that table at 40% off.
When you launch a product give your staff double commission for the first 30 days. The product will TAKE OFF!
Want more retail and inventory ideas?
Give us a call for a FREE Inventory Report at 800-448-5420 or 513-528-5100.
Are you having trouble tracking the inventory
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment