Inventory Management
Due to the cross-channel behavior of todayโs consumers, shifting from channel to channel and device to device in the same purchase journey, retailers and brands are spending more of their technology budgets on systems and solutions that enable omnichannel operations โ e.g., order and inventory management systems. At the same time, they've yet to fullyโฆ
In episode 204 of Total Retail Talks, Executive Editor Joe Keenan interviews Mike Relich, chief operating officer at Lucky Brand, a denim and fashion brand for men, women, and kids. Listen in as they discuss Lucky Brand's use of predictive analytics to improve inventory allocation across channels (store, web, wholesale), touching specifically on Lucky Brand's partnership withโฆ
Traditionally, stocking inventory has required many systems and spreadsheets in order to place goods in stores and fulfillment centers. These outdated, manual processes are standing in the way of real progress. So how can retailers fix this? Adopting advanced technology is important, but retailers must first look to good business processes before they race toโฆ
Fine-tuning inventory levels to meet changing customer preferences is a constant battle for wholesalers, and todayโs fast-moving omnichannel environment is making that calculus even more complex. As they develop their purchasing plans, businesses are facing a bevy of uncertainties: E-commerce now accounts for 10 percent of total retail sales, requiring organizations across nearly every industryโฆ
These days there's no shortage of additions to the C-suite. Creative job titles abound, and roles that didnโt exist a decade ago like chief experience officer or chief digital officer are becoming more common. The choice to add these positions to the decision-making table reflects the core value of these functions. Companies are realizing thatโฆ
The retail industry is at a critical inflection point. The biggest brick-and-mortar stores are facing significant external pressures, and todayโs customers have come to expect a seamless omnichannel shopping experience, every time. To better understand how retailers are faring in this uncharted retail era, Bossa Nova partnered with Wakefield Research to survey corporate retail professionalsโฆ
The good news is that 2018 showed progress for retailers in several significant ways. DynamicActionโs Retail Index: 2018 Year in Review & 2019 Outlook demonstrates North American retailers exercised more restraint on promotions and improved their inventory value and consumer-driven curation in 2018. Itโs a big step in the right direction, but it's just one of manyโฆ
Questionable inventory planning decisions cost U.S. retailers big in 2018. How much exactly? A staggering $300 billion in revenues due to markdowns, according to a new report by Celect and Coresight Research, Revealing the Hidden Costs of Poor Inventory Management. Retailers face an array of challenges around managing their inventories in todayโs competitive market. Surveyingโฆ
In part one of this series, I looked at how retailers can and should prepare to forward-buy inventory, the pros and cons of the practice, and the factors (i.e., inflation, tariffs) that led the industry to this point. The Tariff Effect Technology is the only way to effectively gauge demand volatility, react and re-plan forโฆ
"Buy low, sell high" โฆ If you took anything away from any Economics class, thatโs probably it. Now that President Trumpโs import tariffs have pushed inflation to the highest level in six years, many retailers and distributors are putting that strategy into play. In cases where suppliers pre-announce a price increase or promotion on aโฆ