A good retailer sees potential where others can’t and uses their instincts to make decisions about their business. But when it comes to buying inventory, even the best retailers know that instinct only makes up half the equation. You need to be able to read data too. Data shows you trends and gets into the places intuitive thinking can’t. But get too mired in data and you risk losing your special edge. That’s why, if you want to be successful and make good decisions, you need both.
Here’s an overview of what the white paper will cover:
– Plan: One of the most important things you can do for your business is plan ahead, even before you start looking at new products. This lays the foundation for your decisionmaking, and will support you in negotiations and throughout the year.
– Buy: Step Two is the fun part, and where your biggest decisions take place: the actual purchasing. Start by learning about new products available. Go to showroom appointments, meet
with representatives, check out catalogs or lookbooks, and attend tradeshows.
– Manage: The deals are done, but your job isn’t over. It’s now time to compare actuals to the plan, and adjust based on what you’re seeing.
Review data on your inventory movement, at least once per month (in an ideal world, you would do this weekly).
In this white paper, we show you how data can help you make your most important decision of the year: your inventory buy. This guide is ideal for anyone buying seasonal goods, especially apparel and footwear.
However, it can also be useful for retailers who want to learn how POS data can support their purchasing decisions…