Retail Marketing’s Post

✨ When it comes to adding a new vendor to your store, taking a thoughtful approach is important - don't rush into decisions! Research and diligence are your allies. 📚 Explore pricing, inventory, shipping, and customer service to ensure a seamless fit. 💎🛒 Take a look at my latest article where I provide the details: https://ow.ly/1NVF50PMTBX #Diamonds #MeganTellsAll #JewelryRetailer

Thinking about vendor minimums and implications to Weeks of Supply and Unproductive Inventory is critical. Check out all the Pricing Strategy Tips from Boon!

Here's an article on how skilful negotiations can help your retail business blossom this spring. Check out the link below to learn more about negotiation strategies that can help you succeed in the retail industry. #negotiation #retail #negotiationstrategy Link: https://lnkd.in/eQBjM7S5

The Art of Profitable Retail Management In the dynamic landscape of retail, successful management goes beyond inventory control and sales strategies; it's an art that combines customer experience, data-driven decisions, and adaptability. Profitable retail management is a delicate balance of art and science. Creating an exceptional customer experience is at the core of profitable retail. Understanding customer preferences, providing personalized services, and optimizing store layouts contribute to customer satisfaction and loyalty. Engaging visual merchandising and appealing store aesthetics are vital elements that transform a visit into a memorable shopping experience. Data-driven decision-making is another crucial aspect. Leveraging analytics helps retailers understand consumer behavior, optimize inventory levels, and tailor marketing efforts. With insights derived from data, managers can identify trends, forecast demand, and make informed decisions that positively impact the bottom line. Adaptability is the key to thriving in the ever-changing retail landscape. Successful retail managers stay ahead by embracing emerging technologies, understanding market trends, and adjusting their strategies accordingly. The ability to pivot swiftly in response to market shifts ensures sustained profitability. In conclusion, the art of profitable retail management lies in creating a seamless customer experience, making informed decisions based on data, and staying adaptable in an evolving market. Mastering this art ensures not only survival but prosperity in the competitive world of retail. https://lnkd.in/eh92HvDn  

Vendors get it ALL wrong. After spending 14 years as a vendor, we *think* we understand the retail side of the business… and many times, yes, you grasp the concepts. However, running an entire operation of a dealership, you realize how as a vendor we have little concept to the life of an Operator and/or GM. The amount of attention required to things you wouldn’t think about. Being mindful of all aspects of your revenue, making sure processes are followed, effective marketing practices, and oh, make sure each department is functioning properly, don’t forget lunch is ordered for the team, customer service, and the 🔥 that come your way. My point is, you scroll through LinkedIn and a majority of vendors bash their very client. I’d think twice next time before you write that post… if you’ve not walked a mile in the shoe. #FoodForThought

Retailers can benefit by adopting a mindset of “From Providers to Partners.” The intention is to transform relationships. This applies to both internal relationships (within the organization) and external ones (with factories and vendor partners). For this post, let's consider internal relationships. Consider that rework (a.k.a. failure work) is common during proto review. Typically, a sample is changed during proto review and passed to sourcing. Then, sourcing works with the factory to see if the reworked style can be produced in time and with the same cost. This cycle repeats at a high frequency. As such, weeks of time are wasted with back and forth. This is an example of sourcing being a “service provider” and simply reacting to requests. Instead, having sourcing in the room to discuss changes vs. handing off a reworked sample saves time. Sourcing is actively involved during review and lets teams know what's possible in real-time. Sourcing is now a “partner” in product development. Shifting from providers to partners is a crucial change that retailers need to embrace. Doing so unlocks gains in speed, innovation and profitability. #innovation #merchandising #speedtomarket #businesstransformation