Inventory management is one of the most critical components of running a retail business. It can also be one of the most technical parts of owning a retail business, with so many things to take into consideration. A major component of any successful inventory management strategy is replenishment.
Is retail employee retention something you struggle with? We asked Bob Phibbs, CEO of The Retail Doctor, to speak to training and motivating your employees.
As a buyer at Finish Line, Amber Vanes attended FN Platform for years, learning about new product, meeting with brand representatives, and buying footwear for upcoming seasons. Here are her tips for having successful brand meetings at the trade show.
Retailers are in the business of making money. This means it’s extremely important to budget, price and plan according. The following guide is a deep drive into markdowns so that you can develop a strategy that avoids losses by making better business decisions.
If today’s consumer, is going to spend time visiting a brick and mortar destination they expect a great customer experience. One way retailers have sought to create a better experience is through a customer loyalty program.
We’ve all heard it in the news: Brick and mortar retail is dead and e-commerce is king. Despite the growing popularity and prevalence of e-commerce, brick and mortar is not dead and far from it. In fact, this Michigan running store has expanded despite record store closures.
Before joining RICS last year, I spent 35 years in the Athletic Specialty Industry on both the retail and brand side of the business. I have seen a significant change in how product is sold and how the consumer shops. The one thing that has stayed consistent is the value of data in managing a business and informing your decisions.
By looking holistically at how millennials spend their money, I quickly learned that consumer shopping habits are constantly changing, creating new challenges in the retail marketplace. But here’s the thing… this also means new opportunities for you as an independent retailer.
When thinking about changing your retail technology, it’s important to consider what you’re actually changing. Many people consider their POS their end-all-be-all of retail management software. But the reality is, your POS is just part of the solution.
Social media ecommerce refers to the sale of products online through social media platforms (e.g. Facebook, Instagram). By using this approach, retailers can leverage the power of popular social media channels to reach their customers where they are
Creating a running club and leveraging the value of that community can help specialty running retailers grow. Learn 5 retailer-approved tactics for driving more business with running clubs.
This week, 450 boutique bosses, vendors, and service providers met in Dallas for the Boutique Summit 2018. I had the pleasure of teaming up with our VP of Client Success, Geoff Tease, and speaking at the event about the power of POS data as an independent retailer. Here’s what I learned.
Proper buying planning can help you increase your profit margins and ROI by serving as a reference guide to keeping your store stocked with the right products at the right time. Register to learn how to create a buying plan.
In case you missed it, our May Webinar helped crack the code on using retail data to inform purchasing strategies. Check out 5 key takeaways from the Webinar and catch the full recording here!
We’re excited to have some of the best and brightest retailers, buyers, and thought leaders in our new headquarters for the RIA Buying Summit to sharpen their skills on buying for inventory performance, cash flow gains, and higher profits.
Using sales, on-hand inventory, discount policy, ability to transfer (for multi-store owners) and new market trends to analyze and edit future orders is one of the best things you can do to improve inventory turn and thus cash flow. Here’s how it’s done.
Looking at bestsellers in combination with turns and sell-through percentage will better position you to stock your shelves with the right products to avoid lost opportunities. Worst sellers decrease profitability while taking up space that could be utilized by better performing products.
Data is an integral part of any successful retail business today. But do you know the right data to analyze and how you can incorporate that data into a profitable strategy? Featured on this week’s Boutique Hub Podcast, RICS VP of Client Success, Geoff Tease, shares how to become a retail scientist using data.
This month we doubled down on the creation of that content by hiring a new Design and Studio Manager who will help us push the envelope in what we’re creating. We’re excited to introduce Kristin Martin, who brings robust graphic design, video, social strategy, and web user experience expertise to the RICS team.
Memorial Day weekend is right around the corner to kick off the summer season. Memorial Day weekend is the second biggest bargain shopping holiday of the year, driving billions of dollars in consumer spending every year.
Using inventory performance data to create an informed buying plan for retail is necessary in today’s competitive market. But data can often feel intimidating and you may find it hard to establish the ‘whys and hows’ of using data to inform your buying plan without adequate training.