A store can increase profits through various ways. Cutting down on overheads or increasing the margin between buying and selling prices are just two of them. Another tried and tested method of increasing profit is to boost up the...
Searching on how best to manage your sales and increase the gross profit? The point of sale (POS) software lets you control your business and maintain an electronic record of your sales in a simplified manner. The greatest...
Inventory Investment is not a game, it is a Business Investment. Even excellent shops (without problems) have an opportunity to become more excellent It is observed that 75% of small businesses went bankrupt within 5 years. Primary reason is cash...
Basket Analysis is a modelling technique based upon the theory that if you buy a certain group of items, you are more (or less) likely to buy another group of items. For example, if a couple aged between 25...
Data Mining is the art of exploring new, useful, and profitable relationships in data. In every retail business, we study what happens in order to improve. We study our prospective customers. We study our actual customers. We study what we...
Tracking Store Traffic can help Boost your Retail Sales by 20% or more Basic Retailing Business Issues If your retail firm is to be successful over the long run, it must satisfy the needs and desires of its present...
The art of Merchandise Mix and Inventory Hierarchy The objective of merchandise hierarchy is achieving the following The Right Product The Right Place The Right Quantity The Right Quality The Right Price The Right Mix or Assortment The Right...
The Sale Price (MRP) changes frequently and you have old MRP stock and changed MRP stock. You need to create a new SKU each time or change the SKU master to new price. This way you create unnecessary SKUs...
An Open-To-Buy (OTB – Merchandize Buying) Plan Critical to the survival and prosperity of your business is sound merchandise management. It’s not just another “paper exercise” — it can mean the difference between strong, positive cash flow and a...
The goal: NO EXCESS INVENTORY These days, independent retailers cannot afford one piece of excess inventory. Storage costs, insurance, pilferage, damage, depreciation, taxes and interest on loans add up to 30 percent annually to the cost of the goods...
