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Backorders are a common occurrence in retail. They happen when an item that a customer orders is not currently in stock and has a delayed delivery date. Backorders can be both a boon and a bane for retailers. On one…
Retailers need to track the cost of goods sold (COGS) to ensure they are profitable and reporting expenses to the IRS correctly. Considering that 60% of small business owners feel they don’t have enough knowledge about accounting and finance, it’s…
Fashion is always changing, and keeping up with the latest trends can be a challenge. One way to stay on top of what’s in style is to understand fashion seasons. In this guide, we’ll explore what fashion seasons are, how…
Shrinkage, sometimes referred to as “shrink,” is the loss of inventory between when it arrives at your facility and when it’s sold or used. This issue can be easily overlooked because it tends to occur in small increments over time.…
Dead stock is a common problem for retailers, resulting in excess inventory that takes up valuable warehouse space and affects the company’s bottom line. However, dead stock needn’t be a death sentence for retailers. If you can implement effective strategies,…
Direct-to-consumer (DTC) is a sales strategy where manufacturers and consumer packaged goods (CPG) brands sell their products directly to their customers instead of selling them through retailers and wholesalers. Nearly 60% of online shoppers say they will go out of…
In today’s competitive landscape, building a strong brand identity is crucial to the success of any business. Creating a brand that resonates with customers and stands out from the crowd can help a company differentiate itself from its competitors and…
Average transaction value (ATV) is a critical metric for retailers. It measures the average amount of money a customer spends on a single purchase, giving you valuable insights into consumer behavior and spending patterns. Analyzing your ATV, you can optimize…
The success of any retail business depends on many factors, but the most crucial one is the right inventory management. Location, marketing, decor, music, and displays all matter, but the heart of your business remains what you choose to put…
Average Order Value (AOV) is a metric that helps retailers understand their customers’ purchasing behaviours. An average order value tracks the average dollar amount spent every time a customer places an order. Like with all other key metrics, AOVs can…