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As a consumer, you may have encountered the term MSRP when shopping for various products. But what does it mean, and how does it impact the pricing of goods? In this comprehensive guide, we will delve into the concept of…
Markdown pricing is a necessary evil for retailers. It helps them reduce the price of products to increase sales and clear out inventory. However, markdowns must be part of a holistic pricing strategy for each product across its life cycle.…
Retail math is a set of skills that enables managers, sales associates, and other retail employees to perform essential tasks at both the retail and manufacturer level. It involves basic arithmetic, such as counting money and calculating change, as well…
Sell-through rate is use to determine how much inventory they sell in a certain amount of time. Learning how to calculate and track this figure can help you evaluate how well your organization performs over monthly, quarterly or yearly sales…
Category killers have been around for decades, but their impact on local businesses and the retail industry as a whole has only become more apparent in recent years. These large retailers specialize in a particular product category and offer a…
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…
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,…
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…
If you have a passion for fashion and want to work in the luxury retail industry, becoming a luxury retail buyer might be the perfect career path for you. In this blog post, we will cover everything you need to…