Shopping at specialty stores can be a unique and exciting experience. Unlike general stores that offer a wide range of products, specialty stores focus on selling a specific type of product or brand.
Private label products refer to products owned by a company but are not made in-house. Companies procure their products from other manufacturers or manufacturers with contracts under their labels.
Shrinkage is a significant issue affecting the retail industry, causing over $50 billion in losses annually.
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?
Markdown pricing is a necessary evil for retailers. It helps them reduce the price of products to increase sales and clear out inventory.
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.
Sell-through rate is use to determine how much inventory they sell in a certain amount of time.
A recent global survey conducted by Cloudinary, the image and video platform for many top brands, has revealed that effective use of visual content in e-commerce marketing can significantly reduce product returns.
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.
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.
Retailers need to track the cost of goods sold (COGS) to ensure they are profitable and reporting expenses to the IRS correctly.
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.
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.
The success of any retail business depends on many factors, but the most crucial one is the right inventory management.
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 today’s competitive retail landscape, it is essential for store owners to continually find ways to increase sales and improve customer satisfaction.
The retail industry has been witnessing a significant shift towards self-checkout systems, as stores like Kohl’s consolidate their checkout areas to create a more efficient and streamlined shopping experience.
The beauty industry has recently experienced a surge in prices, with drugstore beauty brands being no exception.
The success rate of new products launched into retail stores varies depending on the source. According to Harvard Business School professor Clayton Christensen, approximately 95% of the 30,000 new products introduced each year fail.
Visual merchandising is a crucial aspect of retail that involves the presentation and display of products in a store to attract customers and drive sales.