How do you plan for promotional inventories?
The goal is to increase inventory amounts at the right locations to meet service goals and maintain additional inventory until the end of the promotion. After the promotion ends, the inventory should be back to the basic inventory level needed to meet service. The key piece being how to reduce inventory at the right time during the promotion to avoid lost sales and maintain service goals after the promotion without being overstocked. If you have a sales and ERP system that can track the actual life of the previous promotions and you have a event based forecast algorithms in your replenishment toolbox, then all is well in your world, maybe….there are some other pieces that can help your business and this month we highlight a few ideas for you.
Solution Found For Promotional Inventory Replenishment
Promotions are Huge, That Doesn’t Mean Inventory Should Be
You’re very familiar with the importance of promotions, how they can make or break sales figures for the quarter or even the year. But an extremely successful promotion brings to light a challenge: Inventory Replenishment. While we often think of general retail for sales events to model, it is the grocery industry and their weekly promotions that highlight the pain in the promotion link of a supply chain. Let’s take a look at the root of the problem, and how the challenge can be overcome with ingenuity and technology to give you an edge over your competition.
ATLANTA, August 16, 2016 – At this critical time of year, retailers rely on seasonal merchandise to reach their Fall sales goals. Retailers are also deep into planning and buying for Halloween and Christmas goods for 2016. To help retailers assess their 2016 performance and get a jump on 2017, Data Profits is offering retailers their new “Seasonality Tool Kit” as a free download. The kit includes a seasonal index calculator and Data Profits’ best demand forecasting advice as well as other useful information for optimizing inventory during peak seasons.
“With retailers starting pre-Thanksgiving sales earlier and consumers pushing their online shopping into Cyber Week, seasonal selling patterns are changing rapidly,” says Stuart Dunkin, CEO of Data Profits. “Unfortunately, many retailers are relying on legacy systems that cannot react quickly enough to maintain service levels.”
Do you Know How Much to Buy of a Promotional Item or the Optimal Quantity to Stock of Top Selling Item? To receive suggestions and guidance for Optimizing Inventory, Please Click on Offer Below:
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