Today on the Boutique Chat Podcast Paul Erickson, Director of Sales at Management One joins us for Retail Inventory Management.
Are you confused about how much you should buy and how often? Do you want to know what the future of retail entails? Today Paul covers all things retail inventory management.Â
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Episode Rundown:
00:05:28 The Future of Retail
00:09:30 How Much Inventory Do You Need
00:23:06 Sell Through & Margins
00:26:43 Markups
00:38:51 What’s Trending
Main Points in Retail Inventory Management
- It is about buying smaller quantities of product, more often.
- Be strategic about your markups. They don’t need to be 50%, some products can easily be higher than 50%.
- 2021 is the year of opportunity and growth.
Favorite Quotes in Retail Inventory Management
“When you do make a mistake, it’s key you learn from it. I often call markdowns the tuition you pay on the education of your customer.” -Paul
“We think we cant get more markup. That is the one area retailers think the marked is pretty much fixed. No, it’s not, you can get more markup than you think.” -Paul
“Liberal return policies have been shown to reduce the returns, not increase them.” -Paul
Where to find & reach Paul:
Email: [email protected]
Website: www.management-one.com/boutique-hub
Instagram: @m1retailexperts
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www.theboutiquehub.com/join
Use the hashtag #AskAshley on Instagram, or tag her at @ajalderson or @theboutiquehubto suggest topics for the podcast and let us know what you thought about this episode!
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Original Air Date: May 11th, 2021
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