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
>> EPISODE 313 – LISTEN NOW ON iTunes <<
>> EPISODE 313 – LISTEN NOW ON Spotify <<
See the Full Boutique Chat Podcast Website here
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
Join the Hub for more training, information, and connections.
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!
Do you love the Boutique Chat Podcast?! Subscribe to our podcast and after that, leave us a review on iTunes Apple Podcasts here!
Original Air Date: May 11th, 2021
Do you love the details of Retail Inventory Management? Let us know what you think about our show and help spread the word about the #BoutiqueChat Podcast.
Recent Posts:
- #812: How to Add $200K+ in Revenue to Your Boutique
Can a simple add-on service completely change the revenue of your boutique? Ashley Alderson sits down with Michelle Peth, CEO of Beettan, to unpack how boutique owners are adding a high-margin, repeat-customer service to their businesses through spray tanning — and why it’s becoming one of the smartest ways to increase revenue without adding more racks, inventory, or overhead. - The Boutique Hub at Atlanta Apparel Market
Make The Boutique Hub Showroom your first stop in Atlanta! Boutique Hub members save money with “Hub Member Only” market discounts. Check in at the showroom to get your Must See List, Buyers Badge and more - Five Minute Friday: Stop Offering Loyalty Programs Like This… It’s Costing You Sales
Why do so many loyalty programs fail… even when businesses pour time, money, and effort into them? Sara Burks breaks down the biggest reasons most loyalty programs don’t actually create loyal customers — and why discounts, points, and punch cards often attract the wrong buyers instead of building long-term relationships.
