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.
>> 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:
- The Small Business Event Taking Over the Nation This Holiday Season: Pink Friday 2024
As the holiday season begins, Pink Friday stole the spotlight, encouraging shoppers to “Think Big, Shop Small” by supporting local businesses the Friday before Thanksgiving. Small businesses across the country are transforming the retail landscape with special events, community gatherings, and exclusive deals. This year, thousands of small businesses participated! - The Impact of Shopping Small First
Have you been gearing up for Pink Friday? Or are you new to Pink Friday and want in on the fun? In this episode, I’ll be breaking down what Pink Friday is all about and giving you my best advice on how to get your business prepped for its best week all year. - 5 Tips to Prepare Your Small Business for a Successful 2025The start of a new year is a chance to refresh, refocus, and set your business up for success. But instead of waiting until January to dive into your goals, the best strategy is to start preparing now. By taking action before the year ends, you’ll hit the ground running and gain a competitive edge as 2025 unfolds.
