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Retail Inventory Management

Retail Inventory Management

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. 

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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

  1. It is about buying smaller quantities of product, more often.
  2. Be strategic about your markups. They don’t need to be 50%, some products can easily be higher than 50%. 
  3. 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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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.

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