As a retailer, you know that profit margins are important. But what is the average profit margin on retail? We take a look at the data to find out. For our business, we need to make sure that we’re always aware of our margins. After all, it’s one of the key indicators of how well […]
As a store owner, it’s important to always look for new and innovative ideas to help increase foot traffic and sales. I know from personal experience that it can be difficult to come up with fresh and good store ideas, especially if you’ve been in business for a while. That’s why I’ve compiled a list of […]
As a retailer, you know that it’s important to have the right mix of products in your store. But what is an assortment plan? Below, we’ll look at what is an assortment plan and how this process of understanding product hierarchy and historical data helps you determine benchmarks for future sales? If you want to […]
What is the first step of inventory management? If you’re like most people, the first step of inventory management is probably not something that you think about on a daily basis. But if you own a business or are responsible for managing stock levels, it’s an important part of your job. Keep reading to learn […]
If you’re in business, then you know the importance of inventory management. It’s a key part of keeping your operation running smoothly and efficiently. But what is it exactly? Tracking your inventory from the point of purchasing to selling it to a customer is crucial to the success of your business. The process involves identifying and […]
If you’re like most business owners, you want to optimize your inventory management strategies. After all, efficient inventory management is essential for keeping costs down and ensuring that your products are available when customers need them. The good news is that there are several simple steps you can take to improve your inventory management strategies. […]
I remember the first time I stepped into a Vans store. I was on vacation with my family in California and we happened to stumble upon one of their stores in San Francisco. I had never seen anything like it before. The store was so cool and hip, and the staff was so friendly and […]
Like a lot of people, you probably find the idea of how to sell protection agreements about as enjoyable as getting a tooth pulled. But it doesn’t have to be this way.! Selling protection plans can be easy and even enjoyable with the right approach. The key is to understand what these types of service contracts are […]
I was recently talking to a friend who owns a small business. She told me how she’s been struggling to increase sales, and I suggested that she try cross-selling. She looked at me blankly and said she had no idea what that was. Cross selling is a technique where you sell related products or services […]
I was working at a coffee shop when I first learned about add on sales. A customer came in and ordered a coffee, but then she also bought a muffin to go with it. I thought to myself, “Wow, she just made my day!” Since then, I’ve always been interested in how businesses can make […]
