What makes a good merchandise planner

And especially so for merchandise planning. That is, no doubt, a cynical take on it, but it is also ground in truth. The merchandise you offer in-store must serve a purpose. And it also needs to benefit both you and your customer. Merchandise planning is a data-driven approach to selecting, buying, presenting and selling merchandise to maximise your return on investment and satisfy consumer demand. Merchandise planning seeks to satisfy consumer demand by making the right merchandise available at the right places, times, prices and quantities.

It can mean different things to different retailers, and there is no one approach that you can take. Of course, that makes sense if you consider each retailer has different goals and strategies. For all the talk about the different approaches and it meaning different things to different retailers, merchandise planning is actually not that complicated. More than that, by choosing the right merchandise, you are also able to meet any financial targets you set. If anyone ever asks you why a merchandise plan is important for a retailer, you should answer them by asking this simple question: what are the biggest expenses that any retailer faces?

The answer they provide should be proof enough. That makes sense, though, if you consider all the additional expenses that comes with buying and selling merchandise. Think shipping costs, delivery costs and storing costs to name just a few.

You may be wondering what exactly a planner does with their time, besides the obvious planning. Put simply, your main responsibility as a planner is to order the right amount of inventory, at the right time. But in order to do this, you must put in place and manage quarterly, monthly, weekly, and daily processes consisting of pre-season, in-season, and post-season planning and analysis.

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Supply Chain Management Learn about how supply chain management is all about getting the right products at the right time. Contact Sales Book a demo. Merchandise Planning. Inventory management - Table of Contents. Try Orderhive free! Appreciate 5. Merchandise Planning - Table of Contents. What is Merchandise Planning? What is merchandise inventory? Analyzing the economic state of the market: Be very sure that you know the financial condition of the market because recessions can affect the spending pattern of the consumers.

Reviewing the sales potential of the product: Compare the market demand of the product and calculate the possibility of that product. Research the market for new marketing strategies of the competitors: Marketing strategy is also critical apart from the demand forecast.

Accumulating the data and Creating the final merchandise forecast: After carrying out all the analysis and calculations, then you can compile all the data and come to a final prediction for each product. And, only then you add more inventory to your warehouse. Deciding on the Merchandise Needs. Now there are steps you need to take to plan your merchandise. The budget comprises five sections.

The sales plan — Projecting the amount of each product that will be sold this season from each retail outlet, online platform, or marketplaces. Inventory plan — this will tell you how much inventory you need to stock to achieve the demand. The planned reductions — This is a backup. The bigger the word, the more frequently it shows up on employer's job postings.

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