INVENTORY MANAGEMENT BESTPRACTICES

Inventory management allows you to run your business in the most effective and profitable way

INVENTORY MANAGEMENT BESTPRACTICES

USE THE DATA

TIP:

Your data will tell you everything you need to know about your inventory, so use it to make informed buying decisions that will make you more money!

Use and analyze past seasonal orders to determine how to price product. Knowing how your merchandise has performed in past years will help you accurately buy and price for the current season.

USE THE DATA

IN-STORE PRACTICES

TIP:

Be aware of what you should be doing with your in-store inventory, so that you can be as profitable as possible.

Keep as much product on the sales floor as possible. If it’s in your store, it should be for sale. You lose money when you’re not selling product.

IN-STORE PRACTICES

MONITOR IMPORTANT METRICS

Inventory Turnover =Cost of Goods Sold

Average InventorySell through % =

Units Sold

(Units On-Hand + Units Sold)

Keep track of inventory costs, turn rate, and sell-through rate to know how your inventory is performing and make appropriate changes.

MONITOR IMPORTANT METRICS

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