13 Sep Fashion Essentials™
If we were about to describe the fashion business in one word we would certainly choose the word “Dynamic”.
Fashion is definitely the most dynamic retail environment.
Most of products are not replenishable. New products appear every season. Most of the new products are not a substitution for an existing product. They come in new styles and colors. Every style and color is offered in multiple sizes.
Many products in fashion are seasonal and have a short life cycle. Moreover, fashion products react differently on price changes and on promotions. While demand for some products immediately increases with 20% markdown, others would not be as responsive even to a 40% discount.
When making a seasonal buy in advance, it makes it difficult to find the best compromise between the assortment depth and diversity, and a big portion of the fashion products have very sporadic sales.
All this makes it very difficult to forecast demand and optimally plan sales, margins and inventory targets.
Dynamic environment requires dynamic decisions – the best decisions are made at a real time based on the behavior of the products in all your stores.
So if you have 100 stores and 500 styles in a few colors and several sizes you better be able to make millions of decisions on the constant basis in a constantly changing dynamic environment. Tough decisions.
You must react fast to competition and e-competition, market shifts, and other macro-environmental factors; additionally you must recognize early signals of increasing demand and slow-downs in sales.
Your ultimate goal is to allocate the merchandize to where the demand would be and price it so it would bring maximum gross margin and sell the inventory by end of the season to free-up shelves and budgets for new merchandise.
These decisions are so important; it would be irresponsible to leave it to guesswork.
A lot of challenges. One solution. Retalon solution for intelligent retailing.
Built specifically for your environment. Accounts for your desires and policies. Delivers the maximum possible return on your investment in inventory.The solution that is essential to have in fashion business.
Fashion Essentials™ from Retalon.
“Without it, you’re naked.”