Inventory Management_1679729339.pptx
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Retailers must perform several inventory management tasks including placing orders based on sales forecasts, determining optimal order sizes and frequencies, and receiving and preparing merchandise for sale. They must also manage inventory levels by monitoring sales trends and adjusting ordering and pricing strategies. Retailers are responsible for merchandise security through measures like security tags, cameras, and staff training to protect against theft and damage.
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- 3. Retailer Tasks: • As part of inventory management, the retailer has several tasks to perform. They must place orders for products based on sales forecasts or actual customer behavior, determine the appropriate order size and frequency based on inventory costs and quantity discounts, and receive and prepare merchandise for sale. Retailers must also manage their inventory levels, monitor sales trends, and adjust their ordering and pricing strategies accordingly. They are responsible for ensuring merchandise security and for managing reverse logistics, including returns and defective items. Inventory Levels: • Inventory levels refer to the amount of merchandise that a retailer has on hand at any given time. Managing inventory levels is a critical aspect of inventory management. Retailers must balance the costs of holding excess inventory against the risk of stockouts, which can lead to lost sales and unhappy customers. By tracking sales trends and adjusting their ordering and pricing strategies, retailers can optimize their inventory levels and reduce costs.
- 4. Merchandise Security: Merchandise security is an important concern for retailers. They must protect their inventory from theft and damage while it is in their possession. Retailers can employ a variety of security measures, including security tags, surveillance cameras, and staff training, to protect their merchandise.
- 5. Retailer tasks : • City Mart has implemented a comprehensive inventory management system that allows it to closely monitor and track its inventory levels, reduce waste, and improve its forecasting and replenishment processes.
- 6. Retailer tasks : • City Mart has also begun to expect more from its suppliers, asking them to perform additional tasks and provide floor-ready merchandise that can be quickly and easily placed on store shelves.
- 7. Inventory Levels • With their POS support, they manage the inventory according to the offtake • closely monitor the sales trend of new products/categories for 3-6 months • Shelf space allocations are linked with revenues, which means that allocations must be regularly reviewed and adjusted.
- 8. Merchandise Security • Product tags, guards, video cameras, and point-of-sale computers, are being used • Product tags are attached to products especially clothes and fashion products • Well trained staffs and guards are crucial to prevent products to be stolen • offer incentives for reducing merchandise losses
Editor's Notes
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