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How can you use merchandise planning to find new sales opportunities?

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Merchandise planning is the process of selecting, buying, and distributing the right products to the right customers at the right time and price. It is a key component of retail operations, as it affects sales, profitability, inventory, and customer satisfaction. In this article, you will learn how you can use merchandise planning to find new sales opportunities and grow your business.

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Methode M.

Planning Expert | Business Strategist | Financial Modelling | Data Analyst | Product Management

1 Understand your customer demand

The first step to effective merchandise planning is to understand your customer demand. You need to know who your target customers are, what they want, how they shop, and how much they are willing to pay. You can use various sources of data, such as sales history, market research, customer feedback, and social media, to analyze your customer demand and identify their preferences, needs, and trends. By understanding your customer demand, you can tailor your product assortment, pricing, and promotion strategies to match their expectations and increase your sales.

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Methode M.

Planning Expert | Business Strategist | Financial Modelling | Data Analyst | Product Management
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Effective merchandise planning starts with understanding customer demand. Analyze sales history, conduct market research, gather customer feedback, and monitor social media. Use data analytics to identify patterns and segment customer behavior. Adapt merchandise strategies based on customer preferences, shopping channels, and price sensitivity. This customer-centric approach ensures your product assortment, pricing, and promotions align with customer expectations, driving increased sales.

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2 Optimize your product assortment

The next step to effective merchandise planning is to optimize your product assortment. You need to decide what products to offer, how many, and in what sizes, colors, and styles. You can use merchandise planning software to help you create and manage your product assortment based on your customer demand, sales performance, inventory levels, and margins. You can also use merchandise planning software to plan your product lifecycle, from introduction to clearance, and adjust your product mix accordingly. By optimizing your product assortment, you can offer the right products to the right customers at the right time and price, and avoid overstocking or understocking.

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3 Align your inventory and distribution

The third step to effective merchandise planning is to align your inventory and distribution. You need to ensure that you have enough inventory to meet your customer demand, but not too much that you incur high carrying costs or waste. You also need to ensure that you distribute your inventory efficiently and effectively across your channels and locations. You can use merchandise planning software to help you forecast your inventory needs, allocate your inventory based on your sales and demand patterns, and replenish your inventory based on your stock levels and lead times. By aligning your inventory and distribution, you can reduce your inventory costs, improve your inventory turnover, and enhance your customer service.

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Methode M.

Planning Expert | Business Strategist | Financial Modelling | Data Analyst | Product Management
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To enhance merchandise planning, optimize your product assortment by leveraging merchandise planning software. Determine which products to offer, in what quantities, sizes, colors, and styles based on customer demand, sales performance, inventory levels, and margins. Utilize the software to plan the entire product lifecycle, adjusting your mix from introduction to clearance. This ensures offering the right products to the right customers at the right time and price, preventing overstocking or understocking.

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4 Monitor and evaluate your performance

The final step to effective merchandise planning is to monitor and evaluate your performance. You need to measure and analyze how well your merchandise planning strategies are working, and identify any gaps or opportunities for improvement. You can use merchandise planning software to help you track and report your key performance indicators, such as sales, margins, sell-through, markdowns, and customer satisfaction. You can also use merchandise planning software to help you compare your actual performance with your planned performance, and make any necessary adjustments or corrections. By monitoring and evaluating your performance, you can optimize your merchandise planning process, and find new sales opportunities.

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Methode M.

Planning Expert | Business Strategist | Financial Modelling | Data Analyst | Product Management
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To conclude effective merchandise planning, regularly monitor and evaluate your performance. Utilize merchandise planning software to track key performance indicators like sales, margins, sell-through, markdowns, and customer satisfaction. Compare actual performance with planned outcomes and make necessary adjustments. This ongoing evaluation helps identify gaps and opportunities for improvement, optimizing your merchandise planning process and uncovering new sales opportunities

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use merchandise planning to find new sales opportunities?

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1 Understand your customer demand

2 Optimize your product assortment

3 Align your inventory and distribution

4 Monitor and evaluate your performance

5 Here’s what else to consider

Retail Operations

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