You're struggling to boost retail marketing impact. How can you prioritize inventory turnover effectively?
Boosting retail marketing impact often feels like an uphill battle, especially when inventory turnover isn't optimized. As a retailer, you're constantly juggling the demands of maintaining sufficient stock to meet customer needs while ensuring that products don't linger on shelves, tying up capital and storage space. Inventory turnover is a critical metric that measures the number of times inventory is sold and replaced over a period, typically a year. High turnover indicates strong sales and can often mean lower holding costs, whereas low turnover might suggest overstocking or waning demand for certain products. To prioritize inventory turnover effectively, you need to strike a balance between supply and demand, employing strategies that not only move products swiftly but also boost your marketing efforts.