wasn’t long ago that retailers and consumers faced a plague of out-of-stock goods and empty shelves – due to supply chain disruptions in global retail.
Times have certainly changed since then and so have the challenges. A study by HubSpot shows that 50% of US retailers are struggling with unsold inventory even after New Year’s discounts. What’s more, 53% of them believe there could be “dangerous consequences” if they fail to sell excess stock.
The good news is that with proper planning, you can not only ensure that customers have the right products they want when they need them, but also prevent them from ending up with excess inventory. This is where a merchandising plan can help.
This article will guide you through the process of creating an effective business plan for your retail business.
Let’s get started
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A merchandising plan is a detailed strategy or plan that describes how you should select, manage, price, present and promote products in your store to improve the customer experience, generate maximum return on investment, increase your brand value and optimize inventory levels.
Its goal is to present the right products to the customer at the right time, place and price, in the right quantity.
The benefits of an effective merchandising plan
Podle Bob Phipps , CEO indonesia whatsapp number data of The Retail Doctor, ” Merchandising is one of the most effective strategies you can implement to influence brick-and-mortar consumers and make them pause and consider.”
He says that when customers shop online, they can’t connect emotionally with the product, so they often simply look for the cheapest option. However, when they take the trouble to visit a brick-and-mortar store, your display skills give you the opportunity to tell them, “this is different.”
Before creating a merchandising plan
it is important to conduct an experiment in the agency – sharing the risk to launch a new product market research to understand customer preferences and buying habits. Analyze your past sales data, market research and industry trends to forecast bw lists consumer demand for the current season.