Stay on track of product demand both in-store and online

Be smart about inventory levels.

Be smart about inventory levels.

The footwear industry relies heavily on in-store sales, as customers frequently want to try on the shoes before they purchase. This means that material handling carts filled with inventory are frequently bringing products from the warehouse to store backrooms to meet customer demand where they are.

According to Footwear News, it’s important to have increased visibility into inventories not only in the back room and warehouse, but also at the front of the store, as retail managers can better track demand of certain styles and order appropriately. It’s critical that inventory managers have a pulse on what’s selling and what needs more attention, as it can ultimately help a company’s bottom line. If your business also has an online component, be sure to track what styles are selling fast online versus in the store and see if there are any patterns or discrepancies.

You also need to make sure you’re ordering the right amount. According to Success, retailers could be tempted to order in bulk, because they’ll reduce the amount of cost per item from the distributor, but that could leave you susceptible to having a sunk cost of inventory you can’t sell. That’s why tracking demand for items is so important.

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