Day 2: The fundamentals of a complete retail business process
Learn how fashion merchandisers in the industry continuously plan and analyse their merchandising strategies using in-season management.
Our second video course looks at the fundamentals of the complete retail business process and identifies how in-season management helps merchandisers evaluate the success of a product, pinpoint the products to be replenished or marked down and improve brand positioning in the market.
Meet the speakers
Presented by Elaine Low and Aniq Wafi, we boiled down 40+ years of merchandising knowledge from global brands such as Chanel, Louis Vuitton, Topshop and more into a simple easy-to-follow 5 day series on in-season management strategies.
What you will learn from the webinar:
- The important elements of in-season management
- What is merchandising and the required task of a merchandiser
- How to adapt the complete retail business process specifically for fashion
The retail business operates in a circular process
- Tracking (a fundamental stage in merchandising) allows businesses to evaluate their progress and inform the planning for the following season
- Track allows the retail business flow to operate in a circular process, matching the cyclic nature of the fashion industry
What are the purposes of tracking?
- Evaluate sales and product performance against competitors
- Identify which products need to be replenished, marked down or promoted
- Pinpoint which products are successful or failed to optimise the merchandising plan
- Understand your brand positioning in the market
The 2 main components of tracking are:
- Tracking reporting
- Competitor analysis
What is merchandising?
Merchandising is about analysing the past and present performance of sales to project demand for the future. In other words, it’s getting the right product, at the right price, with the right quantity, at the right place and the right time.
What are the day-to-day tasks of a merchandiser?
- Achieve annual sales forecast plan by estimating monthly sales and planning stock levels based on historical data
- Work closely with buyers on assortment planning to meet buying budget, margin target and price positioning
- Conduct periodic tracking and analysing sales performance for effective inventory management
- Planning for seasonal newness
- Planning for promotions and sales
The merchandising steps within the retail process can be divided into 2 approaches:
Stay tuned to your inbox for the next video course.