Maintaining oversight of inventory and its associated procedures is certainly something that is vital for merchants, as changes in consumer demand and pricing alterations can impact brands and their retention rates. Fortunately, there are several methods that retailers can follow to ensure ultimate inventory efficiency, one of which is Open to Buy.

For industry professionals who are interested in Open to Buy and how an effective plan can boost their business, Retail Pro will be holding a webinar on the topic next Thursday, June 13, from 8 a.m. to 9 a.m. PDT. Registration information can be found at https://www2.gotomeeting.com/register/380156530.

In an article for Board Retailers, Roy Turner explains that developing an Open to Buy plan has several steps, but the payoff significantly benefits retail operations. There are many things that need to be considered within this strategy, such as inventory turnover rates, projected sales plans and merchandise orders, among other factors. But knowing the ins and outs of their stock gives merchants an advantage, as they are able to forecast future sales and reduce risk associated with changes in inventory. Constantly fluctuating consumer demands can also be accounted for, and retailers can ensure they accommodate customers' wants and needs through effective Open to Buy planning, the author notes. 

This entry was posted by Retail Pro on Friday, June 7th, 2013 at 11:53 am .