How To Learn From Merchandising Mistakes
Mistakes in merchandising are inevitable because retailing involves many people and processes. There are too many ways that something can go wrong. But when merchandising mistakes are used as learning opportunities, even mistakes turn into good things. ChainDrive designed our Retail Merchandising Software to make analysis comprehensive and accurate so that even past mistakes can be turned into future profit.
Comprehensive Data Collection
The centralized database is key to integrating all the information that a busy retailer deals with. From the point of sale collection of a customer’s preferences to the complications of the supply chain, data is an asset that holds potential for merchandising management. When the data is centralized and secure, appropriate access can provide the big picture or the specific detail.
Having all the facts can make the analysis of mistakes accurate because the incident is seen in context. Pinpointing the factors that led to the mistake enables the team to determine if alternate strategies will be effective.
Accurate Analysis & Solutions
In order to accurately analyze the data, appropriate tools are necessary. That’s why ChainDrive’s Merchandising software has the ability to perform intelligent size and SKU analysis by snap-shotting performance throughout the cycle for isolating instances of stock-by-size. This avoids skewed results and enables accurate analysis.
Other tools in the component enable multiple views and outputs that can be filtered as needed. Keeping track of products, purchases, suppliers, SKU performance, etc. is simplified by the integrated central database. Analysis of accurate data in comprehensive context makes it easier to see where mistakes were made and develop appropriate solutions for the future.
Software + Support = Success
Retailing involves people as well as processes. This human factor accounts for many of the mistakes made, but it also provides the creativity that turns those mistakes into learning opportunities. It isn’t enough to have good merchandising software; there also needs to be people supporting that software. ChainDrive provides the support that retailers need to optimize their software investment and make even mistakes profitable.