Move On To Better Open-To-Buy Decisions
You’ve likely heard it said in real estate and stock investing that you make your profit when you buy. Nothing could be more true. It’s also true in retail. And it doesn’t matter what type of retail business you have, you make your profit on every item when you buy.
That’s why it is very important to have a flexible and dynamic buying program. There are so many mistakes you can make when it comes to buying retail merchandise, it’s a wonder more mistakes aren’t made.
Here are a few of the common product buying mistakes:
- Buying too much of the same type of product
- Not buying enough of the same product
- Buying the wrong product for a particular store
- Having a product shipment sent to the wrong store
- Buying too late to meet the needs of a particular holiday or season
- Not accurately predicting replenishment needs
- Basing buying decisions on the wrong data
Almost all of these buying decisions are avoidable. They can be 100% avoidable with the right planning and OTB (Open-To-Buy) software.
When you have the solution that helps you track your inventory by store and by product number, and when you have a solution that assists you with proper merchandise planning so that you can stock every store with accurate levels of merchandise, then you can sleep at night and know that you are making your retail business profitable.