How Are You Managing Your Products?
Product management is one of the critical tasks for any retail operation. There are a lot of factors that influence price, and you need to make sure you’ve got the right product in the right stores. If you manage a chain in several demographic markets, you likely will find that what sells at one location or in one state will not sell as well somewhere else.
For instance, in the south, sporting goods stores are more likely to sell soccer and football gear than winter sports gear like skis and snowshoes. On the other hand, ice skating and ice hockey are more popular in the north.
That doesn’t mean you won’t sell hockey sticks in Texas. The Dallas Stars have a big fan base, and ice hockey still does have a following down there. But football is far more popular. And summer sports – like swimming – are all the rage.
But there is more to product management than merely planning and controlling your inventory. Price management is very important. Stock consolidations and inventory transfers may also come into play in your retail operation, especially if you are closing stores or merging with other retail chains.
Then you have to figure allocations, distribution, replenishment, and purchases into your product management plan. It helps if you have the right tool to make it easier for your staff.
If you’re looking for a product management solution that allows you to define your own attributes and that offers a robust analytics and reporting tool, then ChainDrive is for you.