5 Specialty Retailers That Benefit From Centralize Product Management
Product management for specialty retail stores is more efficient if done from a centralized location. By managing the process from a single database, retailers can set allocation and replenishment limits for each store which in turn helps each store within the chain control costs and maximize profits while doing the same at the organization level. Specialty retailers can benefit from centralized product management just as well as general retailers. Here are five types of specialty stores that should consider centralized product management:
- Video game stores – Your video game chain can be more profitable if you manage your products from one database rather than having each store manage their inventory alone. With centralized product management, you can order in bulk more of each video title you carry and allocate the number of units per store based on the demographic of that store’s clientele and the products that sell the best at each store.
- Health food retailers – Whether your health food chain is a national chain or a few stores in one local area, you can be more efficient with managing your products if you order for your entire chain and allocate the number of units for each store. If you do this with every product in your inventory, you’ll maximize your profits while controlling expenses. Deep discounts on volume will help you earn more per unit you sell.
- Book stores – Book stores have extra challenges. The advent of the Internet and popular of Amazon has cut into profits and driven many independent stores out of business. Now, more than ever, smaller book store chains need all the edge they can get. Centralized product management is such an edge.
- Pet stores – Everyone loves their pets. With in-store events for pet lovers and centralized product management practices that help you save on product purchases while maximizing profits, you can take your pet store chain to the next level within the communities you serve.
- Specialty apparel shops – Whether you service men, women, or children, sell specific brands, or focus on particular fashion trends, apparel retailing often has the added challenge of changing rapidly based on consumer tastes. Centralizing your product management can help you focus on selling more units of each product you carry in a shorter period of time while a style is still in fashion.
When it comes to product management, specialty retail shops often have unique challenges. Centralization can help manage those challenges while making your business more profitable.