- Inventory Services (5)
- Merchandise Management (4)
- Product Pricing (11)
- Trade Shows & Buying Events (10)
4 Drop Shipping Tips for Retailers
Drop shipping may sound like the perfect scenario, but to be profitable, a retailer must do some research before deciding if, or when, to drop ship. Here are 4 drop shipping tips for retailers
Benefits of Product Knowledge
Knowledge is power and for retailers, product knowledge can mean more sales. It is difficult to effectively sell to a consumer if we cannot show how a particular product will address a shoppers needs. Read on to learn some of the benefits of knowing the products you sell.
Choosing Products to Sell
Finding a product for your retail business to sell may very well be the most difficult decision you will need to make when starting a business. Before you commit to a product or product line, consider these factors while deciding what to resell.
How Much Will Inventory Cost for a Retail Startup?
Vendors and suppliers generally only send catalogs with dealer price lists to established businesses. A few may share this information if you explain to them you are planning a new business, but many will not. Here's how to estimate inventory startup costs for a retail business.
How to Buy Wholesale Merchandise
Having a successful retail business depends greatly on offering the right product, at the right price, at the right time. Therefore, it is paramount to the success of your business to be able to locate the best sources for those products. Once you know what products or product lines you would like to sell, it's time to find places to buy those items at wholesale. Here's how.
How to Conduct a Physical Inventory
Although the retail store may be using a perpetual inventory system or other software to keep track of all items, it may still be required to physically count all inventory. Here's how to conduct a physical inventory with as little disruption and as much accuracy as possible.
How to Properly Receive Merchandise
The individual tasks of freight processing vary from one retailer to another. The size of the delivery, the type of products, location for receiving and method of tagging each play a vital part in merchandise handling. However, the overall concept of receiving merchandise is very similar across most retail stores.
How to Handle Product Recalls
If a recall is issued, a comprehensive plan that reaches the entire distribution chain to consumers who have the product is put into action. Advance notice of the recalled products will then be passed to participating retailers. This retailer's guide to recalls explains how to handle product recalls at the store level.
Ten Commandments of Vendor Negotiations
Learn how to negotiate with vendors to receive the best pricing and terms on products with these Ten Commandments of Vendor Negotiations.
What is a Purchase Order?
A written sales contract between buyer and seller detailing the exact merchandise or services to be rendered from a single vendor. It will specify payment terms, delivery dates, item identification, quantities, shipping terms and all other obligations and conditions.
Retail Term: Cost of Goods Sold
The price paid for the product, plus any additional costs necessary to get the merchandise into inventory and ready for sale, including shipping and handling.
Retail Term: Inventory Turnover
The number of times during a given period that the average inventory on hand is sold and replaced.
Share Your Tips for Attending Buying Events
Knowing what to bring, where to go, who to see and how much to buy can make any trade show easier for the participants. First-time attendees often rely on the advice from seasoned buyers in planning for the tradeshow. What piece of advice can you offer for those attending buying events or tradeshows? Share your tips.