Inventory
Vendors, suppliers, distributors and wholesale buying groups to help find the best products at the best prices for your retail store. Learn how to find products, negotiate the best buying terms, and get tips for writing an inventory plan.
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
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 shopper’s needs. Read on to learn some of the benefits of knowing the products you sell.
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 shopper’s 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.
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.
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.
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.
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 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.
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.
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.
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.
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.
The number of times during a given period that the average inventory on hand is sold and replaced.