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The economic slowdown is being felt across most sectors of New Zealand's economy. Whilst there is no doubt that these macro-economic factors can wreak havoc (particularly with those who have more discretionary merchandise), retailers need to focus their energy on what they can control. In this issue of Revolution we will talk about stock management and show you how a change to conventional thinking can increase sales and liberate capital to provide a buffer in challenging times.
John Saywell,
Managing Director, RPM Retail Ltd
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| Retailers Losing from Out-of-Stocks |
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Inefficient stock management that results in out-of-stocks is costing your business thousands of dollars each year due to lost sales and increased handling costs. While the contributing factors to this problem include low-skilled staff, bad use of computer systems and poor supplier incentives, the outcome is the same – customer dissatisfaction when the right product is not available.
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| The Hidden Cost of Just-in-Time Ordering |
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It's no secret that out-of-stocks can seriously hurt retail profitability. Whilst just-in-time ordering can offer benefits, there are hidden costs which may not always be apparent. Lets take a look at the additional activities required of staff with this ordering methodology.
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| The Right Levels on the Right Products |
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A reflex response for many retailers when sales cool is to cut back on their ordering. The problem with this strategy is that they stop ordering the products which are their bread & butter – the 20% of products which provide them with 80% of their revenue. This is nothing short of madness. When re-ordering is postponed, sales fall due to a greater incidence of out-of-stocks. Lower sales mean that re-orders are delayed further. It is the classic 'vicious cycle'.
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The RPM team would like to wish you a safe and happy holiday period and a prosperous 2009. Our office will be closed on the following dates:
- Dec-25
- Dec-26
- Dec-31
- Jan-1
Otherwise we will be available during normal business hours. |
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DISCLAIMER:
The author reserves the right not to be responsible for the topicality,
correctness, completeness or quality of the information provided. Liability
claims regarding damage caused by the use of any information provided, including any kind of
information which is incomplete or incorrect, will therefore be rejected.
COPYRIGHT:
Feel free to publish or reproduce the trend information found in this newsletter
and on our website, on the condition that RPM is properly credited (and linked
to) as the source, including the URL www.rpmretail.com
If you're a journalist working on a related article, email john.saywell@rpmretail.com for additional quotes and insights.
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CONTACT DETAILS:
RPM Retail Ltd., 200 Armagh Street, Christchurch, New Zealand
Phone : +64 3 377 7619 Fax: +64 3 377 7618
Web: www.rpmretail.com Email address: info@rpmretail.com |
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