Today’s idea of the day:
Analyze scan data frequently! Fewer SKUs mean more sales.
Analyzing scan data will help you know what your customers are buying. Run velocity reports that set minimum sales standards. If a product falls below your standard for a month, look to rotate it out in favor of a higher-selling SKU. While it’s always great to try new products and be the first to market with trendy items, shelf space is valuable. When products fail to earn their keep, don’t be afraid to pull the plug on them in favor of something that will sell. The most effective way to do this is to know your scan data.
Do you have an idea to share? Email it to Senior Editor Erin Rigik Del Conte at [email protected].
