Like this article? PLEASE +1 it! Evan Signature
Evan Carmichael Top Header
Share for a Cause









Is your Inventory Planned ?

Written by: Nilesh Shah

Article Overview: While planning the merchandise mix, a retail organization has to start with a clear definition of its merchandise hierarchy. The merchandise hierarchy is a disciplined way of grouping the merchandise mix at different levels, starting from a high-level grouping to the lowest level of the stock-keeping unit (SKU). The grouping may at times have even more than four-five levels such as Color, Size and Design.

Free Download - How to Speed Up Your Business with Retail Management Software By Nilesh Shah
Name: Email:

Is your Inventory Planned ?

The art of Merchandise Mix and Inventory Hierarchy
The objective of merchandise hierarchy is achieving the following
The Right Product
The Right Place
The Right Quantity
The Right Quality
The Right Price
The Right Mix or Assortment
The Right Time
In order to satisfy every customer’s needs, the retail store must have the right product in right place, in right quantity, with right quality, at the right price, with the right mixes or sizes or variants at the right time. The function of Merchandise Hierarchy is to achieve all these ‘RIGHTS’ so that the sales are high with an ideal level of inventory holding and thus more Profits.

Related Articles
  Track Inventory in QuickBooks?
  Inventory Management - Automated Systems
  How to Shape Up the Inventory when you have 5000+ SKU’s
  The Myth Of Inventory Finance Companies
  GMROI – GMROF – GMROL : How To Make More With Less

Home > Retail > Nilesh Shah > Is your Inventory Planned
Article Tags: assortment, hierarchy, merchandise mix, nbsp, objective, place div, product div, profits, retail store, right time, variants

About the Author: Nilesh Shah
RSS for Nilesh's articles - Visit Nilesh's website

Nilesh Shah nileshshah@rancelab.com Over 10 years of experience in the field of software development, sales and marketing. He has assisted over 500 Retailers and Restaurateurs in implementing the Retail and F&B software with barcode & pos hardware for their business. He holds a designation of Director, Marketing in Rance Computer Pvt Ltd. He holds the certification from Microsoft Corporation and NIS. His current research focuses on developing and implementing intelligent retail systems that shoulders the responsibility of an entrepreneur. With such system, he is helping Retailers and Restauranteurs in focusing more on business expansion than of day-to-day complex operations. Click here to visit FusionRetail Blog. Catch me on Facebook. Follow me on Twitter


Click here to visit Nilesh's website Dashed Line

More from Nilesh Shah
8 Ps of Hardcodre Selling
The Retailer and the Community
10 Tips for Sweet Shop Retailers to increase Sales this Diwali
What is CRM
Understanding Barcode and RFID


Related Forum Posts
Seek Venture Capital & Funding Seek Venture Capital & Funding - Hello, Greetings from India. I am Seeking Venture Capital for Offshore Software Company Start-up. Need advise along with Business Model Sample. I have a basic outline for an offshore company. 1. Technology - like Microsoft Dot Net, Java, LAMP 2. Talent Team - Found Good Technology Developers. 3. Where I can get the leads/potential customers - Leads have been identified who are willing to move forward offshore projects. 4. I do not have resources like funding. It is a very critical factor to me Industries: Manufacturing, Real Estate, Retail, Insurance, Distribution & Logistics, Healthcare, Industry Associations and Software Product Development, Agricultural Industries and Etc. Services: Offshore Software Development Company. Offices to be located: Hyderabad, Andhra Pradesh, India and USA. Products/Services/Applications in areas like POS & Billing, Sales & Distribution, Production Planning, Material Management, Inventory Control, Plant Maintenance, Purchasing, Accounting and Logistics. Dynamic Web Programming with Database Driven Content Management Systems, Online Stores for E-Commerce, B2B Solutions, Community Portals, Website Redesign and Development, Custom ERP with Enterprise Wide Functional Modules such as Marketing, CRM, Accounting, Inventory Control, Sales & Distribution, Production Planning, Purchase & Stores, Logistics and Supply Chain. Seek your further questions and help. Thank you, Best Regards, Jayapratap.


Recommended Article for You close

  Track Inventory in QuickBooks?

Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.



Featured Article


Bottom Footer
Share for a Cause












Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Name:
Email:
Popular Articles

How to Ask for a Flexible Work Arrangement

Are You Fulfilled

Living on The Edge of Chaos...
Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.