Tariffize
Tariffize – Adapting Your Business to a Policy of Tariffs Retailers want certainty and the best you are going to get is probability. The probability
Maximize Retail Profits: Innovative Website Strategies and Inventory Management
Maximize Retail Profits: Innovative Website Strategies and Inventory Management
25
nsra.or gare interest ed in. If you provide a login system on your site it is a good idea to allow customers to “flag” items they are interested in for review and possible purchase at a later time.
Company News
If you provide a company news page—maybe with new sales discounts or footwear tips for consumers—make sure it is in the format of a “blog.” A blog is no more than a feed of news items that are in a standard format. The standardizing of this content can allow your users to integrate your news into whatever website or program they use to monitor information from different sites.
Be Ready for the Future
Direct participation with these latest sites may not be right for independent retailers today but as the user and technology evolve it may be in the future. In the meantime lessons can be learned from these new websites that can help make your website more profitable. Implementing all of these suggestions is not realistic. However using some of these ideas as a guide when you update your website can help you stay in line with consumers as they—and the internet—evolve in the future.
■ Scott Muller heads information technology services for NSRA.
Address It Now
Here’s a money-saving tip that can help you now. Identify anything in your store that is more than six months old. What percentage of your inventory does this represent? If more than 20% is older than six months you have a potential problem. If over 30% of your stock is old it is no longer a “potential problem”—it is a problem that needs to be addressed now! Mark it down and clear it out! Reorder items that are selling well and search for promotional inventory if your open-to-buy will permit.
Put The Power of New to Work for You
Watch your sales and profits increase.
■ Ritchie Sayner is vice president of busi –
Business Development at RMSA Retail Solutions
RMSA Retail Solutions works with retailers to improve performance. He can be reached at rsayner@rmsa.com.
Continued from page 22
Got Email?
NSRA requests your email address! The association is updating its membership database and would like to include your correct email address.
Please put your name and current email address in the “Subject” line of a blank email then email your updated information to bridgette@nsra.org.
Current and correct information helps NSRA better serve your needs.
Article Summary
The article discusses strategies for enhancing retail websites and store management suggesting features like item flagging and company news blogs to engage customers and integrate with other platforms. It emphasizes the importance of addressing outdated inventory and leveraging new products to boost sales and profits. Additionally it highlights the NSRA’s request for updated email addresses to improve member services.
“Implementing all of these suggestions is not realistic. However using some of these ideas as a guide when you update your website can help you stay in line with consumers as they—and the internet—evolve in the future.”
Real-World Examples
Here are some real-world examples that illustrate the concepts discussed in the article.
- Amazon’s Wishlist feature allows users to flag items they are interested in for future purchase similar to the suggestion of allowing customers to flag items on your site.
- Retailers like Macy’s regularly update their blog with company news sales and fashion tips providing a standardized feed that customers can integrate into their news monitoring tools.
- Zara addresses inventory issues by frequently updating their stock and offering discounts on older items similar to the advice of marking down and clearing out old inventory.
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