Using forecasting tools to keep up with the fast pace of fashion retail
In an industry where trends shift in the blink of an eye, weekly performance reviews are essential to stay ahead. By Monday morning, your sales, margin, and inventory performance data should already be processed—enter the WSSI (Weekly Sales and Stock Intake) report. This tool allows for a quick, yet comprehensive open-to-buy analysis updated weekly.
But what happens after you re-forecast sales for the rest of the season? Here are the three scenarios retailers face:
- On Target: No action needed. You're set to hit your terminal stock goal.
- Stock-Out Risk: Time to bring in some of next season’s stock early.
- Excess Stock: Push free stock from the warehouse to stores to give the stores the same days of sale on hand based on their local sales rates and consider markdown strategies to boost sales.
The key? Let technology do the heavy lifting. Modern forecasting tools can analyze individual options and calculate solutions without burdening your team.
What’s your go-to strategy for sales forecasting and performance reviews?
If you’d like to dive deeper, check out Martec’s sales and inventory management course for more best practices.
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Posted by Brian Hume
6th December 2024
