Do you know how to effectively manage your fashion brand’s inventory so you don’t erode your profit margin and bottom line?
What to do with your extra and old inventory is an issue that EVERY fashion brand has to figure out. It doesn’t matter if you are just starting out or are an established brand, inventory management is always an issue.
So many fashion brands struggle to know how much to buy, when to deliver, and what to do if their inventory doesn’t move quite as fast as they had planned. So they end up with too much inventory and in a cycle of never ending promotions and even deeper markdowns, eroding their sales and profit margin. Or they just ignore it, often creating an even BIGGER problem to deal with later.
But relying constantly on a markdown cycle is not a relevant or sustainable model anymore because at some point your customer’s expectations will adapt and you, your fashion brand, and your bottom line will suffer for it.
Inventory management doesn’t have to be tedious and difficult but not having a strategy to get rid of those old, slow sellers is seriously detrimental to your brand and it’s future. Inventory management is a critical strategy to ensure the future success of your brand so you can maximize your profit margin and ultimately your bottom line.
Effectively managing your inventory means creating a strategy that starts way before it’s time to address the slow sellers. It’s about creating a proactive plan and system to move your inventory from product conception to when it finally reaches that sales rack.
In this episode I’m sharing why effective inventory management leads to more cash for your business, strategies for tackling inventory management at every stage of the game, and what to do with that inventory that just won’t go away. So join me for this episode, “How to Manage Your Fashion Brand’s Inventory AND Maximize Your Profits”.
Is there something you’ve been struggling with as you launch or grow your fashion brand?
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