Every retailer aims to have solid inventory planning. One that meets supply and demand balance to ensure business growth and financial advantages.
Finding the right balance is possible with an open-to-buy plan (OTB).
OTB plan is a purchasing budget for upcoming inventory orders that ensures that a retailer can stock the correct number of products at an ideal time by finding the difference between the amount needed and available on hand.
It eliminates chances of understocking, which causes missed sales and a negative customer shopping experience. When products are unavailable, 73% of customers do not wait for restocks but purchase from your competitors instead.
Also, OTB reduces having an excess inventory of less sellable items, which can decrease sales and profits, especially if there is a need to mark down items. This leads to losing an average amount of $568.7 billion due to inventory imbalance.
Hence, it is vital to deal with inventory management dilemmas by utilizing an open-to-buy plan to keep a positive business cash flow.
No need for you, as a retailer, to personally exhaust time and effort to create one for your retail store when you can avail the merchandise planning and open-to-buy plan service of Retail Smart Guys.
The inventory of your business will be analyzed and reclassified based on what you need to purchase.
Along with this, a comprehensive monthly open-to-buy plan for each class (by location for multi-store retailers) is provided in this RSG service.
Proper inventory management using an open-to-buy plan allows retailers to react quickly to fast-selling items and restock when necessary.
Keep your retail inventory in good health.
An RSG’s open-to-buy plan service is the apple to keep inventory issues away.