RETAIL EDGE CONSULTANTS
Whilst the saying “change is inevitable” is certainly true, that rate of change has certainly accelerated in the last 12 to 18 months, much of it driven by change of market needs with the Covid protocols. Amongst those changes I have certainly noticed a significant increase in emails, and this has been confirmed by many others, suppliers and retailers.
This volume change in the spread and communication of information, in itself creates another problem. How to process it, how to action it and how to sort out the Must Do from the Should Do or even Could Do.
I know that suppliers for the most communicate continuously with their stockists about a whole range of things, including new ranges, price changes, etc. The problem is that these communications in most cases have become part of the volume of information retailers receive daily and then have to filter and maybe plan to action.
For a number of those communications, we can assist to get that important information not only into the retailer’s hands, but also simplify and expedite them being actioned by them.
Here are some of those we can assist suppliers with:
Discontinued stock. – Free service
Suppliers inform us electronically of designs that are being discontinued. Each morning the retailer’s system (The EDGE) is updated i.e. the new discontinued date on the stock item details is updated. The alerts system will inform the retailer of items they have in The Edge that are now discontinued. They can drill down on the alert to see the design numbers, the date they will be discontinued and the quantity the supplier has left of this item – if they have sold well for them, maybe they call and order some. The retailer can also see if any have a special order or purchase order open for these items. When they inquire on an item or sell an item, they will see the discontinued notice.
Change of W/s Price. – Free service
Each morning the retailer’s system is informed of any cost increases for items as advised to us from suppliers. Retailers can drill down on the alert – for each item they will see their QOH, current cost, sell price and margin. It will also display the new cost and what the margins will now be. If retailers need to increase their sell price they drill down, change the sell price, print new tickets from the item screen and reticket the stock. Any additional GP that the retailer generates will offset the dearer replacement cost of the item. No excuses for not reordering.
New Retail Price – Free service
The alert system will notify retailers of RRP changes. They can accept these and optionally
Brands. – Free service
The supplier’s brand names downloaded and the retailer’s brand field on the stock item screen is updated. Now they can view stock or sales by brand by supplier. Ideal for suppliers that distribute multiple brands.
DistributionMan – Free Service.
Suppliers can simply drag and drop their photos of their stock to a website. The next day authorised retail stockists (with The EDGE) will have the photo in their system and the photo linked to their stock items. Photos just need to be named the same as the supplier item design number.
Retailers have said this service has been one of the most exciting things for them as their inventory system ‘comes alive’ with the photos. I understand their excitement – after all, jewellery is a visual industry.
ePO’s. – There may be some cost at supplier’ end to read in the electronic purchase order
Some suppliers now accept electronic purchase orders. Just like eInvoices save the retailers time the ePO’s save the suppliers time.
For the retailer there is faster turnaround of PO’s, before the PO leaves The Edge it has validated all the design numbers to ensure accurate ordering. At the supplier’s end an alert would come up that an order has been received and can be read directly into their system for stock to be picked,invoiced, packed and dispatched.
eInvoices. – There may be a small initial cost at the suppliers end to be able to generate the eInvoice
These are now being provided by more than 35 suppliers. Are you participating in this? Are your competitors?
eInvoices allow retailers to enter a 150-item invoice in less than five minutes. Which invoices do you think retailers process back into their inventory system first?
Want to know more? Just contact me
Email firstname.lastname@example.org or
Ph 07 5574 0322