Use historical sales data to make shelf space for assortment change: Your planogram software can be your best friend, as it provides you with the data on what items your customers have bought for the last season, and what items you have left.So, the following are four planogram triggers for markdown processes in retail: Planograms are visual merchandising software, that helps retailers to reduce overstock products before they reach dead stock by efficiently planning what items should be placed on shelves. Markdowns can be strategically used to reduce outdated inventories with the help of planogram software. After the markdown, your store’s margin drops high, but instead of losing all the profits, you will be able to sell the shoes at high prices. For example, if you set the retail price for shoes at $100, and eventually the sales of the shoes are slow after a few months, you decide to markdown the price to $90. Today, shoppers are likely to purchase during the markdowns that include discounts, price reductions and clearance sales when they feel like they are getting a good deal. That is why it is important to take a step ahead in planning an effective marketing strategy to move the inventory out of the store while staying profitable. In the United States alone, markdown costs retailers 12% of their total sales. And sometimes, that plan involves – markdowns, which help retailers in liquidating inventory. Time, money, and resources are saved.Retailers are in the business of making a profit, which means it includes a plan to calculate budget, price, and execution. For stores and associates, they receive clear direction which helps maximize sales and strengthen performance, while also allowing them quickly look-up specific SKUs due to the integration of store inventory. Benefits for HQ include everything from localized store planograms that reflect data-driven store profiles, to improved visibility into floor plans across teams, to Automated Photo Compliance (APC) which allows employees to simply hold a phone up to fixtures to demonstrate compliance while empowering retail leaders with a ‘realogram’ for each store and a quick way to assess store effectiveness.
OR offers clients a simple tool that allows them to refine floor plans with one click, expedite go-to-market strategies, and reduce level of effort (LOE) among frontline staff, saving them money and improving the bottom line. As we wrote about here, OR’s retail management platform and its one-click planogramming feature is leading the way in elevating both planogram effectiveness as well as strengthening compliance.
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