The importance of strategic planning! 2023

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A recent article in CNBC news highlights the significance of effective planning through the journey of Ryan Bartlett and his apparel brand True Classic. In 2019, Bartlett, with limited experience in clothing sales, co-founded True Classic, a brand offering affordable shirts designed for the average person. Initial success was driven by the resonating concept, resulting in over $26,000 in revenue within the first month.

However, the lack of merchandise planning led to a critical mistake the following year. Overestimating demand, Bartlett ordered excessive inventory for 2021, straining the company’s finances and nearly causing its collapse.

Learn more about the importance of strategic planning

 

 

What is new in Retail:

Inventory Management is key for Macy’s

Macy’s CFO and COO Adrian Mitchell said The aim in lean inventories is to limit overstocks that need steep markdowns — and with them, hits to margins — to clear out. Less stock and quicker turnover also mean budgets are open to chase product that is selling well. “We’re committed to having current and compelling product at the appropriate receipt levels, based on expected sales demand,”

DTC brand earning Q2

Given the imminent arrival of the industry’s most critical period, how exactly are brands faring? Here is a summary of direct-to-consumer (DTC) earnings reported in the recent weeks.


What Retailers Can Do Now to Get Ready for Holiday 2023
Retailers must meet high consumer expectations during the holiday season, focusing on timely delivery, product availability, and smooth processes. Smaller retailers heavily depend on this period for sales and loyalty. To succeed, they should prioritize automation, communication integration, and analytics. Implementing an automation-first mindset, integrating communication systems, and leveraging AI for insights are crucial steps. These efforts made during the summer will impact holiday success and long-term results. An automation roadmap guides this journey and helps retailers adapt to new technologies effectively.

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