- Language: English
- 148 Pages
- Published: October 2012
- Region: Global
The BASICS of Open-to-Buy Kit
- ID: 1925649
- May 2015
- Retail Owners Institute
Having the right products at the right place at the right price at the right time for the right customer is the challenge that confronts all retailers, all the time. This eLearning Kit on The BASICS of Open-to-Buy is designed to help meet that challenge.
What can an Open-to-Buy do for retailers?
- An Open-to-Buy (or whatever name it is called) can improve margins and profits.
- It can greatly improve cash flow.
- It can reduce the time spent on inventory management.
- It can help have the right merchandise in your store at the right time...and avoid having excess stock!
- It means retailers can sleep at night!
Most retailers have heard of the inventory managing tool "Open-to-Buy". But too often, it has been shrouded in mystery. Too complex and/or too expensive. Up until now!
Inventory buying is both an art and a science. The Buyer in a retail operation provides the "art": taste and judgment. This eLearning Kit teaches the "science", the math, of projecting and controlling inventory.
In this Open-to-Buy BASICS Kit from The Retail Owners Institute®, you will learn:
- how managing inventory turns enables you to control inventory;
- how to automate the number-crunching of Open-to-Buy planning;
- how to use the BUYING PLAN Forecaster to quickly generate your own Open-to-Buy plans.
Registered Users of the Open-to-Buy BASICS Kit have unlimited online access, 24/7, for 90 days.
Go through the self-paced online training course as often as you want. Plus, at no additional charge, have unlimited access to the "in the cloud" BUYING PLAN Forecaster for 90 days.
This eLearning Kit includes an online, self-paced training course on Projecting & Controlling INVENTORY BUYING.
It features step-by-step explanatory how-to content, example case studies, a specialized online calculator, and yes, even a final quiz. (Further demonstrating that "Everyone will 'get it'!")
- How to control inventory by managing Sales, Margins, Turns, and On-Order;
- How and why to do an inventory buying plan;
- The four-part formula for inventory buying (also known as "Open-to-Buy");
- What turnover is, and how to set turnover targets;
- How retail sales seasonality affects inventory buying;
- How to use the online BUYING PLAN Forecaster to "automate" Open-to-Buy planning.
The BUYING PLAN Forecaster is an online, "in the cloud" calculator specifically for retailers. As a training tool, it shows the cause-effect relationships of managing inventory. And, as a practical working tool, it enables retailers to do their own Open-to-Buy plans, in nanoseconds!
- Enter expectations for sales and margins
- Set targeted turnover rate
- Immediately see monthly buying plan
- Also see GMROI for that plan
- Enter Merchandise On Order; immediately see Net Open-to-Buy
- Make any changes - to sales, margins, turns - immediately see new Open-to-Buy plan.
Easy and Fast for Retailers!