COVID-19 Retail Industry Updates For the retail industry and those responsible for their brand’s POS data, supply chain, and retail sales analytics, COVID-19 has become an unwanted, but apparently long-reserved guest. As we all work to better understand the virus and the various ways it will impact our industry ahead, we wanted to share the... Read more »
What Is Cost of Goods Sold – COGS? Cost of goods sold (COGS) refers to the direct costs attributable to the production of the goods sold in a company. This amount would include the cost of materials used in creating the goods as well as direct labor costs used to produce those goods. What would… Read more »
It’s always important to evaluate your company on a regular basis to ensure you’re hitting your goals. While this is true for every type of business, in retail, it’s vital to your success. One of the most important departments for any retailer is inventory management. Managing inventory is vital to the success of your business… Read more »
If you know anything about supply chain management, you already know how vital it is to run your supply chain efficiency. We’ve discussed this very thing in our article on logistics management. There’s a lot of working pieces to a supply chain. Supply chains have multi-levels and can give your company a big competitive advantage… Read more »
Logistics management is a term that’s well known in the retail industry and supply chain. It’s a supply chain management component that’s used to meet customer demands through the control, planning and implementation of the effective movement and storage of related information, goods and services from origin to destination. Logistics management has a wide range… Read more »
ABC analysis is an approach that allows you to assign classes to inventory items based on that items’ consumption value. If you don’t know what that is, consumption value is the total value of an item consumed over a specified time period, which could be a year or month. This approach is based on the… Read more »
Inventory management plays a key role in all areas of your business. Just in time inventory is no different. Just in time inventory, also referred to by JIT inventory, is the reduced amount of inventory owned by a business after it installs a just-in-time manufacturing system. This type of system is a term defined as… Read more »
If you’ve ever shopped on the internet to buy a product, it’s highly likely the product you purchased wasn’t produced by the retailer you purchased it from. Many businesses throughout the world use wholesale distribution sources to buy products in bulk (usually discounted) and they turn around to sell them to customers. Product supply chains… Read more »
If you can’t track it, you can’t measure it. For retailers, tracking inventory, sales and key retail KPIs are invaluable for success. Speaking of inventory, how do retailers keep track of all their products? Well, they use coding systems to keep track of their inventory and to measure sales. These codes are extremely important and… Read more »
Having the ability to calculate your breakeven point is very important. After all, every unit sold afterward is profit, it’s a very important business metric. Once you know the fixed and variable costs for the product your company produces, you can then use that information to calculate your breakeven point for that specific product or… Read more »
Inventory carrying cost, also referred to by carrying costs, is a term used in accounting that identifies all business expenses related to storing and holding unsold goods. This total figure would include all related costs of warehousing, salaries, transportation, handling, taxes, and insurance as well as depreciation, shrinkage, and opportunity costs. If you’re a retail… Read more »