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Monday, March 23
1:30 PM – 4:30 PM
Successful Inventory Management:Finding Profits in Your Business
Presented By: George Mollo
Company: GJM Associates, Inc.
www.gjmassociates.com
(845) 627-0788
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Introduction
GJM Associates, Inc. is a consulting firm that focuses on all aspects of merchandising operations for direct marketing companies.
Our primary focus is supply-side processes, that start with merchandise analysis and planning, includes
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
with merchandise analysis and planning, includes inventory management strategies and the critical coordination of merchandising, marketing, finance, creative and operations through all elements of the business to the ultimate and profitable fulfillment to a customer.
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Introduction
• 12 years Retail
• 3 Wholesale
• 15 years Catalog
• 9 years Consultant
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
• 2002-2007 Served as Chair of the DMA’s Catalog & Multichannel Marketing Council
• Speak at conferences (User Groups, NCOF, ACCM, ECMOD)**
• Contributes articles for trade publications**
(**available on www.gjmassociates.com)
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Overview
The Role of Inventory
Management
Merchandise Statistics & Profitability
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
Planning & Forecasting
Relationships
/ Partnerships
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Agenda
Key Measures in Merchandise Analysis
Terms & Definitions
Industry Best Practices
Merchandise Assortment Planning
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Merchandise Assortment Planning
Techniques to Improve Item Selection
Methods of Planning/Forecasting
Margin Component Considerations
Building Effective Relationships
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Agenda
Merchandise Statistics
• Key Performance Indicators
• Profitability Goals (Company, Category, Item)
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Planning & Forecasting
• Why Planning is the KEY to Improved Inventory Management
• The TEAM effort
• Relationships
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Agenda
In Season Forecasting
• When & How Often
• Several Methods (Pros & Cons)
• Mollo’s Rule of Planning/Forecasting
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
• Mollo’s Rule of Planning/Forecasting
Identifying Overstock in Season
• Several Liquidation Options
Master’s Degree Inventory Management
• Benefit of Catalog Open to Buy
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Inventory Impact
Largest Asset
Why is Inventory Management so Important?
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Significant Impact to Cash Flow and Profitability
Significant Impact to All Operating Areas
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Inventory Impact
Properly controlled inventory can move substantial profit $$ to (or from) bottom line
Examples: – $50m business - every 1% increase in final fill increases $500k to net sales (which also reduces potential overstock;
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final fill increases $500k to net sales (which also reduces potential overstock; most other costs except variable have already been spent.)
– Assuming a 5% EBITDA --- a 1% increase in final fill could increase profit by 10%
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Why is this Important?
It’s all about the merchandise!
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Inventory Management is the “Hub”
Role is both partner and controller
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Merchandise
MarketingReporting & Analysis
Inventory Management Hub
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
Inventory Management
Creative
Finance
Operations
Distribution Center
Call Center
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Key Performance Indicators12
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Defining KPI
Performance Indicators (KPI):
Separate the “winners” from the “try agains;” and knowing not only what to measure, but also how to measure it and what it all means, is what
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and what it all means, is what separates and defines levels of success.
You can’t fix what you don’t measure!!!
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Defining KPI
• a quantifiable measurement that can be tracked and evaluated, and that is harmonious with what you want to achieve
• a metric that an organization measures to help determine its progress towards a goal
• a reflection of the tactical performance of an organization;
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• a reflection of the tactical performance of an organization; and, is used to substantiate an organization’s objectives.
• can be quantitative or qualitative, objective or subjective, although preferably quantitative, unambiguous, and reliable.
• a critical measurement of the performance of essential tasks, operations, or processes. A KPI will usually unambiguously reveal conditions or performance that is outside the norm and that signals a need for managerial intervention
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What are the Key Measures?15
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Key Measures
Backorder rates
Cancel Rates
Demand
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Fill Rates
Inventory Turns
Overstock
Returns
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Key Measures
Ad to Sales Ratio
Margin
• Components
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• Components
Price Points
• Average Price (Offered vs. Sold)
Contribution
Profit
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Other Measures
Page/Spread Average
Average Item
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Average Item
Category Indices
• Demand to Item
• Demand to Space
• Page/Spread
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Key Measures & Definitions
Fill Rates
• Initial/Final Fill
• Order vs. Item Fill
• Target vs. Acceptable Ranges
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• Target vs. Acceptable Ranges
• Apparel vs. Hard Goods
Cancel Rates
• Backorder Rates
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Backorders
• Is there an acceptable rate?
• Relationship to Final Fill Rates?
• Cause of Backorders?– 30-40% of backorders are caused by bad
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– 30-40% of backorders are caused by bad timing, not bad forecasts
• Internal communications– Call center
– Distribution center
– Management
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BackordersImproving Communication
• Weekly Top 10/20 Backorder list to:
– DC (Receiving)
– Call Center
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– Management
Include Item, description, units & dollars on BO, expected delivery date, expected quantity, comments
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Key Measures & Definitions
Returns
• Returns vs. RGS (Returns to Good Stock)
• Apparel vs. Hard Goods
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• Apparel vs. Hard Goods
Overstock
• “At Cost”
• “Cost of”
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Returns
Return Rates
• Industry benchmarks
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Internal Communications
• Call center
• Distribution center
• Management
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Reducing Return Rates
• Communication to DC – expedites processing to fill backorders
• Quarterly Review Committee with Call Center/Customer Service & others
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• Address Top 10/20 returns
Instituting this approach, I have experienced 25% reductions in overall return rates
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Inventory Turns
Inventory Turns = Annual Cost of Goods Sold / Average Inventory (at cost)**
**Average includes 13 periods……
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Example: $10.0mil COGS / $ 3.1mil Avg. Inv = 3.23 annual turns
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Setting Benchmark Goals
• Industry Standards• Internal History• Achievable/RealisticCorporate
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• Historical• Cooperative/Joint• Achievable/RealisticDepartment
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Benchmarks
Apparel Hard Goods
Returns 16-18% 5-8%
Cancels 7-9% 3-5%
Initial Fill-item 78-83% 87-89%
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
Initial Fill-item 78-83% 87-89%
Initial Fill-order 77-80% 83-85%
Final Fill-item 91-94% 95-97%
Final Fill-order 90-93% 95-97%
Cost of a back order $8-13 $10-13
Informal Survey 2006-2007 27
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Key Measures & Definitions
Demand
• Why is it Important to Capture all Demand?
– Shadow/Lost Demand
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• Are there limits?
• Not sure? – Test Order w/ mixed BO & in stock
Could add 10-20% to existing “sales”
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Hidden Costs
Capturing all Demand– Lost Demand
• Are there limits?
– False conclusions• dropping wrong items/colors
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• dropping wrong items/colors• Buying wrong items (overstock)
– “Hidden Impacts”• Increased list rental costs• Name acquisition costs• List analysis• Overstated fill rates• Lower fill rates and increased overstock across the board (example: Disney art cell)– greater risk with wide variation in price points offered
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Planning & Forecasting30
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Merchandising Strategy31
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Merchandising Strategy
• Product Categories should be main focus of business– Target 10-12 categories *
– Sub-categories define further
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– Don’t over assort, e.g. Shirts > 40% of total
– Avoid “Paradox of Choice”
• Consistent with Brand
• Provide a merchandising “statement” to the customer
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* Define categories based on product offerings and “end use”. Be
careful of “themes” as comparison.
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Merchandising Strategy
Assumptions:• Products fatigue if not reinvented or renewed• Best customers need more newness because of
their interest in the book and rate of purchasing activity
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activity• The cost of paper and postage will continue to
increase• Competition will continue to increase in all
distribution channels. (MO/E-commerce).• No more than 1/3 of new products are winners
– Perform above book average– Are profitable
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Merchandising Strategy
Axiom 1:
Sales in a typical catalog, regardless of product category, are distributed across items as follows.
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Best selling 1/3 2.00x book averageMiddle 1/3 .80x book averageBottom 1/3 .26x book average
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Merchandising Strategy
Axiom 2As the space given to an item is increased or decreased the impact on sales is equal to between 1/3 to 1/ 2 of the change. (aka “Rule of 50”)
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the change. (aka “Rule of 50”)
e.g. If we increase the space devoted to an item by 60% we would expect the sales of
the item to increase between 20 and 30%.
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Merchandise Assortment Planning(MAP)
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Merchandise Assortment Planning
“Adopting a well grounded merchandising plan
is far and away the single most important
thing a company must do for success.
The key to growing sales and profits, providing
better direction to the merchants invariably
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better direction to the merchants invariably
results in better product selection.
More and better products lead to increased
response rates, which in turn expand the
universe of names that can be mailed
profitably, increasing circulation and sales.”
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Start at the Beginning
Establish a Pre-Season “Kick-Off” meeting
• Representatives from all departments
Each Department should Discuss:
• Review of post season results
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• Review of post season results
• “What worked, what didn’t”
• “Direction for new season”
• Potential “issues” that might arise
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Merchandise Assortment Planning
• Based on History, Analysis & “Gut”
• When?: 9-12+ months in advance
• Take A Simple & General Approach
• Improve majority of items - Don’t try for 100% accuracy on all items
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accuracy on all items
“ALMOST” Right NOW is better than… “EXACTLY” Right Later !”
• Start at Category Level (Top Down – then Bottom Up)
• Why a Detailed Plan?
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Planning Factors
What do we need to get started? (12+ months in advance?)
• Timing of Book (comparability)• Size of book (pages – excluding “sale grids”)• Density – based on historical
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• Density – based on historical• Estimated Demand
Merchandisers “complaints”• The “MAP” is not written in stone and can be changed
Anything else required? No ---
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Planning Factors (Category)
Four Key Factors:
• Item Counts (based on pages/density)
• Demand
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• Space Allocations
• Space Costs (not “necessary” but…)
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Planning Factors
• Item Counts
Question: How can we determine item counts 9-12+ months in advance?
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counts 9-12+ months in advance?
Function of pages & density – which are relatively constant
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Planning/Forecasting Factors
Item Counts (based on pages/density)
New vs. Repeat Item relationships
Space Allocation
Margin Targets & Price Points
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Margin Targets & Price Points
Average Price Offered vs. Sold
Vendor Performance History
Estimated Item Profitability
Consider the “Paradox of Choice”
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Category/Sub-Category Plan44
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Additional Metrics (Category) Level
Performance Index (Aii)
• (% of demand / % of items)
Space Index
• (% of demand / % of space)
Sell Ratio
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Sell Ratio
• (Item percent of page * cost per page) / Projected item $$ demand in Offer
Average Item Index (Aii)
• Item Demand / (Projected Item $$ Demand in Campaign/ Number of items)
Net (Ad) Margin
• Initial Margin % - Sell Ratio %
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Creating Indices
Offer a Simplified Approach
Create a Reference Base of 1.0
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Create a Reference Base of 1.0
Provide Management a Top Level Review
Establishes “Relationship” Analysis
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Category (MAPS) View
rAii
Description Items % Dmd % Avg Itm P I Mrgn Space % S I SRNet Mgn
TOTAL DROP: 314 100.0% 5985.0 100.0% 19,061 1.00 57.9% 64.00 100.0% 1.00 43.1% 14.8%
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GIFTS 87 27.7% 1310.7 21.9% 15,066 0.79 61.0% 15.00 23.4% 0.93 46.1% 14.9%
HOME 72 22.9% 1472.3 24.6% 20,449 1.07 54.6% 17.00 26.6% 0.93 46.5% 8.1%
APPAREL 53 16.9% 1897.2 31.7% 35,797 1.88 59.8% 15.00 23.4% 1.35 31.8% 28.0%
ACCESSORIES 102 32.5% 1304.7 21.8% 12,791 0.67 55.4% 17.00 26.6% 0.82 52.5% 2.9%
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Additional Measures
Average Price Offered vs. Sold
Density
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Detailed Space (Sqinch) Analysis
Returns
Overstock
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AVERAGES
Overview Analysis: • Page Average• Spread Average• Item Average
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• Item Average
If calculated as an index --- provides directional information and highlights anomalies.
Remember: “Almost Right NOW……”
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Additional Tips & Tricks
Price Point Analysis
• Ensures you have covered key ranges
• Guides price point selections
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• Guides price point selections
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Positive Profit Impacts
Horizon Planning - Benefits to Other Areas
• Creative costs can be substantially reduced
– Factor creative lead times to add/drop items to match inventory availability
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match inventory availability
• DC supplied forecasts for bin “profiling” and setup
• Last minute exceptions - handled more efficiently
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Positive Profit Impacts
• Inventory Buying can be “Scheduled” on a “Horizon” (and allow for less costly changes)
• Dramatic positive impacts to cash flow
• Reduced backorders & reduced overstock
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• Reduced backorders & reduced overstock
• Higher fill rates (both initial and final)
• Increased “Bottom Line”
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It’s All in RELATIONSHIPS !
Use Multiple Measures –
Referenced to Each Other• Category Share
• Item Count (density)
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• Item Count (density)
• Page Space
• Demand (Book & Item)
• Page or Spread Average
• Etc…...
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Item Forecast Considerations54
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Item Selections
Techniques to Improve Item Selection
• Use Assortment Plan as “control”
• Finance can create an “Open to Buy” control
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control
• Consider “competition”
• Do not “over-SKU”
• Consider “extra costs” (e.g. creative, packaging, shipping, etc.)
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Item Forecasting Factors
• Presentation (Size)
• Creative Factors
• Location in Catalog (key positions)
• Demand History
• Space
• Space Costs (Sell Ratio)
• Item Relationships (Ranking A - B - C)
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• Demand History
• Price Points
• Circulation (Qty/Target)
• Item Counts (Density)
• Competition (Int/Ext; also pricing)
(Ranking A - B - C)
• Seasonality
• Indices
• Customer perceptions (item relationships or creative perception)
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Methods of Forecasting
Units
• Who’s unit forecast number?
Percent Done
• Trend curves required, control to total
• May need weighted curves for overlap books
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• May need weighted curves for overlap books
Dollars: Forecast to dollars, buy to units
$ per k circ **
AII (Average Item Index)
Forecasts “tied out” – Top Down AND Bottoms Up
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Percent Done
• What percent done is statistically sound?
• Using “book” percent done….
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• Are all items equal?
• How many trend curves?
– When using “trend curves” generally 3 to 5 will suffice (Keep it simple!)
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Percent Done
Advantage:
• Items can be forecasted quickly
• Excellent “benchmark”
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Disadvantage:
• Not all items perform the same to book
• Results will create overstocks and out of stocks
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AII (Average Item Index)
Advantages: • Consistent Item Comparison Base within same drop/catalog
• Consistent Item Comparison Base
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• Consistent Item Comparison Base between/across drops/catalogs
• When forecast changes – Index doesn’t change, only value does
Demonstrates Relationships (To Overall Average & Other Items)
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AII (Average Item Index)
Disadvantages:
• Space must be factored (full page, cover vs. average)
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• Seasonality must be factored
*However, Space and Seasonality changes are easy to identify
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Average Item Index
Item # Description drop 1 drop 2 drop 3 drop 4 drop 5 drop 6
Item A l/s shirt 2.0 1.8 1.6 1.3
Item B s/s shirt 0.4 1.4 2.0 5.0 2.5 1.8
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Item B s/s shirt 0.4 1.4 2.0 5.0 2.5 1.8
Item C plaid shirt 1.0 0.8 1.0
Item D henley shirt 0.9 1.0 1.0
Item E pique polo 2.0 2.0 2.2 2.1 2.1 2.0
Item F interlock polo 2.0 1.9 1.8 1.9 1.9 1.9
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Item # Description drop 1 drop 2 drop 3 drop 4 drop 5 drop 6
Item A l/s shirt 2.0 1.8 1.6 1.3
Item B s/s shirt 0.4 1.4 2.0 5.0 2.5 1.8
Average Item Index
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Item B s/s shirt 0.4 1.4 2.0 5.0 2.5 1.8
Item C plaid shirt 1.0 0.8 1.0
Item D henley shirt 0.9 1.0 1.0
Item E pique polo 2.0 2.0 2.2 2.1 2.1 2.0
Item F interlock polo 2.0 1.9 1.8 1.9 1.9 1.9
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Forecasting Repeat Items
• What % of items are Repeat vs. New Items
• Review History
• Identify Similar Items
• Consider “Wear Out” factors
• Review Relationships to other product
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• Review Relationships to other product (especially competing new product)
• Profit Projections (Is the item still justified?)
– Suggestion: Add inventory carrying cost to margin calculation…
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Forecasting New Items
• Identify Similar Items
• Varying Rules -- New Items should be > 20% of average
• Review Relationships to other product
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• Review Relationships to other product
• Consider competition (Internal & External)
• Profit Projections (Is the item justified?)
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Other Forecasting Factors
• Final Item Forecasts should NEVER be done in isolation
– Sum of the parts will ALWAYS be Greater than the Whole = OVERSTOCK
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than the Whole = OVERSTOCK
• Forecasts should be done by drop AND revise balance of season (use of Aii makes this relatively easy)
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Other Forecasting Factors
• Life of Item (> 1 Campaign)
• Review impact of creative changes
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changes
• Size of picture• Page sequence change• Relationships to other items• Seasonality changes
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Item Selection Tips
• Set Thresholds
– Margins (within category targets)
– Sell Ratio
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– Return Rates
• Factor any Additional Costs
– Carrying Costs
– Special Prep or Shipping Costs
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Item Selections
• Relationships
• Price Points (within Category)
• Competition (External & Internal)
• Ranking (A-B-C)
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• Ranking (A-B-C)
• Establish a Pro-Forma Item P&L(Sample included in this presentation)
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Item Selections
• Consider Item Profitability
• Weigh Cost of Overstock vs. placements and minimums(e.g. Would it be worth to pay an up-
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(e.g. Would it be worth to pay an up-charge to reduce minimums?)
• NEVER run an item – based solely on inventory
• Use sale “grids” only as a way to liquidate overstock
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Additional “Advice”
• Mollo’s Rule of Forecasting
• Negotiate lowest base price
• Have all merchandise costs been considered?
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considered?
• Additional prep charges
• Margin check
• Have all factors included?
• Set “trigger” thresholds
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Internet Forecasting
Key Questions for Multichannel Environment
• What are true source of orders?
• Are matchbacks being done? What is truly
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• Are matchbacks being done? What is truly incremental?
• (Industry Average only 10-20% are incremental?)
• “Search” results may be misleading
• Impact to forecasting – best sellers on web tend to be best sellers in other mediums
“Shopping online is like shopping in a department store with blinders on.” – Phil
Terry, CEO, Creative Good
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Internet Forecasting
Forecasting (more like retail)• Items/pages changing (e.g. store shelves, rounders, etc.)
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• Items/pages changing (e.g. store shelves, rounders, etc.)
• Are BO items removed from site?
• Ratios of hits, clicks, baskets, sales, etc.
• Statistical Forecasting (e.g. Historical Regression Analysis)
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Placing Buys74
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Placing Item “Buys”
• Buy only AFTER item plans complete**
– **Certain exceptions
• Consider the “horizon” of placements
• Financial considerations for “planned overstock” (caused by minimums)
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overstock” (caused by minimums)
• Consider a catalog “walk-thru” to adjust buys (+ / -)
– Allows everyone – last chance for changes or adjustments (fine-tuning)
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Open to Buy Plan
• The Master’s degree in Inventory Management
• Process will require: • Possible change in internal processes
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• Possible change in internal processes
• Require effort to gather and regularly (e.g. weekly) report on information
• Willingness to be the “messenger”
• Someone must be the inventory budget “controller/banker”
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Open to Buy Plan
OTB Provides:• A “budget” for inventory spending• An “overstock” budget
Benefits:
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Benefits:• Both coincide with marketing adjustments• “Projections” allow advance warning• Decisions can be made in advance, during season
• Avoid spending “budget” twice• Management has the “control” tools
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Improving Inventory Coverage
• Better Planning & Forecasting allows increased “Just in Time” Buying
• Longer Range Planning - Identifies “Horizon” of Need• Plan by “Horizon/Season” rather than “Drop”
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• Plan by “Horizon/Season” rather than “Drop”
• Inherent “Creative Merchant” hurdle – overcome with 80/20 rule
• Planning Reduces “hidden costs”• Impact on Creative Schedules
• Some DC issues
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Improving Inventory Coverage
• Buys can be Scheduled– Based on “Horizons” and “Lead Times” – allows greater flexibility for change
– Allows forecasts to be modified to improve fill rates (lower backorder costs, lower overstock, increased
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(lower backorder costs, lower overstock, increased turns)
– Allows flexibility of removing items from future books where fill rates are at risk
– Allows early identification of potential overstock
• Risk/Rewards of Overbuying Can be Considered - In Advance
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Channels of Liquidation
Internet
“Up sells”
Sale Book (unprofitable “myth”)
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Package Stuffers
Outlet Stores
Tent Sales / Warehouse Sales
Jobbers
Barter
Note: Sale vehicles the objective
is “sell-thru” NOT Fill Rates
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Forecasting Summary
Simplify the Process
Reduce exceptions
Use Averages
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Use Averages
Use of Indices
• Indices Offer a Simplified Approach
• Indices create a Reference Base of 1.0
“Simple Checks” (Compare to Various Averages, Simple references, etc.)
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Item ProfitabilityReviewing Item P&L 82
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Contribution Levels
Fixed
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Variable
Gross Margin83
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Item Profitability ModelItem Summary
Item # ABC123
Description Sample Item
Cost 11.63
Inbound freight 3.0% 11.98
Retail 30.00
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Unit Estimate 15000
Extended Cost 179.7 (k)
Extended Retail 450.0 (k)
Cost % 39.9%
Mark-Up % 60.1%
% of tot dmd $ -you might expect to cxl 9.0% 40.5
Total Returns as % of ships/ $(k) 11.8% 48.3
Net Sales ($k) 361.2
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Item Profitability ModelCOGS
Cost of Goods Sold
standard cost 144.2
overstock (inv not sold) 10.0% 36.1 -
Cost of overstock 3.0% 1.1
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Cost of overstock 3.0% 1.1
returns 3.0% 1.4
other 0% 0.0
Gross Margin ($k) 214.4
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Item Profitability ModelVariable Expenses
Variable Cost
Promotion 0.00
OR promotion (% of demand) 27.0% 121.5
Cost of pick-pack-ship 10.0% 36.1
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Miscellaneous Costs
Cost of Money/Borrowing 0.0% 0.0
Addn'l Overhead, warehouse space, etc. 0.0% 0.0
Contribution after Variable
($k) 56.8
% net 15.7%
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Variable Cost
Promotion 0.00
OR promotion (% of demand) 27.0% 121.5
Cost of pick-pack-ship 10.0% 36.1
Miscellaneous Costs
Cost of Money/Borrowing 0.0% 0.0
Item Profitability ModelFixed Expenses
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
Addn'l Overhead, warehouse space, etc. 0.0% 0.0
Contribution after Variable
($k) 56.8
% net 15.7%
Contribution after Fixed
Fixed Exp 10.0% 36.1
Profit 20.7
% net 5.7%87
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Communications88
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Communication with Suppliers
• Understand Supplier Production Cycle & Process• Avoids unrealistic “demands”/expectations and delivery
complaints
• Discuss potential price increases, product changes, etc.
• Partner with Suppliers --- Listen to their needs
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
• Partner with Suppliers --- Listen to their needs
• “Godfather Rule”
• Provide suppliers estimated SKU forecasts
• Share catalog presentation (est. circ?) with suppliers
• They may partially “back up” buys
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Communication with Suppliers
• Supplier Compliance Manual (be clear what you expect of Suppliers)
• Be reasonable and discuss Supplier “issues”– e.g. labeling issues, costs, delivery
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
– e.g. labeling issues, costs, delivery timeliness, if backorder chargebacks (explain overall costs), etc.
• Don’t create a P&L line for Supplier chargebacks – Build a Partnership
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Six Tips for Culture/Team Building
Keep it Simple
• Everyone must feel comfortable with the culture. Leave room for individuality and personality.
Make it Global
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
Make it Global
• Everyone, including management, must buy in.
Make it Measurable
• Create specific guidelines and make them a part of the performance assessment process.
“Be Our Guest – Perfecting the art of Customer Service” by Disney Institute, 2001
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Six Tips for Culture/Team Building
Provide training and coaching
• Incorporate the elements of the culture into employee training and ongoing performance coaching. Encourage peer-to-peer coaching.
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
coaching. Encourage peer-to-peer coaching.
Solicit feedback and ideas from the team
• Foster a sense of ownership and expand the pool of creative input by allowing employees to contribute to the (show) project.
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“Be Our Guest – Perfecting the art of Customer Service” by Disney Institute, 2001
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Six Tips for Culture/Team Building
Recognize and reward performance
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
• Build employee motivation through formal and informal reward and recognition programs.
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“Be Our Guest – Perfecting the art of Customer Service” by Disney Institute, 2001
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Several Rules of Business
Almost Right Now is Better than Exactly Right later…..”
A bad decision is better than no decision at all!
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
A bad decision is better than no decision at all!
Do 1st things First, 2nd things NEVER!
Always tell the bad news first-never last
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•Questions ?
GJM Associates, Inc.www.gjmassociates.com(845) 627-0788
Thank You !!
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Monday, March 23
1:30 PM – 4:30 PM
Successful Inventory Management:Finding Profits in Your Business
Presented By: George Mollo
Company: GJM Associates, Inc.
www.gjmassociates.com
(845) 627-0788