We're sure you'll agree. Misinformation can be very harmful. Retailers surely don't need more harmful anythings!
Just last week, we came across the proverbial straw that broke the camel's back. It was a post on the Intuit Quickbooks site*, titled "Inventory Turnover Ratio." And the explanatory article was accompanied by an "Inventory Turnover Calculator."
What do we take exception to? The misleading and/or incorrect information it provides. For example, their "Inventory turnover calculator" requires two entries.
We must take exception. "Total costs involved in selling your products" is NOT the same as Cost of Goods Sold. Nor do they specify that it should be for a 12-month period of time.
We must take exception. What they surely meant to say is inventory @cost.
People don't go into retailing to be financiers.
But few are attracted to the financial part.
Which is exactly why The Retail Owners Institute website has been built!
Given our years of experience consulting with retailers, especially in turnaround situations, our speaking at conferences and publishing in trade publications, we wanted to "level the playing field" for retailers.
What is the definition of "value" for customers? Pretty straightforward, actually.
Wait. What? "Benefits received?" "Burdens endured?"
Turns out, the only single answer to "What is value?" is, "It depends."
Don't just roll your eyes. What constitutes value for your customers increasingly is a make-or-break part of retailing.
Retailers are notable for their optimism and their resilience.
And the last couple of years have provided ample opportunities to showcase their ability to bounce back.
But now, it's 2022. Time for those customers to pick up the slack. And here's an idea for helping them get started. Without costing a penny in advertising!
Print up some "bag stuffers" (you know, conspicuous notes) inviting them to come back in November.
We recently learned of a restaurant with a kids menu which is quite unusual.
Of course, having a kids menu is not unique. But here's what IS unusual about this one.
When kids are asked "What would you like to eat?", often their answers can range from "I don't know" to "I don't care."
But at this restaurant, here is what each all-too-familiar answer brings to the table:
Your results are likely to be consistent with these patterns.
The basic definition of retailing is "selling to the ultimate consumer."
As you know, HOW that is done, and in what location or format, continues to change and evolve.
So, we were intrigued by this recent post on the Shopify Retail Blog: The Future of Physical Retail in a Digital-First World.*
To us, the blog post was essentially a wide-ranging journey of discovery(and perhaps even some new-found respect for those "physical retailers".)
Still less than $1 a day! 👀