The higher the markup percentage, the greater the profit. When I am at a trade show and I am negotiating a price, I need to be able to calculate what the markup of the item will be — quickly. This is why I always carry my calculator. If the markup is not high enough, I need to negotiate for a better price, and I need to know what the ideal price is on the spot.
It would be impossible to do my job without math. They showed us how to apply simple math equations to sales data in order to make sense of it. Today, I use retail math to look at sell-through to see which styles are selling the most rapidly. I also compare the percentage of a product we have on hand to the percentage of sales it produces to understand which products have the greatest impact on sales. I try to find commonalities across my best-selling styles to help identify trends.
Once I know that something is trending, I can buy into with confidence.
Mathematics Made Simple by Thomas Cusick (2003, Paperback)
Math enables me to make better buying decisions because I am able to analyze sales more effectively. The better I am at understanding what is selling and why, the better I am at selecting what styles will sell best in the future. I am actually very comfortable with math. Since the calculations we use are relatively simple and we repeat them often, buyers quickly learn to master them and rely on them to make sense of their inventory.
We are always looking for the next new thing. I could tell in the first week of sales that this was going to be a trend. Boy did we sell a lot of scented pencils! Even though I am usually confident with my math skills, there is definitely a greater comfort in the math I use everyday. It is much easier for me than a lot of the more complicated equations we used to do in school — thankfully!
This is because I understand each component of the equations I am performing. We want to make sure we have more repeat customers, and we want to reward our loyal customers. Metrics for the Example. Target Values. Weighing Your Goals. Ann Taylor 2. Gap 1.
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Inventory Example: Still using the same numbers from Gross Margin calculation, assume that the store's net sales over a period of 12 months is 24M and during this time it carries an average inventory of 4M. Description of Goals Appropriate attention to the Customer: It means each and every customer is helped and sold to, making sure that customers are looked after and maximizing our selling efficiency.
Excel Math: Simple Math Samples
Description of Goals Loyalty: We want to make sure we have more repeat customers, and we want to reward our loyal customers. Apaar Arora. If you're ready to sign up, click here for instant access. Welcome to the Retail Business Academy! Hurry, create your account now! DMSRetail experts are seasoned retail professionals who have had hands on experience all the way from selling floor to executive positions of various retail chains operating in electronics, apparel, telecom, pharmacy, furniture, confectionary, hardware and more.
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