Markdown: Fashion and Seasonal Merchandise – Short Life
Craft Meaningful Markdowns
Revionics Markdown Suite provides retailers with a unified platform to quickly and profitably manage markdowns to clear seasonal or fashion merchandise. Through simulation, accurate forecasting and a streamlined workflow, retailers gain the best insights and efficient management of their markdowns. Watch this video to learn more.
Fashion and apparel retailers have been making significant business adjustments. The traditional seasons have been shattered and are now driven by the consumer. As a result, merchandise rotates in and out much more quickly. The assortments are more reflective of the neighborhood. And the path towards fulfillment has been completely transformed. While all of this is great for the individual shopper, it is hectic and challenging for retailers.
There is a wider assortment of merchandise, its life is shorter, and margin premiums are more difficult to justify. Uniformity, if it ever really existed, is gone.
And while better assortment and supply chain planning can help meet these challenges, it can’t eliminate them. Because the only thing that any retailer can 100% plan on is, is that nothing will go exactly to plan. Also because of “Buy Anywhere,” “Return Anywhere” it becomes nearly impossible to plan where and when every piece of merchandise will show up. In the end, retailers are left with a hodge-podge collection at unplanned inventory levels.
Revionics Markdown Suite enables retailers to be responsive to the current conditions, customers and trends. By incorporating strategies, data, forecasting, and science with an effective, intuitive workflow it minimizes the effect of disruptions (and that occasional bad buy) and allows retailers to profitably clear inventory and achieve sell-through goals.
With Revionics Markdowns, you start evaluating from the first week of sales and proactively identify markdown candidates. It continues to re-evaluate and update every week. This provides you early visibility into what is occurring and what is needed. Along with providing early visibility into future markdown plans, this also enables you to make any adjustments prior to even a single markdown being taken.
This insight is not restricted to markdowns only. It understands price changes and planned promotions and accounts for them in the plan. Thus, ensuring you aren’t double dipping, sending confusing messages to consumers, or causing price collisions.
Since budgets must be met, Revionics Markdown can constrain the markdown plan to a time-bound fiscal budget. Additionally, it ranks markdowns allowing you to choose the most beneficial markdown to execute when you can’t execute them all.
Capturing a full-view of inventory is critical when creating markdown plans; however, Revionics is not hindered by an antiquated supply chain solution. If a retailer can’t provide future allocations for inventory that’s sitting in a Distribution Center, Markdowns can infer where that inventory should go. And in the spirit of transparency, that information is accessible to the retailer.
Finally, the fun of fashion is in the newness and ever-changing assortment. Revionics Markdown solutions allow you to continue, escalate, and accelerate that fun. Their self-adjusting models and new item science automatically pick up the latest trends, attributes so the recommendations remain relevant and current.