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Merchandise Management

The Merchandise Management process starts with the decision to bring an item into the stores and follows the product through many corporate and store processes to evaluate the product and determine if it is performing and profitable enough to keep in the planogram set. This 13-Step process ensures effective execution across each corporate-level and in-store process with the objective of ensuring the set has the “right item, at the right place, at the right price, at the right time.”

The Merchandise Management process involves quite a cross-functional process in an automated environment given the level of retail automation today. This includes planning, analysis, management, and controls for items through the retail cycle and touching many aspects of the supply chain. Impact 21 helps its clients cultivate partnerships between retailers, manufacturers, wholesalers, and distributors to drive improved corporate and store level processes, reduced cost and grow profitability.

Impact of Merchandise Management

The impact of an end-to-end Merchandise Management process can be far reaching. When implemented properly, this process streamlines your company’s processes, shortens the time it takes to get an item from the authorization stage to the selling stage, and gives you a competitive advantage in the market place by streaming your merchandising and marketing practices. You will improve your overall operating standards as your business captures improved:

 

  • Promotional execution
  • Customer buying experience
  • Sales performance and margins
  • Inventory management
  • Labor savings
  • Data integrity
  • Reporting and business intelligence

Merchandise Management Success

The right item

In the right place

At the right price

At the right time

Merchandise Management 13-Step Process

Impact 21’s proprietary 13-step process takes an item through each of the following business processes to ensure effective execution of retail management. This integrated process is defined in detail, mapping each step between store level and support center roles and identifying all key decisions required by your business. Each step includes:

  • Overviews – policy statements, key business decisions, considerations and exceptions
  • Policies/Procedures – draft policies and system procedures
  • Case Studies – documented industry scenarios
  • Workflows – tasks and handoffs by role/department
  • Process Maps – step-by-step process flows
  • eLearning – online training tools
  • Templates – tools to complete or track the defined process

These tools ensure retailer success and improve and your company’s business effectiveness.

Following the 13 steps will strengthen your operation at multiple levels, streamline processes between supply chain partners and internal business departments, and deliver gains through automatic replenishment.

Understanding and following these progressive steps will help you manage each process effectively.

1 Authorize Authorizing new or substitute items and suppliers
2 Maintain Supplier Maintaining supplier information and terms
3 Maintain Pricebook Importance of timely, accurate and consistent pricebook maintenance
4 Order Ordering methods and the importance of following ordering policies
5 Receive Different methods of receiving and the importance of following receiving policies
6 Display Role and value of planograms, promotional sets, shelf tags, and signage
7 Sell Impact of Point of Sale and selling practices on your business
8 Daily Store Report Source and activities that produce the data for the Daily Store Report
9 Accounting Difference between daily store reporting and financial reporting
10 Inventory Importance of inventory audits to validate on hand counts
11 Pay Supplier Timely and accurate processing of invoices; managing item and cost exceptions
12 Report Reports available to assist in making informed business decisions
13 Evaluate Criteria for discontinuing an item and identifying new items