When you tell someone you work in fashion, we find that people then have all these preconceptions about how airy and fairy the industry is. But we know better, it is a real industry – one that can make and lose you a lot of money. So who better to help retailers and fashion brands learn about how they can build their business than from the Australian Retailers Associations (otherwise known as the ARA). We popped into their ARA Hot Half Hours: Planning your Buying session this afternoon and here are their top 7 common problems to avoid:
1. No clear plan for the range or buying
2. Range obscured by old items not cleared out
3. Good, better, best principle poorly executed
4. Market leader or major brands omitted
5. Range reflects yesterday’s market, not today’s (this is where trend forecasting can come in handy – stay tuned for the Business Seminar on Trends Exposed tomorrow)
6. Too many products similar in feature and price
7. Products ranged for supplier reasons.
Got a question about the business of retail? Come by Fashion Exposed tomorrow when there will be more sessions on Planning your Visual Merchandising, Planning Your Marketing Approach, Planning your Store Layout and much more. Did we mention it’s free? Let us say it again – it’s free entry for industry professionals.