Best Merchandising Practices for Crisis Mitigation · Merchandising and Head of China at ASOS Sarah...
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Best Merchandising Practices for Crisis Mitigation Omnilytics Live Webinar 7th April, 2020
Transcript of Best Merchandising Practices for Crisis Mitigation · Merchandising and Head of China at ASOS Sarah...
Best Merchandising Practices for Crisis Mitigation
Omnilytics Live Webinar7th April, 2020
Retail is facing its toughest challenge yet. How are you protecting your margins?
Download our COVID-19 strategy report
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Upcoming Live Webinar:
A Financial Guide to Navigate the Crisis with Storme Marques(Finance at Seafolly, Warner Bros, Hotsprings & House of Quirky)
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Introduction
Leading the Response Action
Merchandising Strategies through a Crisis
Closing: Q&A session
Agenda
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Meet your speakers
Kendrick WongCEO of Omnilytics
Kendrick is the CEO of Omnilytics. He regularly speaks at international events on the intersection between retail and artificial intelligence. His team works with local and global brands improve their assortments, pricing and marketing message through the Omnilytics Retail Insights dashboard.
Sarah JohnsonFounder of Flourish Retail, ex-Head of Merchandising and Head of China at ASOS
Sarah Johnson was the ex-Head of Merchandising and Head of China at ASOS. She grew ASOS through the 2008 financial crisis and now helps SMEs improve their merchandising strategies through her company, Flourish Retail.
Past Leadership Lessons & Best Practices
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ASOS China sales performance & inventory management.
What key merchandising strategies did you implement to overcome this?
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How does merchandising change during a crisis?
What are the immediate measures that need to be put in place?
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What are the common merchandising mistakes that brands make during a crisis?
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In your opinion, what lessons in the past are most relevant to apply inthe current crisis?
How can businesses re-strategize and put in place new ideas to equip themfor the next phase?
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You believe that every business should be able to harness the power of merchandising to grow their sales and profit.
Can you explain why you set up Flourish Retail to help with the SMEs?
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What are the key takeaways you have for our audience today?
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MerchandisingThrough Crisis
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Minimise risk
Aid cash flow
Generate profit
Why Merchandising is key in a crisis
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Start With WorstCase Scenario Identify Risk SolutionsThe “Now”
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Generate a Base Forecast
Use data to forecast your worst-case scenario
Be realistic
Review the impact on sales, profit and inventory without intervention
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Add strategic planning
Identify product areas to work on
Create a Plan
Competitors activities
Potentialize stocks and leverage opportunities
Build a plan and generate cash flow
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Stock in the business: Trend Led
Break inventory into sections
Trend led
Be creative with stock management
Protecting profit with strategic discount planning
Forecast write off provision for the P&L
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Keep an eye on the market
Seasonal
Stock in the business: Seasonal
Consider holding stock
Utilise counter-seasonal markets
Flex discount strategy
Protect long term profit where possible
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Stock in the business: Continuity
Less risk > Lesser discount
Continuity / non seasonal product
Stay competitive in the market
Review commitment
Work closely with suppliers and factories
Keep an eye on storage capacity
Consider both financial and logistical impact
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Commitment & Supply Chain
Review commitment with your Supply Chain
Consider both short-term and long-term solutions
Work together to sustain the chain
Be ready for the sales demand to return
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Fulfilment Centres & the Workforce
Plan resources with sales forecast
Inbound and outbound requirements
Operate within Government & social distancing guidelines
Ensure sales forecast is achievable logistically
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The “New”
Re-focus on the “New”
Re-plan your subsequent seasons
Build in trading initiatives to secure sales
Balance cash flow and profit
Re-work ranges by thinking creatively
Create a balanced range
Stay one step ahead of the competition
Continue to be realistic
Identify areas of risk and manage them
Be honest and open with your supply chain
Help them to plan and manage their cash flow
Maintain your relationships
Continually analyse and be ready to trade
Identify areas of risk and minimise them through your actions
Prepare for the upward trajectory
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Q&A
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& more
Supporting clients worldwide
