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Supplier and Buyer Communication |
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Every sound business relationship is built on the foundation of mutual benefit. In the retail world today, the balance of power has shifted in many cases to the buyer, leaving the supplier with difficult decisions. Gone are the days when a few samples and a free lunch ensured a profitable season. Today, the supplier has to do much more. But it isn’t all gloom and doom. At Enhanced Retail Solutions, we help suppliers map out a strategy of profitability with their retail partners. It all begins with communication, and understanding that the buyer simply has a different perspective on the business. Learning to navigate through their challenges can turn into opportunities for the supplier. |
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At Enhanced Retail Solutions, we work with suppliers to improve the communication lines with their buying partners. We have increased sales and profit for our customers by outlining a plan that includes (but is not limited to): |
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- Increasing the amount of pre-planning and analysis before costs and terms are negotiated on new programs.
- Developing financial plans by item or category based on seasonality, the retailer’s promotional cadence and margin goals.
- Building guidelines to determine whether it is in the suppliers best interest to accept a program where financial assistance is expected.
- Tracking sales, inventory and margin results every week and compare to plan. This way, you always know where you are on the margin line. Share with the buyer once a month.
- Pre-empting the buyer by making actionable recommendations to the buyer on top performing, and poor
performing items. Document all recommendations in a weekly journal. - Conducting retail analysis at individual door level to learn how to assort stores based on their preferences for certain products.
It sounds like a lot, because it is. The old adage still holds true- “Retail is Detail”. It requires dedication and discipline. A proactive supplier who helps the buyer do their job becomes a very valuable resource. It also ensures that both parties have a consistent understanding of where the business is heading. There should be no surprises or extraneous expectations. If you are a supplier and are overwhelmed at the prospect of putting such a routine into your already busy organization, we are here to help. Our consulting services and software tools automate much of these tasks. Our solutions are affordable and present the facts with simple clarity. Call today and start adding more dollars to your bottom line. |
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