What steps would you take to ensure that the store’s inventory is effectively managed during seasonal sales or promotions?
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Sample interview questions: What steps would you take to ensure that the store’s inventory is effectively managed during seasonal sales or promotions?
Sample answer:
Effective Inventory Management during Seasonal Sales and Promotions
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Forecast Demand: Conduct thorough market research and analyze historical sales data to accurately predict the anticipated increase in demand during seasonal promotions.
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Review Existing Inventory: Take a detailed inventory of current stock to identify any potential shortages or overstocks. Plan for adequate lead time to replenish low-selling items or clear out excess.
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Optimize Stock Levels: Determine optimal inventory levels based on projected demand and sales goals. Consider seasonal fluctuations, product mix, and lead times. Adjust inventory levels accordingly to minimize overstocking or stockouts.
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Implement a Dynamic Inventory Allocation: Allocate inventory intelligently across different store locations and channels (e.g., online, offline) based on predicted demand and store capacity. Monitor inventory levels in real-time and adjust allocations as needed.
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Enhance Communication and Collaboration: Foster strong communication between the buying and merchandising teams to ensure timely restocking and effective stock replenishment. Collaborate with logistics providers to optimize delivery schedules and minimize poten… Read full answer
Source: https://hireabo.com/job/6_1_19/Fashion%20Retail%20Manager