What steps would you take to ensure that the store's inventory turnover rate is optimized?

Sample interview questions: What steps would you take to ensure that the store’s inventory turnover rate is optimized?

Sample answer:

Steps to Optimize Inventory Turnover Rate:

Implement a robust inventory management system: Utilize technology to track stock levels, automate reordering, and optimize safety stock levels.
Analyze sales data and trends: Regularly monitor sales patterns to identify slow-moving items and adjust inventory levels accordingly.
Establish a clear markdown strategy: Determine appropriate markdown percentages and timelines to clear out aging inventory and make way for new merchandise.
Optimize product mix: Evaluate demand and customer preferences to ensure that the store carries a balanced assortment of items that appeal to the target audience.
Manage returns effectively: Implement a streamlined returns process to minimize the amount of unsold inventory returned to the store.
Control stock shrinkage: Enhance security measures, implement loss prevention strategies, and train staff on inventory handling to minimize theft and damage.
Collaborate with vendors: Build strong relationships with vendors to negotiate favorable lead times and flexible reorder quantities.
Use data analytics: Utilize data analytics tools to gain insights into invento… Read full answer

Source: https://hireabo.com/job/6_1_19/Fashion%20Retail%20Manager

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