Putting merchandise on sale to attempt to get rid of it and recover some of your investment is not a good practice if making money is in your plans. When you mark down items, you may recover the vendor cost, but you will probably also eliminate the contribution to overhead (necessary to keep your doors open) and certainly any profit. So MARKDOWNS DON’T WORK!
The only way to reduce your markdowns is with OPEN TO BUY planning. Working with open to buy will insure that you purchase the correct QUANTITIES to support your sales, give you the turnover you seek and reduce markdowns. If you’re still guessing, you’ll continue to overbuy and mark down unsold merchandise. It’s a self fulfilling prophecy and will continue until you have your OTB system working for you.
Once that happens, if you buy the quantities recommended, you will find that your inventory is leaner, better balanced, turning faster with fewer markdowns and improved cash flow. With open to buy planning, it’s all good!
myotbplan.com is the best open to buy system available! It’s easier, more accurate, more accessible, better supported, the only one that’s guaranteed and has no contract. You have nothing to lose and so much to gain. Call 310-829-5148 today with your questions or just fill out the no obligation Subscribe form online and we’ll call you. Why wait?
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