October is an important month in the fashion industry. It's that time of the year when the first Spring Order Season is ending, and the fashion industry is busy allocating budgets for the new year ahead. But hold onto your hats because guess what? Event season is just around the corner! We're talking about the big leagues here: Black Friday, Cyber Week, End-of-Season Sales, and the grand finale, Christmas! So, how can you prepare for these events to achieve the ultimate sell-out? Well, buckle your seatbelts and deep dive into “Smart Event Planning” with us!
Let's kick things off by clarifying the purpose of event planning. Why should you bother, you ask? Well, here are a few reasons:
Higher Sell-Out Possibilities: Events like end-of-season sales or Black Friday offer you an opportunity to boost your sales. By strategically funneling larger quantities of your stock or specific SKUs into carefully selected stores, you can watch your turnover soar to new heights.
Decrease Overstock: Got some pieces in overstock? No worries, events are your secret weapon to clear out those excess items. Push those high quantities into stores with high sales potential during the events and watch your sales skyrocket.
Reduce Impact on Daily Replenishment: Events can sometimes throw a curveball at your daily business decisions due to the higher sell-outs. By selecting an event period with the potential for massive sales, you ensure that only that specific period is affected, allowing for a smooth replenishment process after the event's end.
So, by embracing the magic of events and tailoring your strategy to these exciting periods, you're setting the stage for higher sell-outs and saying goodbye to leftover stock. But how exactly can you make all of this happen without spending hours calculating the best possible outcome manually?
Chainbalance's “Smart Event Planning” feature – maximize sell-out with minimum effort
With just a few steps, our event algorithm will work its magic, generating a proposal that helps you to send your stock where it’s most likely to sell:
First, decide if you want to push a specific set of articles to stores or if you want the algorithm to propose articles to include in the event.
Select stores that will be part of the event.
Decide which reference data you want to base the proposal on. Do you prefer to use historical SKU-level sales data or product group-level data? Maybe you want to use the data of the same event last year?
Pick the dates on which the events take place and when you want your orders for the event to be placed.
That’s it!
With minimal effort, our Smart Event Plan feature will serve up an optimized distribution of stock for an event down to the last SKU, size curve, and store. Additionally, since you don’t want the temporary extra demand during the event to impact the normal stock levels maintained in stores, our algorithm prevents this from happening. Once the event ends, the daily replenishment micro-decisions that Smart Supply makes will continue as usual.
Using a dedicated Event Planning feature guarantees higher sell-outs, a farewell to overstock woes, and is a huge time-saver because it involves minimal manual effort. Event planning is one of the keys to unlocking hidden growth potential. Don't miss out on the chance to maximize your sell-outs – dive into event planning with us today.
Contact us if you want to find out more!ta