The research presented here is the logical extension of a ten year tradition in fashion segmentation research and the fourth in a series of papers reporting on a major fashion research program in Canada. The "index of fashion involvement" developed here is validated with an independent AI0 measurement methodology and is utilized to demonstrate that the highly fashion involved consumer is also the heavy clothing fashion buyer.
It is critical to managing costs, measuring shrinkage and improving the customer shopping experience. Thus, management can implement various inventory management practices such as continuous folding and organizing, regular physical counts, electronic loss-prevention tags and scannable bar codes on price tags.
Organizing Inventory Instruct employees to continually fold and organize inventory. In a retail shopping environment, customers can be expected to handle merchandise. This can result in clothing items being reshelved improperly or, at a minimum, folded incorrectly.
Accordingly, it is important for staff to continuously maintain an orderly appearance on the sales floor. This improves the overall shopping experience. Inventory Count Conduct a periodic physical count of inventory. Unfortunately, for a variety of reasons, inventory shrinkage can occur.
This can be because of lost, damaged and misplaced merchandise, as well as theft. Thus, to actively manage losses, a physical inventory count should be conducted on a regular basis. This supports inventory valuation and keeps tabs on losses as they occur.
If inventory counts are consistently lower than expected, theft could be a problem that should be addressed by management. Loss-prevention Methods Attach electronic loss-prevention tags to individual inventory items.
Electronic tags are a common method to prevent theft and accidental loss of inventory. These tags are easily attached to merchandise and can be a highly effective deterrent to shoplifters. Typically, they are activated by sensors near the storefront, so that the alarm is sounded if an inventory item exits the store.
To have access to real-time inventory information, management should implement scannable bar codes on inventory items. This allows for continual updating of styles and sizes on hand, and it provides a basis for comparison when conducting a physical inventory count.
Also, scannable bar codes facilitate sales discounts and price checks at the register. Thus, this method of inventory management is the industry standard.
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