Merchant Questions to Ask for Open to Buy Review
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The document outlines key reports and questions necessary for effective retail data analysis, focusing on OTB (Open-to-Buy) reviews to optimize sales performance. It emphasizes the importance of understanding sales trends, inventory management, and competition to enhance decision-making and operational efficiencies. Ultimately, it highlights that decoding retail data is essential for anticipating consumer behavior and driving category success.
Merchant Questions to Ask for Open to Buy Review
- 1. Decoding Retail Data into Action Joan Braatz, Vice President Merchandising
- 2. Decode Data into Action with Questions • Reports Needed for OTB Review: Daily Sales Report AAR (After Action Review) On Order Log Assortment Plan • Discussion to prepare for OTB Review
- 3. Open to Buy Review Objective • Provide Transparency to Plan • Business Update of Category • State Solutions to Optimize/Mitigate Trend • Report Forecast Adjustments • Communicate 90 Day Action • Gain Leadership Alignment
- 4. Retail Reports Daily Sales Report AAR (After Action Review) On Order Log Assortment Plan
- 5. Questions to Ask: Daily Sales Report If Negative Trend: • What category is contributing? • Was there adequate stock? • Was shipment late or cancelled? • Is this a shift in consumer behavior? • What can be adjusted to mitigate risk? If Positive Trend: • What category is contributing? • What channel is driving trend? • Is there enough stock? • Is trend driven by temporary pricing? • Is this a consumer shift? • How can trend be maximized?
- 6. Daily Sales Report Gain Market Intelligence with Questions to Supplier Vendor Questions to Ask: How is competition performing? Has their strategy changed? Was there exclusive product driving result? Was there a promotion driving result? Is our business better/worse/same?
- 7. Questions to Ask: After Action Review To Cross Functional Teams: • Would better in-stocks improve sales? • Was marketing effective? • Was descriptive signing needed? • Would mid-month social posts boost sales? Regarding Competition: • Did new innovation launch? • Was there exclusive offers? • What was marketing impact? • What are the risks to lose share? • What are ways to gain market share?
- 8. Questions to Ask: On Order Log • Are IMU% Goals Met? • Is Recording Current and Complete? • What Is Cancellation Rate? • Are There Candidates to Cancel? • Are There Candidates to Increase? • Are Long Lead Time Buys Captured? • Is There Sufficient Replenishment Funds? • Can We Shift Open Dollars Forward?
- 9. Questions to Ask: Assortment Plan • Does This Reconcile With On Order Log? • Are IMU% Goals Met? • Have OTB FC Receipts Changed by Month? • Are Top Volume Grades Protected? • Is Small Store Assortments Intact? • Are There Placeholders Yet to be Called? • Has Innovation Shifted Delivery? • Are Cancellations Captured Accurately?
- 10. Team Discussions Planning Partner Associate + Assistant Buyer Replenishment Manager Vendor Community
- 11. Questions to Ask: 90 Day Action • What Net Sales Gains / Losses for QTR? • Where Can Difference Be Realized? • What Actions Needed to Make GP Rate? GP Dollars? • What Actions Needed to Hit EOM? • Are Shifts Needed to Meet Turn Goal? • Is Action Required On Reserves? • Should Cancellation Rate be Applied? • How is IMU% Tracking to Plan? • What Is Needed From Leadership?
- 12. There is no greater tool at a merchant’s fingertips than retail data. Decoding retail data in reports unlock a merchant’s ability to predict consumer behavior, anticipate resource needs and drive operational efficiencies eliminating waste. Your category, division, and company success lies within your ability to monitor, decode, and act on retail data. Ask questions so that you can unlock the power of retail data effectively. Summary:
- 13. Thank You
- 14. Reach Me Joan Braatz Vice President Merchandising Retail | B2C | B2B braatzjoan@gmail.com 214-733-9677 https://www.linkedin.com/in/joanbraatz/ https://joanbraatz.com/