1 / 14

Impact of Technology on Merchandising Course Project

Impact of Technology on Merchandising Course Project. Ben Fudge Fashion Merchandising Planning and Control I. Presentation Overview. The purpose of the presentation is to engage in an understanding and research of the impact of technology on the field of merchandising.

rangle
Download Presentation

Impact of Technology on Merchandising Course Project

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Impact of Technology on Merchandising Course Project Ben Fudge Fashion Merchandising Planning and Control I

  2. Presentation Overview The purpose of the presentation is to engage in an understanding and research of the impact of technology on the field of merchandising.

  3. Technological resources, recent innovations, and emerging technological solutions are important in meeting merchandising and retail needs. Why? “Times have Changed. An aging and inflexible technology infrastructure has made it difficult to quickly adapt to changing business needs.” – Eric Olson, Vice President of Retail Systems Alert Group, Content. Retailers need to shift their focus to repairing their current fractured planning processes to best meet the needs and demands of their customers. Customers are fickle. Now, perhaps more so than ever before due to the current, volatile state of not only the U.S. economy but almost every economy across the world. Technological solutions enable retailers to become more efficient and effective in their merchandising practices (Olson, 2007).

  4. About Retail Systems Alert Group: Retail Systems Alert Group, Inc., an integrated media and research company, offers industry research combined with media channels to distribute it. It covers retail, wholesale, manufacturing, sourcing, transportation, distribution, and logistics industries through its conferences, print, and online channels. The company offers research, publication, and event services (Professional Advantage, 2008). Eric Olson is Vice President of Retail Systems Alert Group, Content and author of Customer-Centric Merchandising, a benchmark report that discusses the need and importance of technological solutions for merchandising businesses.

  5. What current technological solutions are available and on the forefront for the Merchandising industry? • Retail Analytics and Merchandise Planning System (RAMP) • SAP For Retail

  6. Retail Analytics and Merchandise Planning System (RAMP) What is it? RAMP is designed to give retailers insight into their performance and resolve what is stated to be their biggest dilemma – minimizing inventory stock while maximizing inventory availability. The RAMP system provides technological solutions by allowing retailers to easily measure sales, purchasing, inventory movements, and sell through rates by store, department, category, item matrix, and time of day. One of the great benefits to using the RAMP system is that it can be used alone or can be extended with Merchandise Planning to streamline buying and inventory management (Professional Advantage, 2008). Once again, the research conducted by Eric Olson and Retail Systems Alert Group emphasized the need for retailers to repair their broken planning processes to create a more efficient and effective merchandising plan. With Ramp, retailers can do just that.

  7. Questions RAMP helps you answer: • What is the fastest/slowest moving item by month? • How are sales performing vs. budget? • What are the sales trends by time of the year by location? • What is the current stock shrinkage? • Who are the highest performing sales people? • What is the current stock holding valuation?

  8. Benefits of RAMP • Merchandise Planning and Control requires the importance of • Reliable Inventory Management: • Minimized excess inventory stock and maximized inventory availability • Cash savings by transferring inventory from slow moving stores to faster moving stores • Optimized inventory mix in store by reduced in store stock-outs and buying only what sells • Remote Access to allow buyers access to up to date purchasing information • System allows businesses to easily create dashboards to monitor the business • - Professional Advantage, 2008

  9. A RAMP System Dashboard -

  10. SAP For Retail What is SAP? What does SAP stand for? SAP stands for System, Applications, and Programs. SAP is the world’s largest business software company dedicated to delivering high-level customer support and services. SAP prides itself on utilizing the best technology, services, and development resources to deliver a comprehensive range of solutions to empower every aspect of a business operations. About SAP For Retail, it is the first end-to-end solution that provides built-in best practices, integration across business functions, and real-time visibility for proactively managing nearly every aspect of a fashion business (SAP Group, 2006). Going back to the research conducted by Eric Olson, the need for retail businesses to create a seamless operation is vitally important to meeting the demands of today’s customer. SAP For Retail is an excellent technological solution that any retailer can use but those businesses struggling with merchandise planning and control will especially find great benefit to this application.

  11. Benefits of SAP For Retail • Merchandise Planning and Control requires • Management of Supply Chains to Ensure Product Availability: • Reduced time to market • Maximized full-price sales • Increased revenues • Enhanced visibility across the entire supply chain • Successfully managed growth • Streamlined operations • Minimized price deflation • Lower operational costs

  12. A SAP For Retail User Information System -

  13. How would retail businesses operate without Merchandise Planning and Control Systems such as RAMP and SAP For Retail? • Businesses would continue to use broken or fractured planning systems leaving the business unable to meet the demands or needs of their target markets. • Businesses would not have a real-time visibility to properly manage the complete fashion life cycle. • Businesses would not realize their full potential to increase sales. • Ultimately, businesses will be unable to provide a unique, satisfying shopping experience for their customers.

  14. Resources: Olson, Eric (2007). Consumer-Centric Merchandising. Newton Upper Falls, MA: RSAG Research. Professional Advantage. (2008). Retail Analytics & Merchandise Planning System: Smarter Retailing from Professional Advantage Professional Advantage. SAP Group. (2006). SAP For Retail: Serving The Needs of Fashion Retailers SAP Group.

More Related