Retailing Management: A Detailed Description Of Its Purpose
RETAILING MANAGEMENT ) A detailed description of the purpose of the website (4) A description of the product assortment including your price point strategy (5) An evaluation of your inventory management system Part 3) The Website · Provide a detailed descriptive of the website and it’s objectives Part 4) Product Assortment · Provide a detailed description of your product assortment and explain your price point strategies and how they connect with your target groups Part 5) Inventory System evaluation · Evaluate the product movement through your Inventory System maintenance over the next few weeks. How often were products purchased? Were you out of a specific colour/size, etc. How would you change the management of your Inventory System? · How much product did you sell over the past few weeks, by item/size? (During class time, each student will have time to visit your website and make purchases) You will need to track and evaluate these purchases Shopify account： [email protected] Password：Kala Retailing Management 3.
Paper For Above instruction
The purpose of the website is to establish an efficient and accessible online retail platform that offers a curated selection of beauty products oriented towards diverse consumer groups. The site aims to enhance customer engagement, provide detailed product information, facilitate seamless transactions, and build brand loyalty. The platform's main objective is to serve as a one-stop-shop for consumers seeking high-quality beauty solutions, tailored marketing strategies, and exceptional user experience to foster repeat business and attract new customers.
The product assortment on the website is strategically selected to cater to various customer segments, emphasizing quality, functionality, and perceived value. The store features five key products: the Clarisonic Mia3 Sonic Skin Cleaning System, Foreo Awakening Radiance Yogurt Day Cleanser, Foreo Celestial Melting Gel Night Cleanser, Foreo Luna for Sensitive/Normal Skin, and Luna for Men. Each product has been chosen based on specific skin needs and targeted demographic groups such as young adults with acne-prone skin, middle-aged women concerned with aging and hydration, urban dwellers exposed to pollution, and men seeking grooming and revitalization solutions.
Pricing strategies are designed to balance competitiveness with perceived value. Differential pricing techniques, including offering coupons and discounts, are implemented to attract and retain price-sensitive customers. Slight markdowns, like reducing prices by cents rather than large amounts, create the impression of deals while maintaining margins. Market analysis considers competitors’ pricing, cost structures, and customer willingness to pay. Additionally, social media promotion and plans for a mobile app are integral to expanding reach, fostering engagement, and providing convenient access to products across multiple platforms, thereby reinforcing the targeted marketing approach.
The inventory management system combines modern technological solutions to optimize stock levels and streamline operations. It will track sales trends, monitor inventory depletion, communicate with suppliers proactively, and manage purchase data systematically. This system’s adaptability allows for real-time updates and inventory adjustments, minimizing stockouts and overstock situations. During the next few weeks, product movement will be analyzed by evaluating purchase frequency, stockouts, and customer preferences across different sizes and colors. Adjustments will be made to improve stock replenishment schedules, enhance product variety, and better forecast demand based on sales data. Overall, this approach aims to ensure optimal inventory levels, enhance customer satisfaction, and improve operational efficiency.