Understand the pros and cons of Vendor Managed Inventory programs and how to make them successful.
Many vendors that provide basics to your business will want to put your store(s) on a Vendor Managed Inventory program. This program allows the vendor to stock your stores with inventory levels that they believe would be appropriate. This can be a great opportunity for you and your stores, but you have to know the good and bad elements of doing business this way. Dan Jablons of Retail Smart Guys walks you through the entire process in this topic, making sure that you have the greatest level of success!
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
What Is Vendor Managed Inventory?
- Definition
- Isn't This Allowing the Vendor to Write Their Own Checks From My Checkbook?
Typical Negotiated Terms
- Inventory Levels/Square Footage of Floor Space
- Turn Rate
- Maintained Markup
- End of Season Inventory
- Frequency of Orders
- Frequency of Store Visits
Benefits for the Retailer
- One Less Vendor/Product Category to Maintain
- Should Provide Better Sell Thru, Better Margins
- Should Provide Lower Carrying Costs
- Frees up Time to Work on Other More Difficult Categories
Benefits for the Vendor
- Better Insights Into the Retail Business
- Better Ability to Predict and Control Their Own Production
- Less Chance of Abandonment by the Retailer
How Does It Start?
- Current Physical Inventory
- Review of the Status/Freshness of the Goods
- Trade Outs of Older Merchandise in Favor or New Goods
- Review of Size/Color/Dimension Optimum Inventory
Review Items as the Program Progresses
- Am I Selling More or Less Than When We Started?
- Am I Buying More or Less Than When We Started?
- Did This Improve My Cash Margin?
- Has This Disrupted My Selling Floor?
Negotiating Tips
- Terms on Purchases
- Timing of RTVs
- Marketing Support
- Length of Agreement/Termination
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on July 20, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Dan Jablons
Retail Smart Guys
- Award winning merchandise planner and retail consultant for 15 years in a row
- Piloted some of the industry’s earliest vendor managed inventory programs
- Keynote speaker at many trade shows, including MAGIC, Surf Expo, and Global Pet Expedition
- Has worked with retailers, large and small, nationally, and internationally
- Was amongst the first to work with independent retailers to add technology to their stores to improve their bottom line
- In addition to his retail knowledge, he has also been an actor on TV, you know him as Larry David’s lawyer on Curb Your Enthusiasm
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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