The Industry’s Problem:
One of the problems weighing heaviest on the minds of retailers is the issue of excess inventory. This problem is seen when retailers buy too many of one style before comprehensively analyzing how these styles will be received by the consumer market. The result is an obvious deadweight to not only the brand’s vitality, but the environment suffers adverse effects as well.
Stopping wasted dead inventory space could equate to the same amount of sales coming into the store as increased foot traffic on any given day. Ways to cut down on inventory space are traditionally taxing on brands, such as ordering bulk fabric and drawing out the body of the garment at a later date, figuring out the style later on then opting for express shipment, and also spreading risk across product assortments so if one assortment goes south, multiple other assortment options can save the unsuccessful options.
All of the options listed above are preventative, yet time consuming and costly measures to rid of excess inventory.
There are methods, though, which do not leave retailers in the lurch.
Spending more time on specs, grading and perfecting fit will ensure more product bought due to higher consumer satisfaction. A serious re-focusing on what retailers actually NEED is crucial. Most retailers and their buyers are quick to diminish their open to buy margins, when in reality that money could be smartly invested in better sizing, more efficient transportation technology, or better product investment.
How can these areas come into effect? A trifecta of three mechanisms working together closely-the designer, the merchandiser, and arguably the most crucial-the consumer themselves. If these three entities can become a vehicle for brainstorming new ways to streamline the problem of excess inventory, each link will find they are saving money, happier with their purchases, and happier with brands themselves.
What can you do?
As a consumer it is so important to consider for yourself-wouldn’t you much rather have the perfect pair of jeans instead of a few “ok” pairs? Wouldn’t you much rather have a handful of go-to, timeless tops than a closet full of clothing that just misses the mark by a slight margin?
These are things to consider when you are making an impulse buy, and if these thoughts are acted on, they have the potential lessen the excess inventory of brands and continue to push them in the positive direction of buying less and decreasing their copious amounts of unnecessary inventory.