Retail Pro International, the developer of retail management platform software, has announced the availability of Retail Pro Planning, its best of breed sales forecasting, inventory planning, and open to buy software and expert consulting services.
"Retailers are focused on integrating their key business technologies. This is creating a single, unified source of retail data and Retail Pro Planning empowers retailers to do something productive with it," commented Retail Pro International Director of Product Strategy, Kevin Connor. "Retail Pro Planning converts inventory data into actionable insight that helps retailers improve forecasting accuracy, turn, and cash flow, and increase sales and profit."
The software leverages retailers' Retail Pro POS data to forecast future sales and make data-driven recommendations in the areas of assortment, quantity, and timing to optimize inventory purchases. Seasoned consultants with extensive retail expertise provide one-on-one guidance and training to help retailers realise profit potential in their inventory and purchasing strategy.
Retail Pro Planning software and consulting helps retailers analyze their current merchandising strategy to determine:
- Improvements for class performance
- Potential for increased sales
- Capacity for reduced markdowns
- Scope for generating more cash flow
- Expense structure fit for the business
Retailers using Retail Pro Planning experience significant business results, including:
- Increased turn
- More than doubled GMROI
- Substantive ROI increase, frequently ranging from 5 to 12.9 dollars for every dollar spent
"Inventory is a retailer's biggest asset, and changes to a retailer's inventory and purchasing decisions have huge implications for their bottom line," concluded Connor. "If a retailer is not prioritising planning strategy, it will fail to keep up with the growing demands of the omnichannel market. A comprehensive planning solution gives them the ability to adapt to consumer trends, increase sales and reduce the amount of inventory markdowns. In today's industry, retailers can no longer afford to sit back and let it happen, they need to take a forward-thinking approach."