What is merchandising? The basic concepts of merchandising that we need to have as entrepreneurs.
Bismillahir Rahmanir Rahim Assalamu Alaikum. Hello everyone Iam Mamun Mia From Bangladesh. My username @mamun442390. Dear Steemit lovers, how are you? I believe you are well. I am well and I hope that you will continue to pray and love me. Today I am going to share a content with you that is. what is merchandising ? The basic concepts of merchandising that we need to have as entrepreneurs. I hope you will benefit a lot from this content of mine.
Merchandising is the process of buying and reselling products to generate a profit. The person who does this work is called a merchandiser.
Merchandising involves determining quantities, managing product stock, creating display designs, developing marketing strategies, and devising discounts and coupons. In a broader sense, merchandising involves retail sales and reaching out to end consumers.
Merchandisers employ various strategies to entice customers to make a purchase. These include window and in-store displays, a strategic grouping of products, well-stocked shelves with clear signage, highlighting certain promotional products, samples, and other freebies, in-store displays, and other in-store advertising.
Merchandising is important for a retailer because it can directly impact sales and customer retention. Whether a store has a physical presence or an online presence, how it presents itself and its products is very important. In a physical store, cleanliness, organization, ease of access, and strategic use of discounts and offers can be the difference between a customer who casually browses once and becomes a repeat customer.
Things a merchandiser needs to know well:
Have an idea about fashion designs or technical sheets, order sheets, manual guides, etc., sent by the buyer.
Have an idea about fabric yarns (knit, woven, sweaters). They need to know costing and back calculations.
Know about quality, price, suppliers, sourcing, and production processes of the textile industry and garment factories. In this regard, you need to know everything from yarn, fabric, garments, production, to consumption and costing.
You need to get an idea about the production time, capacity, strategy, and planning of garments and textile products.
You need to get an idea about the development, approval, preparation, revision, time management, etc., of garment samples, fabric samples, print embroidery samples, trim cards, and sweat cards.
You need to know in detail about buyer order sheets, payment terms, shipments, etc.
You need to acquire the ability to understand and solve problems in fabric production, garment production, print production, washing, material testing of textiles, and garments etc.
You need to know about accessory development, production, price, and supplier behavior. Making a mistake here can cause huge losses to the company.
You need to know the method, rules, and strategies for emailing with buyers and suppliers.
You need to know and understand documents like export import documents, proforma invoices, commercial invoices, packing lists, shipment bookings, final inspections, fire safety, etc.
You need to know how to give yarn bookings, fabric bookings, sample bookings, accessories bookings, etc.
You will learn about each of the above terminologies as you work. Entrepreneurs need to have some idea of everything, especially those who want to become entrepreneurs in the garment and textile sector, who need to know merchandising well.