By Jim Lewis, CEO Enhanced Retail Solutions LLC Last week I attended the Microsoft Envision event in NYC. This event was designed to showcase how Microsoft has integrated AI into their platform. ERS has been a Microsoft partner for over 20 years and is now part […]
By Lennon Barrow, Business Analyst Intern at Enhanced Retail Solutions LLC. What is consumer sentiment? Consumer sentiment is an economic indicator which measures how optimistic consumers are feeling about the future state of the economy. If consumers are feeling optimistic, then they are more likely to […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Now that Bed Bath has gone to the Beyond, home suppliers are desperately looking for ways to make up that volume. Small suppliers already grappled with this when the management and strategy changed just before the pandemic. Now […]
Inventory Planning There are a million theories on how to improve inventory productivity. And a lot of companies think they must spend a million on a shiny big system to do it. But that isn’t necessarily true. Don’t get me wrong- you need something to automate […]
New York, NY– Enhanced Retail Solutions has updated their popular Retail Primer. The 5th edition is now available on Amazon and Apple books. New sections include price elasticity, a deeper look at integrating demographic data with POS, and a multitude of report examples. The Retail Primer […]
By Rosario Buitrago, Business Analyst Intern at Enhanced Retail Solutions Introduction Finding the right tools to conduct retail analytics efficiently is essential to optimizing business decisions. In the world of data analytics and visualization, Microsoft offers several powerful tools, and the two most popular are Power […]
By Jack Lovely, ERS Business Analyst Intern What is Consumer Experience? Shopping is an activity that comes in many forms. It can be as simple as purchasing products such as groceries, or it can be a social trip to the mall with no desire to spend […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC The number 21 is an important number for many reasons. It can win you a lot of money in Blackjack (or cost you dearly), provide coming of age benefits, is the name of one of Adele’s best albums, […]
By Rosario Buitrago, Business Analyst Intern at Enhanced Retail Solutions LLC Introduction In our fast-paced world of consumption, retail plays a crucial role as the bridge between manufacturers and consumers. The history of retail is a fascinating tale of evolution, marked by changing dynamics between retailers […]
By Jack Lovely, Business Analyst Intern at Enhanced Retail Solutions LLC Targeting Consumers Who does your business serve? Customers. How can they better serve customers? Data. Specifically, demographic data. Companies that are aware of who their customers are can better tailor goods and services to satisfy […]
By Rosario Buitrago, Business Analyst Intern at Enhanced Retail Solutions Introduction Running a successful business requires a deep understanding of the competitive landscape. By closely examining the strategies used by your competitors, you can identify your own strengths, weaknesses, and opportunities. A simple act such as […]
By Jack Lovely, Business Analyst Intern at Enhanced Retail Solutions LLC What is Drop Shipping? Drop shipping is a term that describes a business model that was enabled by technology and virtual marketplaces. It became incredibly popular during the COIVD-19 pandemic. While everyone was at home […]
By Lennon Barrow, Business Analyst Intern at Enhanced Retail Solutions LLC How can I effectively plan inventory? Checking sales trends is crucial for effective inventory planning. Monitoring sales trends enables manufacturers and retailers to make data-driven decisions about inventory management, optimize stock levels, improve forecasting accuracy, […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC In a recent meeting with a retailer, we debated what the appropriate period of time is enough to call something a bonafide trend. The short answer is it depends on the circumstances. Getting it right has a great […]
By Jim Lewis, CEO, Enhanced Retail Solutions As the retail industry continues to evolve, inventory planners are on the move. Sinking ships are having a hard time keeping people, and sound retailers and wholesalers are having a hard time attracting talent with a diverse skill set. […]
By Lennon Barrow, Business Analyst Intern A few weeks ago, we asked ChatGPT about ourselves and inventory management. The responses were fascinating—our new AI friend had a lot to say. Consequently, I was inspired to tackle the age-old question: to discount or not to discount? Retailers […]
New York, NY: Enhanced Retail Solutions (ERS) has been chosen as a top Retail AI Solutions Provider by Retail Tech Insights. ERS is a service-oriented business with the goal of helping retailers, suppliers and brands turn their inventory faster, forecast more accurately and provide deeper visibility […]
Written by a smart server somewhere… There is a lot of buzz around artificial intelligence and ChatGPT. We decided to ask it some questions about ourselves and inventory management. These are questions we asked and the direct responses we got. What is Vendor Managed Inventory? Vendor […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC It’s always been challenging for suppliers to determine demand- and predicting what orders retailers will write. It’s even more complex determining demand across multiple channels. The forecasting logic is not the hard part- it’s the merging of accurate […]
By Lennon Barrow, Business Analyst Intern at Enhanced Retail Solutions Today’s forecast: cloudy and a chance of stockouts. When inventory is out of stock, it means disappointed customers and leaving money on the table. Stockouts translate to lost sales, or what the store could have sold […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Disclaimer: I am not a digital marketing expert, nor do I play one on Disney+. However, our clients know we can visualize and make great use of any data. Lately, we have received several requests to make heads […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC The New Year is a perfect time to take stock of your strategic and tactical business plans. For many of our clients, 2022 was a year of playing defense- a constant battle to track production, monitor sales trends […]
By Lennon Barrow, ERS Intern What are the kids into these days? Even as a member of Gen Z, it can be difficult to keep up the latest trends. To keep it simple, I am summarizing three important factors that influence my decisions as a […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Overview Estimating future sales is increasingly difficult with so many factors to be taken into consideration. The economy, inconsistencies in stock levels, changes in assortments and consumer shopping patterns to name just a few. Most inventory planners rely […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC “When we ship new products, we want to know right away what opportunities exist- good or bad”. That was the answer given when I asked a client this week what information is the most useful to his team. […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC I recently had the honor of lecturing at my alma mater, the University of Florida. We discussed the basics of retail analytics, the tools and roles of retail and wholesale inventory planners. We talked about how merchandise decisions […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Last week we talked about the benefit of creating dashboards that provide actionable insights. In Part 2, we are going to show that action in real world use. Visiting Stores This week I had the pleasure of touring […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC People love dashboards. But unless it is actionable or telling them something they don’t know, they get boring quick. A good dashboard should provide insights that would otherwise go unnoticed. An even better dashboard is one that provides […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Over 20 years ago when I was a buyer, my department was in a real pickle. I inherited some inventory problems and then I made some bad bets that resulted in ugly sales losses. It was a real […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Tis the season for VMI. We are seeing an increase in inquiries from suppliers asking for help to understand how to successfully manage these programs. It requires a combination of skill sets, technology and expertise. For those who […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC More and more of the suppliers in our client base are growing their drop ship assortment. That means they are carrying more inventory. And because their retailer partners generally don’t commit to this product, they are also carrying […]
By Jim Lewis, CEO Please join me in celebrating ERS’ 20th Anniversary! It’s because of our incredible team, partners and especially our engaged clients that we have been able to grow and innovate over the last 2 decades. The personal relationships we have developed are what […]
ERS Internship: The First 3 Days By Jim Lewis, Wenxin (Helen) Qie and Lauren Cohen Every summer at ERS we welcome interns into our organization. They play the role of a Business Analyst and learn multiple facets of our business. It has been extremely rewarding for […]
Diagnosis: Retail Planning Anxiety By Jim Lewis, CEO Enhanced Retail Solutions LLC Disclaimer: I am not a psychiatrist, and I don’t play one on TV. Nor am I a rocket scientist, but it doesn’t take one to see that anxiety is at epic levels. I see […]
Retail Is About Community By Jim Lewis, CEO Enhanced Retail Solutions LLC Retail is about community. Always has been and always will be. It just looks and feels different as we move through time. It probably dates to the Roman Forum. In more modern times, immigrants […]
The Key to Key Items By Jim Lewis, CEO Enhanced Retail Solutions LLC The concept of key items comes up with just about every interaction we have with a retailer or supplier. They may have different terms for them, but they are talking about the same […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC I was an assistant buyer at JCPenney when they made the move from de-centralized to centralized buying. The buying team knew it would make things so much easier and provide a consistent assortment across the chain. It would […]
Measuring Inventory Opportunity and Liability By Jim Lewis, CEO Enhanced Retail Solutions LLC Our superpower is studying sales and inventory at store level by SKU. Our goal is determining the optimal inventory required to generate the maximum rate of sale. With many retailers becoming more cautious […]
The Shared Inventory Conundrum By Jim Lewis, CEO Enhanced Retail Solutions LLC For many years we have worked with clients and brands that sell the same SKUs to multiple retail outlets. They share a common inventory which can make anticipating future needs a challenge. Some retailers […]
Retail Analytics Taking Action By Jim Lewis, CEO Enhanced Retail Solutions LLC At a recent lecture at the University of Florida I provided a very brief introduction to retail analytics. The advancement of technology over the last 20 years has brought increased sophistication to the field. […]
Price Elasticity and the Impact from Inflation By Jim Lewis, CEO Enhanced Retail Solutions LLC There is constant chatter right now about inflation and price increases at every level of retail and wholesale. What inventory planners really want to know is how it will affect sales. […]
Optimize Your POS Reports for Wholesale Business By Jim Lewis, CEO Enhanced Retail Solutions LLC One of the key reasons wholesalers come to us is because they want to get more actionable information from their POS reporting. Their team spends hours and days showing data in […]
The Four Pillars of Success – Part 4 By Jim Lewis, CEO Enhanced Retail Solutions LLC Welcome to the final part in our “Pillars of Success” blog series. Data science is a hot topic and its influence in the retail industry is no exception. Data is […]
The Four Pillars of Success – Part 3 By Jim Lewis, CEO Enhanced Retail Solutions LLC Welcome to part 3 in our “Pillars of Success” blog series. Financial planning is essential not only to determine the funding required to run the business, but for tracking goals […]
The Four Pillars of Success – Part 2 By Jim Lewis, CEO Enhanced Retail Solutions LLC What is fundamentally required to be successful at retail today? The great merchants of yesteryear would tell you all you need is great product. Knowing your consumer and relying on […]
Four Pillars of Successful Retailing – Part 1 By Jim Lewis, CEO Enhanced Retail Solutions LLC As I mentioned in my last blog, I really enjoy watching the numbers this time of year. The last 2 weeks have not been disappointing. I noticed more shelves starting […]
Its a Covid Christmas After All By Jim Lewis, CEO Enhanced Retail Solutions LLC While lines for covid tests may be longer than lines at cash registers right now, there is still a lot to be thankful for. In the face of adversity, retailers upped their […]
The Importance of Tracking Stock Outs By Jim Lewis, CEO Enhanced Retail Solutions LLC I really enjoy tracking sales this time of year. Besides all the numbers getting larger, there’s always an item or two that does far greater than anyone expected. So far, at least […]
The Comparison Game By Jim Lewis, CEO Enhanced Retail Solutions LLC During the holiday season, the conversations of how business will be this year versus last year are plentiful. One camp says compare this year to 2019. Another camp says forget the past and just compare […]
The Importance of Inventory Management in Driving Sales By Jim Lewis, CEO Enhanced Retail Solutions LLC At a recent webinar I attended, several retail investment researchers talked about their predictions for holiday 2021. Overall, they were bullish, and I don’t disagree. On top of a very […]