By Jake Frimmer, ERS Business Analyst Intern In today’s fast-paced retail environment, the ability to make informed decisions quickly can set a business apart from its competitors. This is where data analytics comes into play. By leveraging data analytics, retailers and their partners can transform raw […]
By Jake Frimmer, ERS Business Analyst Intern Having worked with ERS for the past six weeks, one of the most important things I have learned is the critical role of effective inventory management. This practice, when executed well, can significantly contribute to business success. It is […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC I’m a big fan of Independence Day week. Besides being able to satiate my carnivorous habit (we miss you J.B.), it’s also the anniversary of ERS. It’s a time to reflect on our accomplishments, challenges and think about […]
By Jim Lewis, CEO, Enhanced Retail Solutions LLC We’ve all been there. We think our product is the best thing since sliced bread. The designers created a masterpiece. The sales team says how high is high. Owners take the risk and produce a lot of inventory. […]
By Jake Frimmer, ERS Business Analyst Intern Walking into the ERS office on my first day, I felt a mix of anticipation and curiosity. I was met with a warm welcome from the ERS team which allowed me to settle in easily. It is clear that […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC At a recent meeting a financial planner asked me how to plan inventory when you can no longer rely on history. Just about everybody, and every system uses historic sales as the basis for predicting future demand. What […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC In the last few blog posts, we have discussed different strategies for tracking product performance. In this episode we will focus on how important the time component is in tracking and inventory planning. As the adage goes, time […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC It’s essential in inventory planning to constantly optimize the merchandise assortment. Last week we talked about determining item or program performance regardless of when it started selling. That lets you determine whether a program was better this season […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Even the best inventory planners suffer from retail amnesia. The level of amnesia depends on how many products there are and how often new ones are launched. Inevitably, the question arises- how does the performance of this new […]
By Lennon Barrow, Business Analyst Intern at Enhanced Retail Solutions LLC In the dynamic realm of business, one fundamental truth remains unchanged: the paramount importance of customer service. Beyond merely addressing inquiries or resolving issues, exceptional customer service embodies a company’s commitment to customer satisfaction, loyalty, […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Last week I attended the Inspired Home Show (formerly known as the Housewares show). I had attended the show for at least 15 years prior to the pandemic. It was always my favorite of all the trade shows […]
Usually in this blog I talk about inventory planning and retail analytics. But this post is personal. Not just to me, but to hundreds of students that have had the privilege of being in the presence of greatness. The greatness I am referring to is Cece […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Last week I had the opportunity to connect with several colleagues that I hadn’t talked to in a while. Some are in a new job, some in their same job and some are looking for a new job. […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Smart retailers will take inventory from anywhere within their sphere to make a sale. If an online customer wants an item and it must be pulled from a store, so be it. I get it, anything to make […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC There’s a lot of talk about AI, and most people don’t really know how it can help or hurt their lives. In the business world, a set of digital eyes can be very valuable. That sounds very generic […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC We all know that turning inventory is the key to any successful retail business. Planning inventory involves many steps. Allocation by location can make or break sales. Studying geographic and demographic trends is a great way to improve […]
Happy Holidays! To all our employees, clients, subscribers and partners around the globe, thank you for your support! Our gift to you is our recently updated Retail Math “Cheat Sheet”. It includes retail acronyms, terminology and formulas. Whether you are new at inventory planning or a […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Okay, it’s not 2 days, it’s more like a month-long event now. Regardless of how many days it is, the combination of Black Friday and Cyber-Monday is a huge percentage of most retailers’ business. How it will affect […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Just about every company does it. Using retail analytics to answer a specific question on Monday morning. It’s the most fundamental question of running a business: How was business last week? Answering that question can be very simple […]
By Lennon Barrow, Business Analyst Intern at Enhanced Retail Solutions LLC On today’s retail menu, we are exploring a recipe for success. Essentially, it boils down to portion-control. Just as a chef controls the portions of each ingredient in a recipe to ensure that each dish […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC Ladder plans, waterfalls, weekly planner- whatever you want to call them- should be a vital part of your inventory planning process. We call it Item Planner. It’s one of the most searched for and visited pages on our […]
By Jim Lewis, CEO Enhanced Retail Solutions LLC I recently attended Toy air in NYC. It was great to catch up with clients and prospects. But the best part was seeing all the incredible products. The toy industry has always been very innovative and this year […]
By Lennon Barrow, Business Analyst Intern at Enhanced Retail Solutions Merchandise planning is of paramount importance in the retail industry and plays a crucial role in the success of a business. To put it simply, merchandise planners on both the wholesale and retail side seek to […]
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 […]