Online Sales Trends – Size Matters
E-commerce revenue from the apparel and accessories industry is growing at 44% annually in the United States. By 2016, e-commerce apparel and accessories are expected to tally $73 Billion in sales, accounting for more than 20% of all U.S. online retail sales.
45 – 90% of all business expenses are a result of inventory costs. As a business owner you need to minimize costs, maximize revenue, and increase turn by making informed decisions about how many of each size to produce or carry.
Carrying excess inventory results in an additional expense for your business, which reduces your bottom line. Not carrying enough of the right products causes lost sales and gives customers the impression that your business is poorly managed.
A surprising find was how you label your product size does matter. Abbreviated size labels generate up to 38% more revenue than spelling out the size product labels.
Making smart purchasing or manufacturing decisions could be the difference between success and failure. As you look to increase profit, seemingly insignificant manufacturing and purchasing decisions are often overlooked. Using product-level data lets you prevent lost sales and excess inventory by making data-driven decisions.
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