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Your Money Moment – New Years Resolution: No Returns, No Exchanges

Your Money Moment – New Years Resolution: No Returns, No Exchanges

Originally posted on http://www.theopticalvisionsite.com/ By Cathy One area of inventory management that we challenge eyecare professionals to do in 2017 is to eliminate returning and exchanging eyewear. Unfortunately the advantage of Being Able to Return Product costs everyone. Suppliers, eyecare offices and even the consumer. It is an inefficient way to do business, because the buyer is not accountable to make good buying decisions. I don’t care if the rep says if it doesn’t sell you can always return it. Remember every time you have to return a frame, you are losing money. I would challenge you to look at your return rates, your vendors all track this. If you have a return rate over 8%, you need to fix it. High returns could be due to a myriad of reasons: Poor Buying Habits, Poor Inventory management. Not buying what sells. Staff lack of education about the product. Staff/buyer turnover. Not enough product representation on the boards. Lack of commitment to the product. Too much product on the boards in order to get inventory turns. Product is Not merchandised effectively. Product is not shown. Product is over-priced for what it is. Fear of selling the product. Prejudging...
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