Lightspeed(LSPD)

Open-to-buy (OTB) is an inventory budgeting strategy that determines exactly how much merchandise a retailer can purchase over a specific period to meet forecasted sales targets without overstocking. When you are scaling a multi-location business, relying on gut feelings for your purchasing budget usually leads to tied-up cash and dead stock. Let’s break down exactly […]

Whether you run a brick-and-mortar shop, an ecommerce site or both, getting a grip on how your retail business is performing is key to pulling through. When it comes to performance, numbers don’t lie. Are you at a loss with what’s happening in your business? One of the first things you should do is look […]

Accurate demand forecasting is vital for any business to reduce costs and meet customer demand. From qualitative approaches that rely on expert insights to advanced machine learning techniques, demand forecasting methods vary in complexity and application. Merchants can use these retail forecasting methods to gain a competitive edge by aligning inventory with market demand, minimizing […]

What makes a retail business rise above the rest? A well-oiled operation that keeps shelves stocked, prices competitive and customers coming back time and time again. But behind the scenes, it comes down to one crucial piece of the puzzle: the procurement process. Many might simplify procurement in retail to just buying supplies, but it’s […]

A barcode is a way to encode information into a visual pattern (those black lines and white spaces) that a machine (a barcode scanner) can read.

Product cannibalization occurs when a new release reduces the sales volume or revenue of your existing merchandise rather than capturing new market share. You might think you are expanding your reach, but you are actually just shifting your current customers from one item to another. We’ll look at exactly why this happens, how to calculate […]

If you want to sell exclusive merchandise without the massive overhead of running a factory, private labeling is often the smartest route. Private labeling is a business model where a third-party manufacturer produces goods that are sold exclusively under your own brand name and logo. While it might seem complicated at first, taking control of […]

You’ve been thinking about it. You know it’s time. You know your business needs it. You know you need to take a minute to assess your overstock inventory. Holding on to surplus inventory for too long can hurt retailers, but you’re not stuck with stagnant shelves. With the right data and a few tricks, you […]

Inventory management is the backbone of efficient operations and profitability. The way you track stock affects accuracy, speed and even costs, and that’s on top of keeping shelves full. For growing businesses juggling complex workflows, the right tools make all the difference. Barcodes and RFID are two leading technologies for inventory control. Each has its […]

Reporting and analytics are essential to any retailer because they tell you exactly what’s going on in your business. Analyzing your data correctly enables you to make well-informed decisions around things like stock ordering, promotions and staffing. However, having too much data (or worse—looking at the wrong info) can lead to mishaps, stress and a […]

Running a growing retail business takes focus, speed and control. But as sales increase, teams grow and customer expectations rise, the day-to-day work can start to feel heavier. Checkout takes longer than it should. Inventory numbers don’t always match what’s on the floor. Reports take too much time to pull together. Payment reconciliation becomes a […]