Article written by: Haley Young (Retail Operations for ResaleAI & District Manager for our stores)
Age and Allocation:
The Aged Inventory Report is a concise, simple-to-use tool that helps our stores stay consistent and appropriate in our management and replenishment of inventory. This report not only saves time, but also helps us prepare for future floor plans. Additionally, because of this report, we always know exactly what we should be asking customers to sell.
Pictured below is a screen shot captured on my phone, and this is what managers use when they are at the storage units:
Looking above you can notice we have a lot of green! This is a good thing, and we know that these bins are most likely inventory that will sell well when pulled since they were bought so recently.
Green represents bins that are 90 days old or younger.
Yellow is okay if the bin is off-season, and we know that men’s shorts are hitting the floor as soon as we complete the spring floorset. Yellow represents bins between 91 to 180 days old.
Red bins are aged 181 to 365 days, and our goal is to never see red in this report. We have a little red listed above and those bins can be marked “PICK UP FROM UNIT” in ResaleAI immediately.
Dark red represents bins over 366. If we see bins over 366 days old we know we have lost the opportunity to sell them for full price.
I find that this report is not only easy to look over, but it saves a ton of time. It takes considerably less time than the old way of going through each category in the Aged Inventory Productivity Report in Winmark Remote.
This report has also made our Spring and Summer allocation significantly easier. After the floor allocation numbers are plugged in and you count your bars on the sales floor, you are ready to prepare a floor plan. With each category, you have to know how many bins you have in stock for each section you are extending; it is easier to understand, for example, that 10 bins of men’s long sleeves will fill up 4 bars of the floor plan compared to the units listed on the Aged Inventory Report on Winmark Remote.
And finally, one of the most important things to communicate to customers is helped by this report: what is on our Most-Wanted list! We update our Most-Wanted lists weekly so customers can bring in the hottest categories that we need to stock our floor. With this report, we can see in more recognizable terms what we have, how much of it we have, and how much we will need.
I am not exaggerating when I say this report has absolutely changed how I approach inventory, floor plans, and communicating to my staff what to and not to buy.