We’ve listed everything you’ll need to navigate market, including a few quick tips. Now that you've become a buyer, here are your next steps.
Open-To-Buy refers to the amount that you can spend for merchandise within a specific time period, as determined by the Dollar Merchandise Plan. Calculate your Open-To-Buy to keep your merchandise investment in line with your merchandise dollars.
Your Open-To-Buy is the amount of planned purchases that have been budgeted for a given period of time, minus the actual orders (on order) that have already been placed, but haven't been delivered. Open-To-Buy may be expressed in dollars, units or both.
Open-To-Buy is like your checking account. Your purchases are deducted from your balance. For each month in your six-month plan, allot an amount for retail purchases. Because most merchandise orders are not received as they are placed, keep an eye on your balance. Information from unit control can help you calculate your Open-To-Buy.
Beginning of the month dollar inventory
- Retail sales
+ Purchases
- Markdown $
= End of the month inventory
When writing orders, detail the following:
Original order forms are given to the manufacturer. Duplicates are needed for the receiving and accounting departments. Use the third copy to determine:
Until an order has actually been placed, you're free to change your mind about the order. Once the order is placed, it is considered a contract between the store and the vendor, and you have committed to receiving the merchandise.
Showrooms recommend that you write the orders and leave them before you leave market.
When you write orders, include brief notes about the merchandise. These notes may help salespeople, as well as advertising and display departments. Note expensive items bought for special customers or items that will be used for events. Take quick photos to review merchandise. Just ask vendors for permission first. Write orders as soon as possible to ensure on-time deliveries.
NEVER pack uncompleted orders or line sheets in luggage you check with the airlines.
Request to email brochures or catalogs to your store. Don't weigh yourself down!
A ship date refers to the date the merchandise leaves the manufacturer's warehouse. It does not include the time it takes to arrive at your store.
Always confirm the exact ship date and estimated delivery time.
An "in store" date refers to the date the merchandise will arrive at your store. If you are targeting a specific date, you will need your merchandise at least three to five days before that date. Request in store dates for shipping and write them clearly on each order.