Are you over invested? I was recently reminded of the concept of “Sunk Cost Bias” and how this state of mind is so relevant to how we sometimes function as retailers. Sunk Cost Bias is when our decisions are tainted by the emotional time, effort and in many cases money we have put into a […]
Tag Archives: retailers
DON’T MAKE ME CHOOSE! Barry Schwartz has a wonderful TED talk titled “The paradox of choice”. One of the significant takeaways from this concept is that too much choice is not always a good thing! Have you heard any of these phrases before: “ I need to properly represent the line” “ Having these items […]
Caught In The Weeds Caught in the weeds, putting out fires, so many ideas but no time get stuff done. Are these phrases part of your everyday vocabulary as a retailer? We have all at times suffered from the “Immagunna” bug. When I have the time I’m gunna achieve this goal or solve that issue […]
Every single retailer I have ever chatted with has overbought inventory at one point or another. This is a fact of life. What do you do when you have too much inventory? There are three main strategies to reduce your excess inventory as a retailer. There’s a fast strategy—most commonly associated with an inventory blowout—or […]