Fashion merchandising
Fashion merchandising can be defined as the planning and promotion of sales by presenting a product to the right market at the proper time, by carrying out organized, skillful advertising, using attractive displays, etc. Merchandising, within fashion retail, refers specifically to the stock planning, management, and control process. Fashion Merchandising is a job that is done world- wide. This position requires well-developed quantitative skills, and natural ability to discover trends, meaning relationships and interrelationships among standard sales and stock figures. In the fashion industry, there are two different merchandising teams: the visual merchandising team, and the fashion merchandising team.
The visual merchandising team are the people in charge of designing the layout, floor plan, and the displays of the store in order to increase sales.
The fashion merchandising team are the people who are involved in the production of fashion designs and distribution of final products to the end consumer. Fashion merchandisers work with designers to ensure that designs will be affordable and desired by the target market. Fashion merchandising involves apparel, accessories, beauty, and housewares. The end goal of fashion merchandising in any of these departments is to earn a profit. Fashion merchandisers' decisions can considerably impact the success of the manufacturer, designer, or retailer for which they work.
In essence, they are the backbone of the fashion business, expressing a creative vision into substantial results that drive success. By staying conscious of the latest fashion trends and consumer preferences, merchandising teams make sure that a brand's offerings are not only aesthetically pleasing to their customers, but also commercially viable.
Background
During ancient times, individuals shopped in markets for goods. The ancients were attracted to rare fashions that brought variation and excitement into their lives. These markets have transformed into today's department, specialty, and discount retailers. For many years, businesspeople in the fashion industry were convinced that they could persuade consumers to desire their particular products. Fashion executives had no interest in the needs and wants of consumers. However, fashion personnel realized that they would have to adapt fashion items to the demands of consumers.Rights of merchandising
In modern merchandising, distribution responsibilities are absent, and focus is placed on planning and analysis. A separate team is tasked with distribution. Large organizations separate merchandisers by type. There are retail merchandisers and product merchandisers. Retail merchandisers manage store allocation and must maximize sales. Product merchandisers manage the flow of materials to suppliers and then the flow of product to stores. Product merchandisers then pass control of product to the retail merchandisers.Modern Structure
Many large organizations have concluded that distribution requires highly detailed work and that it is necessary to have a team specifically for that purpose. This is due to the fine details of allocation, which require focus on aspects such as colour and sizes for a specific store. This approach not only minimizes costs, but also extends to areas like better control of the overall process. Organizations that do not conduct distribution this way risk losing control of their stock at both the highest and lowest level. This is a result of the lack of uniformity and oversight.
The distribution team specializes not only in managing distribution, but they are also focused on sales and profit. They employ detailed, accurate information about distribution points sourced from product planners. They possess the ability to manage dynamic stock demands. They partner with buyers and merchandisers for any necessary repeat buying. Though they are positioned to manage stock, they still operate within the limits of the buying plan, and merchandisers ensure they remain within this realm. Buyers provide guidelines for distribution, such as the type of stores where product should be distributed; for example, a product may have only been acquired for the top 3 stores. The team also supports the goals of an organization through being instrumental in responding to trends.
The nature of modern analysis has allowed many merchandisers to plan as much as four seasons ahead, and they are expected to apply the data. This further increases the demands placed on their roles and emphasizes the need to task out minor details that do not require their input or much of their supervision.
Fashion merchandisers follow the five rights of merchandising, or 5Rs, to ensure that they properly meet the needs of consumers; thus, turning a profit.
The five rights of merchandising include:
- the right merchandise
- at the right price
- at the right time
- in the right place
- in the right quantities.