Glew Academy, Video 7: Opportunity Cost and Inventory Data
What is opportunity cost? The loss of potential profit from other alternatives when a decision is made. It's about making the smartest decisions possible - the first time - to minimize your opportunity cost and optimize your capital - money, inventory and time.
If all your cash is tied up in a product no one wants, that's bad. And if you miss out on an opportunity to make more money because you ran out of a high-demand product, that's not great, either. The good news? You can avoid both of these situations with merchandising and inventory analysis.
In our seventh Glew Academy video, we'll be going over inventory data, including sell-through rate, inventory velocity, and more, and how you can use that data to make sure you have the right amount of product to meet the demand of your customers and help - not hinder - your growth.
Pro tip: You'll get more out of this video if you watch the previous videos in our Glew Academy series. Check them out!