What system do you have in place to keep up with sales periods, production and delivery?
A regular calendar just doesn’t cut it when it comes to the fashion business. You’ve probably heard of the retail calendar before. If you’re not actually putting it to use- you’re missing out. Unlike most relics of old retail, the retail calendar is not going anywhere anytime soon. It’s old school but timeless. It’s your go-to tool to get results and tackle sales planning and forecasting like a pro.
Here’s a couple of reasons why you should start using a retail calendar today…
Account for Variations in Time.
If you take a basic calendar and compare this day last year, you won’t get accurate results. However, the retail calendar will give you a clearer picture of the difference between this time this year and this time last year. This is because it accounts for different variations and variables. For example, this year June 12th falls on a Monday but last year it fell on a Sunday. The retail calendar provides the sales day equivalent of today’s date last year instead of simply the same date a year earlier.
The retail calendar is a 4-5-4 calendar. It allows you to compare sales week over week and year over year with comparable periods of time and standardized variables.
Track Holiday Sales.
The retail calendar lets you understand which holidays fall on which days. Not every holiday falls on the same day every year so it’s really valuable for planning. Use your retail calendar to organize sales/markdowns, newsletters, pop-up shops, events and more. When you know when holidays occur over a few years’ time, you can accurately compare sales performance while understanding the how and why.
Of course, different brands are coming up with their own special sales holidays and sales periods these days to shake things up and fare better against the competition. But it’s still important to put a retail calendar to use – maybe even more so now to ensure every new initiative lines up with key dates like delivery times.
Determine Delivery Times.
And on the topic of delivery times, this calendar helps you determine when deliveries need to happen so you can figure out the best week to drop products. Download the National Retail Federation’s retail calendar to start planning production dates for the next few seasons.
See the Bigger Picture.
Add a retail calendar to your fashion business arsenal! You can look at your brand on the macro level- viewing a year in the past, today and two years into the future. Being able to assess this huge chunk of time all at once is really valuable.
Pretty much everything in the fashion industry is accounted for really far in advance because of the fashion cycles. In August, you’re selling Spring/Summer of next year to wholesalers while releasing Fall/Winter online and in stores. You’re also prototyping and developing samples for Fall/Winter of the next upcoming year. Expect to deal with three different seasons at any given time and use the type of calendar that rises to the occasion.
As a fashion brand owner, there are a few calendars you need to have onboard. Get a marketing calendar, one for sales, an accounting/financial calendar, another for operations and – the most important calendar of them all – the retail calendar. Most of these are based on the fiscal year so they’re not a lot of help when it comes to production cycles. But with the right calendars in place, you’ll have a much more accurate interpretation of what’s happened in your business.
Get a good grasp on the past, the present and the future.
There are many moving parts to launching a successful fashion business. Scaling Retail has helped brands big and small launch with the likes of market research, assortment planning, merchandising, wholesale strategy and more. Contact us at firstname.lastname@example.org to schedule your consultation session.