Fashion merchandising

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, business people in the fashion industry have beenconvinced that they can persuade consumers to desire their particular products. Fashion executives had no interest in the needs and wants of consumers. However, personal fashion 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 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 they are required to have a specific task. This is due to the fine details of allocation, which require focus on such aspects as a color 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 this risk of losing control of their stock at both the highest and lowest levels. 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 product sourcing. They have the ability to manage the dynamic stock demands. They partner with buyers and merchandisers Though they are at the heart of the stock market, they still operate within the boundaries of the buying plan, and they will remain within that realm. Buyers provide guidelines for distribution where the product should be distributed; for example, a product has 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 many expectations, and they are expected to apply the data. This further increases the need for their input and their supervision. ^[1]

Fashion merchandisers follow the five rights of merchandising , or 5Rs, to ensure that they meet the needs of consumers; thus, turning a profit. ^[4]

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. ^[4]

By researching and answering the five rights of merchandising, fashion merchandisers can gain an understanding of what consumers want, when and where they want to make purchases, and what prices will have the highest demand. Both fashion retailers and manufacturers use the 5Rs. ^[4]

Manufacturers

Fashion manufacturers practice fashion merchandising differently than retailers. Manufacturer merchandisers forecast consumers’ preferences for silhouettes, sizes, colors, quantities, and costs each season. When making decisions, a manufacturer of merchandisers must keep retailers and end consumers in mind. Following the forecasting internship, manufacturer merchandisers meet with designers to develop products that will most consumers purchase. By merchandising, manufacturer merchandisers determines the best fabric, concepts, product methods, and promotions for products. ^[4] These decisions all contribute to final retail costs, which must be affordable to end consumers.

Retailers

In comparison to manufacturer merchandisers, retailer merchandisers also introduces their process by forecasting industry and fashion trends with their target markets in mind. Sales are predicted in retail dollars and beginning of the month (BOM) stock. Similar to manufacturer merchandisers, retailer merchandisers must make all decisions about the final consumer. Decisions are made on the past, present, and future of the economy, sales, industry and fashion trends, region and world events, and the fashion cycle. When selecting merchandise, retailer merchandisers will consider their target markets’ color, style, size, and cost preferences. Once accurate decisions are made, retailer merchandisers will order goods from vendors or produce private labels . ^[4]Following shipment, seasonal appetizers are strategically arranged on sales floors, or visually merchandised .

Education

The field of merchandising is less competitive than buying. Individuals interested in building a career in fashion merchandising should earn an associate’s or bachelor’s degree in fashion merchandising or a related field, such as marketing. Relevant courses include, but are not limited to, fashion, accounting, marketing, advertising, management, and psychology. In addition to schooling, those aspiring to work as fashion merchandising should gain retail work experience. It is highly recommended to read fashion trade magazines such as the Business of Fashion Gold Drapers. ^{[3] [5] [6]}

Careers

Fashion merchandising careers are as follows:

• Buyer: Develop six-month buying plans and order assortments for each season. The latest fashions for stores. ^[7]
• Account executive: The link between manufacturers and buyers. Handle several retail accounts, present manufactures’ lines to buyers, and relay fashion and promotional information. ^[7]
• Store manager: Hiring, training, and overseeing employees. ^[7]
• Merchandise coordinator: Responsible for visual merchandising. A connection between the manufacturer and retailer. ^[7]
• Showroom manager: Display fashion lines, present collections, and manage multiple retail accounts. Also, manage expenses and ensure profitability. ^[7]
• Merchandise planner: Assist a fashion company with meeting objectives through technologically and mathematically calculated solutions. Further, discover trends, develop financial plans, and determine merchandise reorders. ^[7]

References