What is Merchandise Management in Retail? Explained

Merchandise Management is the comprehensive process of planning, acquiring, displaying, and selling a retailer's products. This strategic approach involves overseeing the entire lifecycle of merchandise, from selection and procurement to inventory control and sales optimization. Merchandise management aims to align product offerings with consumer demand, market trends, and business objectives. Retailers employ various strategies, such as assortment planning, pricing, and inventory management, to ensure that the right products are available in the right quantities at the right time and place. Effective merchandise management is crucial for maintaining customer satisfaction, maximizing sales, and achieving overall business success.