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December 3, 2024Decoding the Data: How Product Performance Fuels Our Warehouse Sale
Here at Borrow, many faces behind the scenes keep Borrow running efficiently and effectively. One of them is Borrow’s logistics and product manager!
This job at Borrow entails scheduling deliveries, checking products before they go out, purchasing new products, and much more. The one we will be diving into today is analyzing product performance.
PRODUCT PERFORMANCE
Each month, I run a report to assess our product performance. I look at the number of times each item was sold in a specific period, the gross revenue, and the ROI. From there, I analyse whether we need to increase the price, purchase more, or liquidate the item.
This report is reviewed daily to help Borrow make decisions about our product. Are we going to purchase more of an item? Check product performance. Are we going to source an item for a client? Check product performance, and many other times throughout the day. This document guides all new product decisions!
FOR SALE
Product Performance leads us to our annual Warehouse Sale. Items that did not perform well or “pay their rent” on our warehouse shelves are moved into the liquidate category. This doesn’t mean it is easy to say goodbye, as we love the stories these pieces have told throughout many events.
I will be back soon with more insight into the Borrow product process. Cheers to your next furniture find!
Rachael
