Pulse October 2023 | Page 66

AUGUST SNAPSHOT SURVEY

INVENTORY MANAGEMENT

THE AUGUST 2023 ISPA SNAPSHOT SURVEY asked respondents to share details about their
spa or company ’ s retail and product inventory strategies . The survey responses highlight :
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formal product inventory schedules
l
product inventory metrics
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primary leads for product inventory processes
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spa management software
MANAGING PRODUCT INVENTORY is a critical role within any spa . Responsibility for the process differs by spa . The frontrunner to serve as the primary lead for the inventory process was the spa director ( 37 percent among respondents ), followed by the spa manager ( 25 percent ). The majority of respondents ( 70 percent ) opt to include two to three team members in the process .

Q

Who is the primary lead for your spa ’ s product inventory process ?
PRIMARY LEAD FOR PRODUCT INVENTORY PROCESS
THREE OUT OF FOUR RESPONDENTS ( 74 percent ) conduct inventory monthly . A formal product inventory can be a time-consuming process based on the quantity of products and brands carried . Thirty-eight percent of spa respondents carry 21 or more brands within their retail space , and 44 percent carry five or more product lines to utilize within their treatment spaces .

Q

How often does your spa conduct a formal SPA RESPONDENTS are utilizing a product inventory ? variety of metrics to track and evaluate their inventory :
PRODUCT INVENTORY FREQUENCY l 45 percent of spas keep up with sell-through rate l 44 percent said they track minimum stock threshold limit l 37 percent said they track stock-tosales ratio and shrinkage rate
SPAS ARE ALSO utilizing their management software to help with the process : l 87 percent of spa respondents track retail product inventory l 86 percent track product sales l 44 percent track product purchase orders within their spa management software
46 PULSE n OCTOBER 2023