Inventory Projections
CS: What have been your toughest inventory-projection challenges in the past two years, and how have you overcome them?
Hammond: Forecasting for new categories of products is a challenge. That’s when you wish you had that crystal ball. That’s when you need the guidance from your vendors.
To overcome that challenge, we ask vendors for quick turnaround times. So if it’s a new product for us, we’ll buy a bit less, but we’ll be sure the vendor can ramp up production if the item turns out to be a runaway bestseller. It’s a tricky proposition, though. We sell primarily handcrafted items made in the United States. Some of our vendors are working, literally, at their kitchen tables. But the upside is that these small vendors often can give better turnaround time than big vendors. Our artists will work all night if they have to because they often appreciate getting the big orders more than a larger company might.
