Posts by Damon Meadows
When and How New Retailers Should Mark Down Products: Leveraging AI and POS Systems for Optimal Pricing Strategies
In the competitive world of retail, effectively managing markdowns can make or break a retailer’s success. Properly timed and strategically planned mark down can boost sales, clear out old inventory, and improve cash flow. For new retailers, understanding when and how to mark down products is crucial, and leveraging artificial intelligence (AI) alongside point-of-sale (POS)…
Read MoreBuilding a Custom GPT for Employee Training
Programming a GPT like ChatGPT-4o to train employees and reduce onboarding time isn’t just smart — it’s a game-changer. I recently created MelroseGPT for our company, and it can now answer HR questions, explain company policies, and help train new employees and even give you all the ingredients to decorate a tree that looks like…
Read MoreThree Years with AI.
I started using ChatGPT like most people—asking about dinner, weekend plans, and the occasional dumb question for a laugh. Then I trained it on Melrose. That’s when everything changed. While looking for different topics to write a blog on, I came across the instructions Chat gave me on how to train our AI on our…
Read MoreHow Retailers Can Rank First on AI-Powered Web Searches
I came across this article today and it absolutely shocked me. After researching one trillion searches on the internet, 39% of those searches were done with AI. The way consumers search for products and services online is evolving rapidly, thanks to AI-powered search engines. Unlike traditional keyword-based search engines, AI search relies on natural language…
Read MoreUnderstanding the Impact of Tariffs on Retail
For veteran retailers, uncertainty is nothing new. You’ve weathered recessions, changing consumer behaviors, supplier shake-ups, and the digital transformation of our industry. Now, tariffs are the latest challenge, injecting volatility into costs, supply chains, and pricing strategies. The difference today is the speed and unpredictability of these changes, which make long-term planning difficult. But difficult…
Read MoreExciting New Beginnings: Welcoming Licensed Brands to Melrose International
2025 is going to be an exciting year for Melrose as we celebrate 40 years and bring in some big-name licensed collections. We are thrilled to announce that we’re expanding our catalog and our showrooms to include an array of iconic licensed brands—each with their own exclusive collection—bringing your store even more unique, high-quality products…
Read MoreUtilizing AI for Tradeshows and Trending
As trade show season approaches, retailers are gearing up for the excitement and opportunities that come with exploring new trends and making strategic buying decisions. Whether you’re on the hunt for the next big thing in Christmas décor or looking to refresh your product lineup. ChatGPT4o can be a powerful tool to streamline your preparation,…
Read MoreRetail Renaissance: How Independent Stores are Winning with Superior Customer Service
Residing in the heart of downtown Chicago offers me a unique vantage point as the head of marketing and sales, allowing me to closely observe and interact with both big box retailers in the Loop and independent stores on the Northside. Intrigued by the burgeoning “retail renaissance” and the noticeable pivot of consumers towards independent…
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