《My Memoirs》05.11 | The Core Variable: SKU Structure vs. Margin

《我的回忆录》05.11| 核心变量：SKU结构 vs Margin

SKU结构看起来是在优化利润，但在扩张阶段，它更像是在放大风险。我们都知道SKU结构是核心变量，但在实际操作中，问题往往是这样出现的，当SKU结构失衡时，margin不会下降得很慢，而是会突然失控：

• 为了快速起量，用高revenue SKU去换低margin

• 极个别SKU贡献过高销售占比（这不是优势，而是风险信号）

• 新品跟不上节奏，无法适应市场变化

• 滞销SKU堆积，没有及时处理

这些问题的本质，不是运营失误，而是结构失衡。

👉 经验告诉我，主力SKU贡献的margin 和revenue，需要在一个合理的范围，不是越高越好，风险类似把所有鸡蛋放在一个篮子里，坍塌的一天将是致命的打击。

所以，底层的支撑系统必须进行实时监控：

📍 建立核心SKU 和 测试SKU的结构

📍 SKU分级及淘汰机制

📍 设定新品替换节奏，建立SKU复盘体系

📍 控制供货商及渠道依赖程度

后来我弄明白了：产品结构决定盈利能力，而不是单一margin。任何时候不能把赢利点集中在某一个地方，必须有整体健康的结构来支撑，这样才能让margin健康成长。

👉 因为：真正的风险，从来不是margin低，而是margin过度集中。一旦核心SKU失效，盈利能力会在短时间内被击穿。

在零售这条路上，用我12年的真实经验，陪你少走一些弯路。——Lily

《My Memoirs》05.11 | The Core Variable: SKU Structure vs. Margin

At first glance, SKU optimisation seems like a way to improve profitability. However, during periods of growth and expansion, SKU structure is often more about managing risk than maximising margin.

We all know that SKU mix is a critical business variable. Yet in practice, problems tend to emerge in a familiar way: when SKU structure becomes unbalanced, margin rarely declines gradually，it can deteriorate very quickly.

Common warning signs include:

• Trading margin for revenue by relying heavily on high-volume, low-margin SKUs

• A small number of SKUs contributing a disproportionate share of total sales (this is not a strength, but a risk signal)

• New product introductions failing to keep pace with changing market demand

• Slow-moving SKUs accumulating without a clear exit strategy

At their core, these are not operational mistakes，they are structural imbalances.

👉 Experience has taught me that the contribution of core SKUs to both revenue and margin needs to remain within a healthy range. Bigger is not always better. Over-reliance on a handful of products creates the same risk as putting all your eggs in one basket. When that basket fails, the consequences can be severe.

This is why the underlying support system must be continuously monitored:

📍 Maintain a balanced structure between core SKUs and test SKUs

📍 Implement SKU classification and exit mechanisms

📍 Establish a disciplined new-product replacement cycle and SKU review process

📍 Control dependency on individual suppliers and distribution channels

Over time, I came to realise that profitability is driven by product structure, not by the margin of any single SKU. A healthy business cannot rely on one product, one category, or one source of profit. Sustainable margin growth comes from maintaining a balanced and resilient portfolio structure.

👉 Because the real risk is rarely low margin. The real risk is margin concentration.Once a core SKU loses relevance or performance, profitability can be compromised far more quickly than most businesses expect.

If you’re on a similar journey in retail, you’re not alone — we’ve been through many of the same challenges. Always happy to connect. — Lily

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