One of the questions that always pops up on retail forums is about knowing what merchandise is right for your store, and they’re right to ask this. Getting the merchandise right is going to be a huge factor in your success, maybe even the biggest factor.
But it isn’t just about what you put on your shelves, it is also about choosing the right vendor, the standards you put in place and all sorts of other variables.
Basically, there is a horizon full of factors that need to be considered when setting up shop. Don’t despair, though, because we have come up with a menu full of food for thought that will hopefully help you ascertain what decisions you need to make when buying merchandise.
Always Consider The Customer
The best way of knowing what to stock in your store is to properly understand your target audience. This isn’t as impossible as it may sound. It could be that you look at current trends and focus on a niche area within this, or it could be that you use a trial and error strategy by keeping a close eye on what sells and what doesn’t.
If you sell jewelry, and you know that rose gold is all the rage, then stock up on rose gold plated jewelry your clients will love | ELF925. As a golden rule, though, don’t buy based on what you like. Buy based on what they like, what they are buying or what the big trends are telling them to buy.
Your Best Friend Is Value
All too often retailers think that value means cheap. It doesn’t. Please don’t fall into that trap. Value means getting the best something for that price. People know that something cheap is less likely to last long, which means they will probably end up buying it for longer. So latch onto that fact and celebrate it.
Look for deals among suppliers, or manufacturers getting rid of stock or overstocking opportunities, anything that will keep your buying prices down. This will then allow you to offer your customers better value too, and that is often the thing that will separate you from your competitors.
Always Consider Your Supplier
Another big factor always worth considering is what your supplier or vendor offers you. It is all well and good going with a vendor that offers good brands or great prices or even a vast selection of products, but don’t overlook their service. Their service affects your service in the same way their quality control affects yours.
Do they always deliver on time? Do they offer refunds? What authorisations do you have to go through? Is it easy to reorder with them? Do they support your store? Can you trust them? All of these things should weigh in when considering a vendor because all of these things will affect your bottom line, and that is all that matters at the end of the day; your sales, your profits, your margins.
Know How A Brand Fits With your Store
This can be a tricky thing to balance because, while some brands may be big-sellers, they may, in fact, harm the reputation of your store. A great way to know if they will or won’t is to look at the other brands you stock in store, make a list of which ones are popular and then list some features about that brand.
From there you can get an idea of what will or won’t fit in with the rest of merchandise. How you brand your store is just as important as the brands you carry; remember that.