Running a store is hard work. Making that store succeed is even harder. One of the tricks of the trade that will make or break your business is how well you can stock what people will actually buy and then how you can keep those items in stock while the interest lasts. Sometimes a viral video can kickstart a brand and drive up massive interest in one specific product. That hype can last for a month or two before it dies down.
If you can manage to stock those trending items before the hype dies down, you can enjoy a pretty boost to your revenue and then stock it minimally from there for those who will undoubtedly trickle through later on.
Knowing what to stock, how much to stock, and when to stock items is a must for any successful brand. Knowing how to market your stock so that people are fully aware of what you have available is another important step.
So, how do you begin? Right here by following this guide:
Deep Dive into Research
If you think you can just intuitively select what products and brands you should stock for your business, think again. There are a lot of products out there, and knowing what to stock isn’t always easy. While it may seem like a safe bet to stock only the most popular brands and products, this can backfire on you. After all, if you only sell what everyone else in your industry sells, how exactly will you stand out? You can take a larger profit cut in order to sell items for less, but that only works if you have very high volumes of orders coming in.
For most brands, having a mix of the most popular items and new, trendy products is the sweet spot. To find that sweet spot, you will need to invest in research. There are several ways to do this.
The first is to start with market research. Thankfully there’s a good chance that this research has already been done for you. This is especially true for the fashion and beauty industries. Go through those industry and market reports to fully understand where the buying power is, and who the up-and-comers are. As a bonus, you will also have better insight into the next direction the beauty industry will shift.
The second way to do this is to stay updated on the latest trends. Social media has made trends move at breakneck speeds. Staying on top of them alone is hard enough, but you also need to pick through trends and select carefully. A micro trend is typically so short you can barely even get the product in stock before the trend is over. If you can figure out what fragrances are trending based on big beauty influencers in your area, you can order a select stock from directfragrances.online and start marketing them. If there is demand that outstrips supply, you can take preorders and use that to boost sales quickly.
Talk to Your Customers Directly
Communicating with customers goes a long way – especially for repeat customers. While there will always be people who love to try everything new and have large collections of skincare, makeup, or fragrances, you’ll find the majority of your customers (particularly the older ones) will have found their routine and just need somewhere to go to top up when they are low.
These older customers will have gone through the experimentation phase and are now full of really rewarding insight. So, ask them what products you think need to be in stock. Simply allowing those who come to your store or website to make recommendations can help you increase sales and build thriving customer relationships.
Use Data Analytics
It’s always a good idea to have an online presence. This is because it gives you greater insight into the behavioral patterns of your customers. You can advertise the products you have in store online and then use analytics to see what products get the most traction so you know which ones to stock. You can even get people engaging directly with polls.
Always Go Out on a Limb (Occasionally)
If you find a product that you think is absolutely amazing but doesn’t seem to be doing well in terms of social media presence, go out on a limb and stock it. You will want to do in-house marketing to help encourage people to buy. How you do it depends on your industry. For example, if you have found a great new perfume brand, you can set up a free try station. Advertising these unique items and then allowing customers to try them out can help solidify your brand as being unique, even if you only sell other brands’ products.