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Tag Archives: product sourcing

  • The Risk Of Bringing In A New Product, And Why It's Important To Take That Risk

    It can be equally exciting and overwhelming when looking to update your inventory with new products. The desire to support local makers can often be overrun with seemingly endless options that may fly off the shelves or fall flat.

    AfterShokz— Bone Conduction Headphones

     

    So when and why is it important to take that risk, and better yet, how? Here are some sample scenarios and suggestions worth considering when weighing the pros and cons of ordering new products:

     

    Stay ahead of competition

    Don’t wait until you see a new product in a competitor’s store to decide whether or not to carry it. Rather, be the store worthy of emulating. By regularly freshening up your inventory with what’s new, customers will begin to think of your store as the go-to spot for unique gifts, whether browsing for themselves or for others, even if they don’t know what they want before visiting.

     

    Keep displays fresh

    The point of sale begins with foot traffic, starting with your window and sidewalk displays. Giving new products prime real estate will draw the attention of both current and potential customers alike while also making regular passersby feel like there’s always something new and exciting happening in your store, which there is and will be.

     

    Attract new customers

    Don’t think of introducing new products as replacing old ones. Fill shelving and product line gaps with a small batch of trial-runs that could diversify your inventory and, in turn, your customer base. Then, put those social media channels to good use promoting any new attention-grabbing products and lines.

     

    Increase customer loyalty

    Just like customers have brand loyalty, they will come to develop maker loyalty, so adding new products from makers you already carry will attract the eyes of your not-to-be-overlooked existing customer base. Likewise, a trusted partnership can also pay off for the retailer, maker, and distributor when it comes to learning about new products.

     

    Fill in the blanks

    Even tried-and-true products can feel stale to regular customers if not supplemented with complementary merchandise. Don’t even hesitate to pick the brains of those who are buying the staples from your merchandise to figure out what else they are buying or looking for at your store and others.

     

    Create demand

    Sites like The Grommet add new products every week, making it exciting to check back to see what makers are adding to the line. Similarly, the more often you update your inventory, the more often customers will be drawn back to see what’s new so they don’t feel like they’re missing out.

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