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Retailer’s Digest: 6 Ingenious Techniques To Keep Your Biz Fresh, Fruitful, and Forward-Thinking

by • October 7, 2015 • Featured Articles, Merchandising + Trends, Retail NewsComments Off on Retailer’s Digest: 6 Ingenious Techniques To Keep Your Biz Fresh, Fruitful, and Forward-Thinking3520

Compendium of Champions: Our Best Insider Info In One Epic(-ly) Concise and Readable Retailer’s Guide. Even The Most Sagacious of Shop Owners Will Want to Reexamine These Stats, Strategies, and Decisive Resources.


The U.S. retail economy is trending upward like whoa: 2015 may bring the biggest boom in nearly 10 years—the fifth consecutive year of growth in brick-and-mortar sales. Ergo, all retailers must prepare their shops for a continued upswing by stocking their shelves with more on-trend products that provide the highest margins. How, you ask? Master the following tricks of the trade and you’ll be sitting in the catbird seat.


1. Visual Acuity Test: How Products Are Displayed Drives Sales

visual merchandising

Strong Visual Merchandising is targeted, tidy, and intentional—from the outer windows to the inner floor plan. Likewise, give yourself permission to be witty and whimsical. The goal of visual merchandising is to set a mood for the customer experience as a whole and tell a story about who you are and why your products are new and noteworthy. Once you’ve grabbed a shopper’s attention, hold sway by stimulating all five senses (sight, smell, sound, touch, and yes, even taste), and figure out how the placement of fixtures, promotional displays, and signage can motivate a sale.


2. The Myth of Retail Margin

Fiction: low-priced wholesale items with high margins aren’t good for business. Fact: retailers who rely on high-margin inventory achieve greater success and sturdier sales when sourcing products for their stores. Lowering the price you pay at wholesale is a crucial step. If you buy items priced at a lower wholesale price point, then you can markup your retail price well above average.

wholesale high margin retail

Consider where you source your inventory as a factor in your retail profit achievement: if you source from trade shows that are known for selling with the intent of high-margin markup—such as ASD Market Week (ahem)—you can purchase with assurance.


3. Set Yourself Apart: Private Label Is the Future For Independent Shop owners

Speaking of profit margins: they’re usually much higher on private label goods–and the promotion you receive can expand your brand beyond a local customer base. Customers want something different, and private label is about diversifying your product and building something special. First, choose the product you love. Then collaborate with the right supplier partner to develop an effective marketing plan to showcase your product on store shelves, your website, and social media channels.

Pssst: At ASD Market Week you can find suppliers that already have completed unique product and can do the design and fulfillment for you.


4. Don’t Just Be Social Media-Competent. Be The Expert.

If you’re not yet on Instagram or Pinterest, you’re in an unfavorable position. Seriously, it’s unbelievably easy to get started, you should sign on, like, right now. You’ll find relevant accounts within seconds. Promise.

retail social media

But here’s the thing: have you heard about Polyvore? It’s a free digital platform that’s geared toward the style, home, and gift communities – and a crucial source of product trendspotting.  

As if you needed more reasons to check it out: the average Polyvore user is 84% more likely to have shopped online in the last 30 days—and the average order on the site ($66) leaves all other social networks in the dust. This means that product trends that rise to the top on Polyvore are more than just theoretical – they are very likely to result in an actual purchase by active and influential shoppers. The fact that these product trends are actionable strongly indicates that you may want to consider carrying these items in your shop.

Oh, and don’t forget to set aside daily time for Google. You can browse top blogs in your industry even before you down your first cup o’ joe in the morning. Play around and be creative. Then use the search engine to pinpoint specific products and pricing. You can cross-check the trends du jour then circle back to online retailers. Amazon and Walmart are go-tos for a competitive price check/more detailed list of features.


5. BTW: Facebook’s Still Cool—and Has 3 Incredible Marketing Features You Should Use Pronto

A recent Shopify study showed an overwhelming 85% of all social media e-commerce orders came from Facebook in 2014. With the Conversion Tracking feature, retailers can track sales directly from within the dashboard, and improve their campaigns for optimal sales. With the proper set-up, you can effortlessly create your ads, target your audience, and increase your chances of scoring success.

There’s no better time than the present to begin your Facebook ad campaign. If you’ve been on the fence, then go ahead and take the plunge.


6. Faire des Recherches

product trending

That’s French for: Do Your Homework. In case you missed numbers 1 through 5, there’s one amazing place—{COUGH}— where all the experts come together: ASD Market Week.  If you’re planning to attend, make the most of your trade show experience by front-loading your budget and travel arrangements. Also, make your wish list of vendors and appointments well ahead of time. Source product trends in advance using—you guessed it!—Google, Pinterest, Instagram, and Polyvore.  That way you’ll be able to actually have fun while you’re there.


Looking to gain more knowledge like this and fill your shop with the right high-margin inventory? Get your free ticket here to the next ASD Market Week in Las Vegas – it’s a B2B merchandise trade show and retail education conference in one! 2,600+ booths of fashion accessories, beauty, gifts, novelties, general store, and much more.


 

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