Secrets To Retail Success: New Products

Posted by Karen Erdelac on Mar 1, 2019

Secrets To Retail Success: New ProductsYour ability to move inventory and constantly rotate stock will directly impact your bottom line.  “Among the top 5% of products that the retailers surveyed sold each month, 59% are new.”  Maintaining a fresh selection is essential in developing loyal customers and avoiding losing out to online competitors.

Always Be Adding Something New

In order to keep your inventory fresh and new, you need to constantly be on the lookout for new and unique products.  This may include visiting trade shows, networking with startups or simply engaging with your customers.  Trade shows offer a wide range of potential inventory and can even give you ideas to create your own unique products.  Engaging with your customers and simply asking them which brands and products they would like to see in your store will help you tailor your offerings to your customer base.  It also helps to encourage loyalty as they will feel like they’re opinions matter.  Since space and cash flow can be an issue for smaller retailers, simply moving your inventory around can give a sense of new.  Bring slow moving inventory to the front of the store or near the register. 

Out With The Old And In With The…Older?

Products, trends and fashions come in and out of style and in some cases digging into older inventory can provide you with vintage products that make your store appear to be on the cutting edge.  Imagine you own a clothing store and you have an old stock of Levi’s from the eighties.  While this may be an extreme case, vintage items from your stock room may bring in more money than they would have when they were new.  Take the time to periodically go through your old stock to see what treasures may lie within.  Displaying an older item or two on a monthly basis can help keep your store shelves fresh.

Create Original Products

The best way for small retailers to compete with larger box stores and Amazon is to create something unique that only you can offer.  Exclusivity is a major selling point.  With that in mind, small retailers should always be innovating and brainstorming ideas for new products.  These items will also help you to increase foot traffic, which can drive sales of other products.  Keep an eye on trends to help you come up with ideas and consider making complementary items or improvements on current products.  If you’re constantly creating something unique you will always have something new to offer your customers.

Bundle Complimentary Items

Bundles can be a great way to provide value to your customers and move inventory.  Packaging complimentary items together at a slight discount can make them more appealing and encourage customers to try new products.  Consider bundling these items creatively into a basket or box to make them more eye catching.  Setting up a display to help move these items and allowing customers to create their own bundles can also be effective. 

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Topics: Retail, specialty retail