The other day, I read an article in Retail News Magazine called “The Supply Side” by Jerry Rubin, and thought it was worth sharing. Jerry — a retailer turned wholesaler — offers great insights on how a retailer can achieve success when dealing with their suppliers and customers:
- Small orders indicate to customers your uncertainty about the line. If you aren’t sure about the product, they won’t be either.
- Ask suppliers what their best selling items are. If they steer you in the wrong direction, they lose too.
- Don’t be afraid to buy something truly unique and different.
- If you only sell lower-priced items, customers will buy their higher-priced items elsewhere.
- If product isn’t selling, you must move it (can’t be stressed enough!)
- Trial quantities end up getting lost in your store. If you really like it, give it a fair chance to succeed.
- Listen to what your suppliers have to say. Most know what they’re talking about.
- The same old, same old products will attract the same old, same old customers.
- Never discount a line because it doesn’t seem like a fit (e.g. Even trophy shops can sell jewellery.)
- Minimums are set for a reason: to give the product a fighting chance.
- Don’t wait until the last minute to reorder. Successful retailers know that the last few apples in the barrel never sell.
- Create a distinctive feature area for each line you carry.
- No matter its outward appearance, every booth at a tradeshow contains a diamond (or diamonds) in the rough.
- Look at your store through a stranger’s eyes. Constructive feedback from all kinds of customers will strengthen your brand.
Some incredible points of knowledge for you as a retailer and key ideas we’ve been able to learn from here at Westmount. If you’d like to discuss any points further, we’re happy to converse with you! Contact us at 1-800-561-1951.