I always get left with lots of stock at the end of the season -What should I Do? 

image of inventory
  1. Make sure you set yourself a stock budget at the start of every season and review it monthly.   
  1. Plan out your product line carefully into the lines that continue for ever and the lines you want to sell out of.  This will help you to forecast. 
  1. Don’t commit to everything upfront.  Work with your suppliers to understand lead times and the lines they always have in stock. 
  1. Start to target your products on the “sell our rates” you want to achieve.  This is the percentage of stock you want to sell out of by the end of the season.  For your high seasonal heat lines this number should be very high. 
  1. If you have a sized business take time to scrutinise your size profiles to ensure what you are selling lines up with your buy. 

Planning your Merchandise strategy (how much stock you need to support your sales) is crucial especially at the moment when trade can be so unpredictable.  Excess stock is becoming a big problem throughout Retailing and unfortunately this has led to the demise of many big High Street Retailers.  Having a clear strategy and being considered in where you are putting your buys is now a crucial part of Retailing.  Min2Max can help you get your stock in the right place and free up cashflow. 

My shop doesn’t have enough of the right customers – how can I attract them? 

  1. Is your shop clean and tidy, the glass & signage clean and the window displays engaging? Do you have new and exciting products to sell? 
  1. Does your window attract your target audience? Ask customers for feedback – what brought them into your shop today? 
  1. Is the store accessible to pushchairs and wheelchairs? Can customers access the store easily? 
  1. Get online and engage on social media, pick one or two channels that you feel connect with your target audience. We can support you with ideas and ways for building your social following. 
  1. Measure your conversion! (The number of purchases made divide by the number of people who enter the store) Evaluate a good day – what actions did you take? What did you do differently? 

My retail store isn’t very profitable – what should I do? 

  1. Review your strategy! 
  1. Be super clear on the customer segment you are appealing to. 
  1. Buy your product to suit this customer 
  1. Visually present the package to encourage interest throughout the store/website 
  1. Create a trading plan to understand the highs and lows of the season and how you will attract footfall 

Strategy is important to ensure you can stay on track and true to your business. It is very easy to get caught up in the next new thing however if this isn’t consciously considered as part of your retail strategy you could be making expensive unprofitable mistakes.  

Each retailer has a different trading season, it is paramount to have a clear picture for your business and plan accordingly. Quite often too much stock is purchased and delivered at the start of the season, reducing cashflow. This can also reduce the seasonality of your store and the return visits of your customers. 

MIn2Max can help! We can conduct a deep review of your business and find the opportunities that you might be missing.