6 tips to drive stock turnover
A retailer who turns their stock over quickly is a successful retailer. Fast turning stock is lean and focused with a continuous flow of new merchandise and irresistible displays. So if you want to improve your business´s performance try implementing these top tips.
1. Buy more frequently. Frequent buying leads to happy customers. It enables you to avoid being out of stock and allows you to make room for special request orders.
2. Buy the right quantities. Try to buy the smallest quantity needed for the size of your business. Buying in large quantities to get a discount can lead to sluggish stockpiles offsetting any possible benefit from the discount.
3. Buy the best. In a world of endless choices in every product group, only buy the best. This creates trusting and loyal customers who are willing to spend their hard earned money in your retail outlet. It’s a sure fire way to stand out from your competition.
4. Keep your presentations fresh. Make sure your displays and shelving ends are eye catching and appealing with relevant current themes. Even small displays attract customers especially if you create limited-time deals and promotions.
5. Clear the decks. Get rid of the merchandise that is just sitting on the shelf going nowhere. It is taking up valuable shelf space for merchandise that actually does sell! It is losing value every day so do yourself a favour and move it out through a clearance sale to turn it into cash as soon as possible.
6. Don’t discount too much. Discounting heavily creates bad habits in shoppers as they are reluctant to buy goods at full prices in the hope that another sale could be just around the corner.
So if you want to get ahead of your competition, don’t be afraid to be different! Stand out from the crowd, let your store reflect who you are and you should have the key to the business of your dreams.