The holidays are when many stores make the bulk of their profit. Bringing in as much revenue as possible is vital to the success of the company. Therefore, it is critical that stores have the products that consumers want and are willing to pay for. It depends on the kind of retail store that is operated as to what they should have in stock to bring in the customers. Furthermore, retail stores can have combinations of upscale and average items for sale. The following are 5 different kinds of items a retail store should stock for the holidays.
- Upscale Items
Even if a consumer is shopping in a regular store (not a specialty store), the store should have some upscale items. To thwart the possibility of theft, these items should be in locking display cases or attached to a rack using a locking mechanism. Having these might entice a shopper to splurge on a pricey item, like a Louis Vuitton shoulder bag. However, unless the store is strictly upscale, these items should be carefully vetted so the store is offering items that are likely to sell.
- Must-Have Items
Every year there are the must-have items, whether they are for adults or children. These are items that receive so much hype and promotion that everyone thinks they need to have one to give as a gift. People will wait in line for hours and scour the Internet, sometimes paying ridiculous prices, to find the item. Bringing people into the store to try to find the must-have item serves as a way to expose them to all the other items the store has to offer. Many times, this leads to additional purchases by the consumer.
When shopping for the holidays, shoppers many times go in for one or two items but find they need a few more things. This is when the holiday staples come into play. When in the store, the shopper might realize they need wrapping paper, or they might need a crockpot to make a holiday meal. These purchases can help a retail store increase its revenue and have a successful holiday sales season. So, making sure that these items are in stock and even have some variations, is important to the store’s bottom line.
If a store is offering some of the popular items that are on the market at the holidays, they might run out. So, it is important to have options for the shopper. If the company does not have any options for the shopper, they might move on and not purchase anything. For instance, a sale could advertise snowman wrapping paper, but it could sell out because it was highly desired. The store should have other wrapping paper available in the area the sale paper was located. This might prompt the consumer to decide to buy the paper that is in stock.
- Spontaneous Purchases
Retail stores usually have these items located at the checkout. However, they are usually small, impulse items. Stores should consider stocking larger items at the checkout to increase revenue. So, while the consumer is waiting in line to check out, they could see options of more gifts or staple items. While waiting their turn in line, consumers sometimes realize they need one of the items displayed at the checkout. This can lead to multiple purchases and help move stock from the shelf to the shopping cart.
Shopping for the holidays can be strategically planned or a last-minute rush for consumers. Successful retail stores know how to target both kinds of shoppers. It is important to give consumers choices. Whether you are playing on their needs or their wants, stores must be prepared with the right kind of inventory to boost sales and drive in revenue. Retail stores should offer options for everyone and in multiple places, like the checkout lines.
by: Dennis Hung