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You Might Just Find Your Next Big Thing in Your Sales Data

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With the holidays over, it’s time to re-order those best-sellers before you do anything else.

What should you reorder after the holidays? With December in the rear view mirror, you are going to need more product. Before you start hunting for those products, however, let’s discuss the most likely place to find the best product for your customers.

If there is one thing technology has provided us with over the last 20 years, it’s performance data. Sometimes it can feel overwhelming, but amongst the selection of information you are provided on a regular basis are some great nuggets that can be the key to the future profitability of your business.

One of those is your sales history.

Product is a funny thing. Despite the variety of people on the planet, we have more in common with each other than we realize. Although there is always a huge range of choice in any marketplace, the truth is the majority of people like the same minority of things. That’s how we get best-selling books, top-rated movies and platinum-selling music hits.

The same is true in your store. A minority of your items are your chart-toppers, and the best way to find them is let your customers tell you.

Let’s go back to December. Chances are you made 20 percent or more of your sales at that time of year. That’s a lot of people telling you what they like in this one month alone — it’s like customer feedback on steroids.

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So before you rush out to source that brand new product you’re convinced you must get, the question to ask is, “Have I exhausted all the sales from the best-sellers I’ve already had?” I’m betting the answer is no, and that if you have a quick look back at those items that sold quickly in December, there will be a good percentage of fast-selling items that you have forgotten to put back into your store.

By all means, look for new items to feature for your clients — they like to see fresh offerings all the time — but it doesn’t mean they’ve explored everything you’ve already had. Take the time to print out your list of fast-sellers that aren’t in-store and fill these gaps first before looking for that “next big thing.” Statistically, you have less than a 20 percent chance of buying right on a new item, so why take the risk when you can increase your odds by backing a sure thing?


David Brown is president of the Edge Retail Academy. To learn how to complete a break-even analysis, contact inquiries@edgeretailacademy.com or (877) 569-8657.

This article originally appeared in the January 2017 edition of INSTORE.

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Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”

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David Brown

You Might Just Find Your Next Big Thing in Your Sales Data

mm

Published

on

With the holidays over, it’s time to re-order those best-sellers before you do anything else.

What should you reorder after the holidays? With December in the rear view mirror, you are going to need more product. Before you start hunting for those products, however, let’s discuss the most likely place to find the best product for your customers.

If there is one thing technology has provided us with over the last 20 years, it’s performance data. Sometimes it can feel overwhelming, but amongst the selection of information you are provided on a regular basis are some great nuggets that can be the key to the future profitability of your business.

One of those is your sales history.

Product is a funny thing. Despite the variety of people on the planet, we have more in common with each other than we realize. Although there is always a huge range of choice in any marketplace, the truth is the majority of people like the same minority of things. That’s how we get best-selling books, top-rated movies and platinum-selling music hits.

The same is true in your store. A minority of your items are your chart-toppers, and the best way to find them is let your customers tell you.

Advertisement

Let’s go back to December. Chances are you made 20 percent or more of your sales at that time of year. That’s a lot of people telling you what they like in this one month alone — it’s like customer feedback on steroids.

So before you rush out to source that brand new product you’re convinced you must get, the question to ask is, “Have I exhausted all the sales from the best-sellers I’ve already had?” I’m betting the answer is no, and that if you have a quick look back at those items that sold quickly in December, there will be a good percentage of fast-selling items that you have forgotten to put back into your store.

By all means, look for new items to feature for your clients — they like to see fresh offerings all the time — but it doesn’t mean they’ve explored everything you’ve already had. Take the time to print out your list of fast-sellers that aren’t in-store and fill these gaps first before looking for that “next big thing.” Statistically, you have less than a 20 percent chance of buying right on a new item, so why take the risk when you can increase your odds by backing a sure thing?


David Brown is president of the Edge Retail Academy. To learn how to complete a break-even analysis, contact inquiries@edgeretailacademy.com or (877) 569-8657.

This article originally appeared in the January 2017 edition of INSTORE.

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Ready to Move? Let Wilkerson Lead the Way

When Brockhaus Jewelry planned their move to a new location in Norman, Oklahoma, owners John Brockhaus and Brad Shipman knew exactly who to call for their moving sale: Wilkerson. "Having worked with Wilkerson before, choosing them again made perfect sense," says Shipman. "And our second partnership was even better than the first." The sale exceeded expectations, thanks to Wilkerson's strategic approach - starting with Brockhaus's existing inventory before carefully supplementing with additional pieces. "They made everything simple," Shipman adds. "From the outstanding consultant to the detailed planning, the entire process was seamless." It's why both partners enthusiastically recommend Wilkerson to fellow jewelers planning a move, remodel, or retirement sale.

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