By Crystal Lengua
Selling accessories extends beyond profit considerations (although that plays an important part). Accessories enhance high-value products and hot tubs, attract customers to the store, encourage repeat buying, enable upselling, and provide gifting options. Within the pool and spa industry, accessories play a significant role, as they encompass elements of enjoyment, relaxation, family bonding, self-care, water maintenance and safety (what the industry is all about).
Choosing what accessories to sell, or continue selling, may seem daunting; however, one can use a variety of analysis, data, tools, and other strategies to determine what aligns with their business and target audience. Maximizing sales success entails leveraging existing sales information and involves questioning which products best cater to customers’ needs, budget constraints, and inventory. While cost is obviously a determining factor, it is important to keep in mind that a good product mix can include higher cost, lower profit items. These items, although they may not yield substantial profits individually, can potentially draw attention to the store, thereby facilitating the promotion of higher profit items.
When creating or forecasting a sales plan, one must consider the bigger picture. Knowing what to sell goes beyond simply having sellable items; it is also about overall inventory management. Poor inventory management hurts cash flow, and failing to stay updated on supply chain disruptions, industry trends and customer purchasing habits can lead to challenging situations. It is essential to avoid being burdened with obsolete inventory that is just sitting around. Duplicate inventory purchases can occur when regular reviews are neglected, and the risk of missing inventory arises when proactive forecasting is overlooked.
Here are some methods for businesses when selecting what inventory items to stock (and when):
Basics, point-of-sale (POS), upsell, and big-ticket items
These are no brainer additions. They range from essential items, such as hot tub steps and cover lifters, to more indulgent offerings such as spa scents. These are items customers naturally expect a pool or hot tub store to carry, much like chemicals. This category includes boosters, handrails, towel holders, and umbrellas, which are known to have steady sales and also create opportunities for upselling in conjunction with big-ticket items such as pools and hot tubs.
In addition, it is crucial to consider point-of-sale (POS) items strategically. Store owners should ask themselves which small, inexpensive items can be placed near the cash register to encourage quick purchases. Maintaining a changing rotation of these items is advisable to pique customers’ curiosity and prompt them to get in the habit of checking out “what’s new” each time they make a purchase. If the product selection remains static, customers may eventually start to overlook them.
Use internal analytics, data, and forms of analysis
Individuals have a wealth of communicative data right at their fingertips. By looking at past sales and customer purchasing patterns, one can identify the top-selling items, as well as those that have performed poorly by looking at inventory turnover rates (calculated as Days in Inventory [DSI]: DSI divided by inventory value). This data-driven approach is beneficial when making decisions about what to replenish and which items should go on sale to make way for a new product. Sales forecasting is a necessary tried-and-true planning tool, as it enables businesses to anticipate and meet customer demands while minimizing excess stock collecting dust in the warehouse.
