Shelf life and available space on the shelf
Retailers should take into consideration any products in their inventory that have expiration dates and carefully assess how quickly these items need to be sold or restocked. Making notes within the purchasing system is a helpful practice to stay informed about when products need to be cleared from the shelves or, in the case of high-selling items, when to replenish them. It is essential to be cognizant of items with expiration dates and work them effectively into the sales plan accordingly.
Further, retailers should evaluate the available shelf space in their store. If space is limited, exploring options, such as online or ecommerce distributor fulfillment, might be a good idea. Communication with suppliers can provide an idea into the feasibility of whether this approach would work. This strategy can expand the product offerings without tying up physical space (or cash). In essence, it allows customers to purchase items in the store through the website or an iPad, with the products shipped directly to them by another company.
Ask customers directly
It seems like a no-brainer, but there are now more ways than ever to gauge customer interest. Retailers can send out surveys through e-blasts or engage with their customers on social media by asking them questions (e.g. selecting the umbrella colours for the upcoming season). People love to feel included. A bonus to this strategy is asking for feedback, as it will increase social engagement.
As a result, retailers should remember to review their social media analytics for data as well because popular platforms offer a lot of beneficial data
at no cost.
All in all, making informed decisions is always a smart approach (and a good place to start). However, retailers should not be afraid to trust their instincts and take calculated risks when they intuitively sense a potential fit for their business. With a deep understanding of their business, they can make judgements based on their past experiences and feelings. “Market Sense” and creativity are also valuable tools that can catapult them toward sales success. In the ever-changing landscape of multiple product offerings and access to a plethora of fun, new, and unique items, trial and error is often an integral part of discerning patterns in the dynamic world of purchasing plans, particularly in industries like the pool and spa sector.
Author
Crystal Lengua serves as the vice-president of SMP Specialty Metal Products/Ultralift. Her extensive experience in the pool and spa industry spans an impressive 23 years, cementing her status as a seasoned veteran. Lengua’s expertise extends beyond the confines of her office, as she actively engages in in-class seminars and delivers speeches on tradeshow platforms. Further, she has contributed to multiple publications such as Pool & Spa Marketing and Pools & Patios. In recognition of her accomplishments, Spa Retailer Magazine featured her as a “Power Woman” in her field during her illustrious career. Lengua is a devoted mother of four, a student at York University, a yogi, and an advocate for female empowerment. Her educational journey boasts many achievements, including graduation in marketing management, public relations and corporate communications, professional sales, social media marketing, and event management. Lengua also holds a certification in mindfulness meditation from the University of Toronto (U o f T), equipping her with valuable tools for self-care and personal growth.
