Blog

Indifi Technologies Business Loan Blogs

Tips On How To Maintain The Best Mix Of Stock
28 Dec

Tips On How To Maintain The Best Mix Of Stock (Retail – Accessories)

Tips On How To Maintain The Best Mix Of Stock

Tips On How To Maintain The Best Mix Of Stock

Maintaining the best mix of stock or merchandise in retail for accessories is basically about keeping a regular flow of the depth and breadth of the products available. There are five ways in which a retailer can ensure that he stocks up on the best mix of accessories and that is by ensuring that he has the right stock, right place, right quantities which are selling at the right price at the right time.  Hence, ensuring that surplus or redundant inventory or stock is liquidated in as smart ways possible is essential to ensure that the best mix is always maintained as we live in an era of consumerism where accessory trends are fast-changing. 

Tip 1:  Keep a Discount on Old Stock of Accessories

Decluttering and making space for new stock is essential and that is why it is even more essential to plan for a strategic way to dispose of the previous old stock. Consumers love discounts, and what better way could it be than to pass good discounts and offer schemes on accessories to the shoppers who wouldn’t mind splurging on low-cost accessories.  In fact, you can sell them in offers, like a buy 1 get 1 free or a bundle offer or even as an incentive.  The accessory merchandise is a dynamic one, with trends changing every other month.  Hence, finding ways to sell the old stock to the customer through online sales or offering attractive discounts is a good way to ease the existing old stock and pave way for the new in order to maintain the best mix of accessories.  

Also Read: 3 Changes Retailers Must Make To Prepare For The Future

Tip 2:  Stocking Smartly

If you stock too much variety of accessories, then this might act as a deterrent by confusing the consumer.  However, on the contrary, if you have limited stock of accessories than your retail outlet could be at risk of losing out to competitors who are well-stocked.  Hence, it is important for the retailer to understand what the business metrics are like in order to figure out what all accessories to stock. Aspects like your category analysis, price-point analysis, inventory status, square-inch analysis and overall margin percentage- can help you decide what goods are optimal for you to stock on.  

Also Read: Managing Operational Challenges In Retail Shops

Tip 3:  Research Your Customer Base

It is essential to survey and research the pattern of your customers and thereby extrapolate what kind of accessories they are most likely to purchase in the future.  Predicting what the customer wants is very difficult; instead, you can conduct a survey or a questionnaire where you can ask them about the kind of accessories that they are most likely to buy. This can provide a perspective in figuring out the right stock mix which aligns with your customer base and ensures maximum sales.

Also Read: Tips On How To Maintain Best Mix Of Stock (Retail-Mobile)

Tip 4:  Understanding Your Category

It is imperative to understand what category your retail outlet falls under and what accessories align with your company image.  Your product offering should tell a story and be of value to the customer. How should your customers view you- as a Destination Category (a store that offers accessories that no one else does), as a Routine Category (a store that has regular accessories that are mostly on the shopping list) or as a Seasonal Category (a store that offers accessories that change with the seasons). This understanding of category will definitely help the retailer in maintaining the best mix of accessories in stock.

Also Read: How To Run A Successful Retail Business?

Tip 5:  Having the Right Stocking Tools

Once the retailer understands the category that it stands for, then the next step is to maintain the right mix of accessories and for this certain merchandising or stocking tools are required.  The Assortment Planning Software is a pretty useful investment as it not only ensures that your costs are covered, but it also factors in customer satisfaction.  

Hence, in order to ensure that your retail outlet has the perfect mix of accessories and its stock, then it is essential to first find out what category you are catering for, understand the psyche of your customer and their choices, stock smartly, dispose old stocks to make way for newer and latest accessories and manage all this by leveraging the right and latest Stocking Tools. 

Also Read: Benefits Of Starting Offline To Online Business – Retail

Collateral is one of the biggest problems for retail store businesses looking for loans. Our unsecured loan solution eliminates this barrier and allows you to achieve your business goals in a simple and hassle-free manner. With minimum documentation and eligibility requirements, your search for the best business loans for your retail shops ends at Indifi. Call us or send us an email to apply for an unsecured business loan and know more about our offerings.

Add Comment