Grocery stores have evolved as much as any other business model in the past decade. Increasing time constraints in today’s hectic life has given birth to the newly enhanced version of the grocery store that we see today. Gone are the days when the end-user had to visit different stores to buy their preferred items. Everything is easily available under one roof now.
As convenient as it may seem to customers, there are countless challenges to face by a grocery business owner today. Maintaining diverse inventory stocks, matching the market trends and meeting the demands of end-users are the major driving factor that decides the course of the grocery business.
In order to attract more clientele, here are a few tips that can help the owners to maintain the best blend of stocks for their store-
Tips to Maintain the Best Mix of Stock in a Grocery Store
Freedom of Choice
Give your customers the flexibility to choose what they want. Different varieties in the inventory will attract more customers. Once word of mouth spreads that your store offers trendy and popular products, customers will rush to your store without thinking twice. It may seem an unnecessary expenditure in the beginning. But with time, that extra investment will ensure big payoffs. Remember, happy customers, are the best marketing strategy you can put into practice.
Appropriate Product Quantity
Another important aspect is to decide how much is to be kept on display. A study claims that if more quantities of products are kept on the shelf, it will be sold fast. But, too much of everything is bad. You need to make sure the display is as per the size of your shop and aligns with the experience you want your customers to have.
Know What to Stock
Once you analyze your key business matrix and its corresponding inventory status, you will have an idea about the customer response rate and quantity of items bought together. Make sure your stock comprises both, affordable as well as premium items. Build a balanced inventory. This will not only attract the general lot that focuses on buying generic items, but also the few who unique and premium brands. The idea here is to expand your clientele across all sections of society.
Make sure you keep all the items that appeal to the kids in the bottom two rows. This will help them notice things they are attracted to. This will lead to impulsive buying during the final checkout. Not just kids, you can also place trendy products for adults near the counter. They mostly tend to get picked.
Group Products Carefully
Grouping the products are very crucial. This psychology is another good example of promoting impulsive shopping. For example, keep the cheese and sauce next to the pasta. Keep cookies near the coffee and tea section. This will not only help customers to grab items quickly, but also makes them remember if they forget.
Inventory Management System
With so much to offer, make sure you get inventory management software and train a few staff on it. Whatever items you get, maintain a record of its marginal price, printed price, selling price, expiry date and other important information that would have been overlooked otherwise. For example if the software reminded you that the product is about to expire in a month, you can display it on sale and avoid losses.
Thinking How to expand your inventory?
So, have you already started planning how to implement these strategies? That’s good, because nothing should stop you if you have the passion to grow your grocery business. Not even the concern for funding. Increasing your stock plays a crucial role in growing your business. The more you have, the more you display, and more people get attracted to your store. It is all interrelated. The key is to make things simpler for the customer. Because we all know, in the end ‘customer is king’.