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Inventory Targeting/Modifications
Written by: Will AtkinsonArticle Overview: You can modify your inventory offerings without altering the flavor of your store to better serve your customers in a recession.
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Inventory Targeting/Modifications
Are you a specialty retailer? If so, you likely offer premium products that offer something special compared to the generic goods that you might find at a big box outlet. As I'm sure you'll agree, there's real value in such products and consumers like being able to provide nice things for themselves and their families.
However, in a crunch, that sort of thing is relatively easy to cut back on. Consumers can still get their staples, forgoing luxury for financial conservatism. Are you positioned to supply "less premium" products to capture that market share?
Now's a great time to work with your vendors or distributors to find products that serve the same need as your typical line of goods, but come in at a lower cost to the consumer. These goods don't have to look and feel cheap, but they can offer real savings to your customers.
If you can rotate goods like this into your inventory, then try it out by department, especially in the most common consumer categories. People probably don't want a slightly cheaper crystal chandelier, but your customers would probably appreciate an imported coffee that is still unique tasting without the premium pricing. The same is true of clothing items and other household goods.
Your customers shop with you because they like your store and the products they can find there, but if they are hurting financially, they may not be able to afford your normal offerings. Tailor your inventory to align with your customers' current finances, then make sure they know that you have these items and you can insulate your business from the downturn.
Take the time to find nice goods at good prices, and vigorously spread the message to your loyal customers, and you can still compete with the big guys, even in a recession.
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Article Tags: big guys, conservatism, consumer categories, consumers, crunch, crystal chandelier, customers shop, downturn, great time, household goods, imported coffee, loyal customers, market share, nice things, offerings, premium products, recession, staples, typical line
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