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Articles > These 4 Tips Will Help You Sell Retail Super Fast
May 10, 2019

These 4 Tips Will Help You Sell Retail Super Fast

Instagram via @sportclipslakebluff

How To Stock Retail Shelves & Make A Profit Off Them

You want to make more money, right? The secret lies in your retail shelves, specifically what you stock them with and how you stock them. So below, we’re sharing four tips that’ll help you boost retail sales by closely monitoring your inventory and selling the most popular products. Keeping reading to learn more and get ready to bring in more dough this month!

 

We grabbed these tips while sitting in on Senior Manager Of Strategy & Development at Direct Beauty Express Jenny Bayer’s breakout session at the 2019 Sport Clips National Huddle, which she started by sharing why inventory is so crucial:

 

  1. It can make you lose money.
  2. It can cost you a lot of money.
  3. It can make you a lot of money.

 

1. Know How Long Retail Items Stay On The Shelf

The most important thing is knowing the turn of each product, or how long it takes to sell the items on your shelves. Why? Because it helps to avoid being understocked and overstocked. It also sheds light on what’s working and what’s not working. “If you’re turning six bottles every two weeks, you don’t have enough inventory,” shares Jenny. “But if a product only turns twice a year, why is it on your shelf?”

 

So how do you calculate turns? Jenny has a simple formula: Cost of Good Sold / Average Inventory

 

2. Take Inventory Daily

We know what you’re thinking, “Who has time for that?” But hear us out. Each day, Jenny says to scan your shelves and check for ones, tons and nones because those three things will determine if there are problems in your inventory.

 

  • If you have one or none of something, then those are the products to stock up on.

 

  • If you have tons of something, then maybe that hot ticket item is actually a sleeper and you need to find a creative way to get rid of it. 

 

 

3. What To Do With Retail That Won’t Sell

You know those products that chill on the bottom shelf collecting dust? The key in getting clients to purchase these (so you can finally replace them with more popular items) is to make them seem like a hot commodity. Don’t keep them on the bottom shelf and slap on a huge 20 percent off sign. Clients will see right through this selling tactic, continuing to view the items as undesirable. Instead, Jenny says to place it front and center on your retail shelves and feature it as a “product of the month.” 

 

4. When To Scrap & When To Stock Up

Remember this: Less than four, out the door. If any of the products you offer have less than four turns in a year, it’s time to get it off the shelves once and for all. But when it comes to the top sellers, those are the golden ticket items that you never want to run out of. Otherwise, you’ll be losing out on money. Also, top sellers should have the most spots and run the deepest.

 

Click HERE to get four tips for cutting seamless fades and better blends on your male clientele!

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