Today’s retail customer expects the merchandise located on your website to be available on the sales floor when they visit. Your job in planning for the in-person experience is to integrate the product assortment mix and merchandising while meeting customer expectations.
The purpose of retail merchandising is to present a satisfying shopping experience that will lead to maximized sales and bring them back to your shop or website for repeat visits. To gain market share through loyal customers, give them a variety of products, a mix of price points, and an endless supply of new merchandise. The best way to effectively set-up and accomplish a solid merchandising assortment plan includes the following four areas of strategy.
Assortment Planning – As a small retailer with limited space, the best strategy is to provide your customers with a well-balanced assortment in line with your retail strategy. Use an array of products to display visual appealing groupings reflecting your variety for the best impact.
Variety of Pricing – Include a variety of price points. If you have seasonal products, be sure to include those pieces that are well within expected price-points and mix in higher priced more profitable items that blend in with the group. Consider your overall maintained markup to meet expected margin plans.
Inventory Control – Maintaining inventory is crucial to any retail success. You don’t want customers to feel you offer stale items. Once, a product is out of date or has not sold as quickly as the other grouping, move quickly to apply your markdown strategy.
Adjustments and Markdowns – Be sure to incorporate sale items into your merchandise displays of higher priced items. This type of inventory flow will allow customers to view markdown products without overlooking full-priced items to keep your product mix turnover at a high level.
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