PRODUCT RANGE STRATEGY
If you ever have the chance of owning your own retail shop, what would you stock and sell? A question often asked by our partners to what they should stock in our shops. The key to sales opportunities is variety.
Imagine running your very own craft stall, a pop-up event or even your very own shop. The first question to tackle is what sort of shoppers visit the area or event. People visiting a craft fair would be very different to shoppers on the high street or in a market. Craft fair visitors tend to be more appreciative of crafted goods hence slightly more willing to pay a premium. Market visitors do have the perception of looking for bargains. Understanding who will be there is crucial. Are they looking for small ‘gifty’ items or elaborate one-of-a-kind premium piece? Understanding that would really enhance and influence your display, pricing and product range. Would you go premium marked-up pricing or would you go with ‘priced to sell’ and profit through volume selling?
To maximise the sales opportunities, it can only be achieved through a curated range - a good mix of low, mid and high-value products and a varied mix of product categories. If you only have one type of product at one price then when you do the maths you can see how that limits what you can achieve.
Exploring categories is also a good strategy. A surface pattern designer would often use their patterns to create paper goods, homewares, fashion accessories. This is strategically sound as you end up with a varied range of products (cards, coasters, mugs, notebooks, scarves, bags). Let’s face it, not everyone is looking for only scarves or only cards. The auto-pilot shopping behaviour in supermarkets does not really apply to crafted goods. People who buy crafted goods are looking to be inspired. It is truly emotional buying. They buy into your craft and your story. Your craftsmanship is only the beginning so tempt them even more with the right range — a varied and interesting one.