8 Ways To Buck The Buying Trend
The customers mindset is a very difficult thing to predict
. A crystal ball could be useful one minute a product flies and the next load of stock of the same goods, dont sell at all. Why is this?
8 Ways to Buck the Buying Trend
1. Shifts in demand can make your business life very unpredictable and difficult. How then can you take precautions to lessen the impact? Unless you have access to expensive market forecasts you can carry out your own using past trends. If your business is fairly new this is not so easy but using targeted questionnaires and observation will help. Or you could simply ask.
2. Seasonal demand is fairly predictable. Christmas, Easter, of course. Also special events such as the World Cup in football, Wimbledon, Olympics and others. These would be a particularly good time for an on line business that specialises in sports paraphernalia and memorabilia for example.
3. Stocking up on goods that are likely to be in short supply will also make you money if you can predict what they will be. Research and investigation is important in all aspects of your business.
4. Keeping the seasons in mind when stocking your goods is important. If you get it right you could make a killing. Take for example the forecast of a bar-b-cue summer and all the stores stocked up on picnic ware, gardening ware, etc. and then it becomes a wash out. Dont stockpile on predictions that can be wrong. A small business can be left very out of pocket and not be able to recoup the way larger ones can.
5. Basic economics explains that an increase in demand for a product will result in an increase in its price. If your prediction is correct, by purchasing and stocking your product today you stand to gain by reselling it next month at the higher price.
6. A lot depends on the nature of the on line business you have decided upon. Are you offering a service or a product? It is far easier to predict buying shifts with products than a service which is not tangible. Some service sites will email a particular bargain or special offer and predictably from this mailshot should come a surge of new business. The beauty of this type of on line business is that it is expertise and information you are offering not goods. Therefore stock does not become an issue with which you will be stuck.
7. Common sense plays a large part in getting it right. For example buying a bulk of fake tanning products just at the start of a hot summer is not a good idea. However, just before the party season at Christmas or New Year is a much better proposition. Remember therefore that seasons are very relevant when buying/ selling your goods.
8. Learn from your mistakes. If you have overstocked and are left with goods on the shelf you may have to sell them at a loss unless storage and cash flow is not a problem. When you experience a decrease in overall demand, it is always a good idea to evaluate where new opportunities have arisen. If you are wondering why some products have sold wonderfully well and then come to a halt, now is the time to evaluate your options and act on these opportunities.
A bargain is something you don't need at a price you can't resist.
by: Daniel J Thorley
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