Buying Mistakes can Destroy those Seeking Success with Dollar Stores
Buying Mistakes can Destroy those Seeking Success with Dollar Stores
Dollar store merchandise buying is at the center of business for those seeking success with dollar stores. It may seem as if the main challenge is locating suppliers offering prices that allow for a reasonable profit. However there is much more to buying than just price. The main challenge faced by those who want success with dollar stores is really associated with the choice of products that are purchased and displayed. After all even when there is a great price attached to a non-selling product, it is just filling space on the store shelves. In this article I present buying mistakes that can literally destroy your chances of success with dollar stores.
Not purchasing products your shoppers need to have on a routine basis. Rule #1 is to always have the basic core consumables shopper must have in-stock and waiting whenever those shoppers pass through your front doors. These are products shoppers will turn to your competitors for when you allow them to run out.
Allowing your own preferences to enter into buying decisions - until you really know the marketplace. You are in business to satisfy the needs and wants of your shoppers. While your tastes may pull you toward buying and displaying certain products, make sure those are products that will be hot-sellers in your store.
Failure to keep a hand on the pulse of the shopper base for your store. Always remember your customers are the ones who make the final decision about whether your products are right for them. Ask questions of shoppers who are in your store. Have cashiers develop a list of the products shoppers were seeking but could not find in your store. Try adding those products to the mix - then test the sales levels. Focus on learning what your shoppers want and need and then provide those products.
Responding too slowly when the market for an item changes. Slow-selling dollar store merchandise cannot be allowed to sit on the shelf of your store. Those owning and operating a dollar store must take decisive action by lowering prices to quickly move slow-selling and non-selling merchandise out of their store. It may also work to offer local competitors a great price to take slow and non-selling items off your hands. Try offering local competitors an exchange for their slow-selling merchandise. In that way you both win - you each have a new item, and you each reduce inventory levels of a slow-selling item.
To your success owning and operating a dollar store!