Pricing And Inventory Strategies That Work for 2019

Pricing and Inventory Strategy

The beginning of a new year inspires many people to reflect on their successes and setbacks from the year before, in personal matters but in business as well. It’s crucial to take into consideration the tactics that were put into place that served your business and profitability, and those that did not.  Development of positive relationships and profitability is what you should be most intentional about in 2019, and we want to help you build on that with a few simple steps you can take:

Evaluate Your Space 

You don’t need to be Marie Kondo, but be sure you take time to assess all of the wall space in your business, including corners and hallways, in addition to any display cases to see what areas could use some tidying up. Develop a plan that puts the right products in the right places to successfully achieve the look and visual appeal that customers come to you for.  If you have a product or service that you aren’t sure how to promote, let us help you design a display that will let the product sell itself. Strive to create focal points of your most popular in terms of initial reaction, value, quality, and overall satisfaction.

Consider Your Inventory

As you evaluate your space, look around your store to see which items you’ve been sitting on for a while and take those carrying costs into consideration.  If you’re compelled to buy length moulding, we can help you select the fast-moving, best-sellers. Or perhaps this is the year you reduce inventory and start buying chops? This will allow you time to devote to other things, like finding more commercial projects to help offset a slow retail month. Carry inventory for the retail side of business, but when you start taking orders for those larger-scale projects, we can step in and be your back room. While you are working on growing your business, Gemini can be working behind the scenes to support you.

Increase Your Average

Another very important thing to evaluate as you start this new year is how strong your average ticket is.  Start by reviewing the last 3 years to get a better perspective and to understand the average amount spent by your customers at each transaction. Look for places where you can increase the sales of premium products like glass, specialty mats, wider moldings and acrylic products, which will lead to a healthier bottom line.  If you don’t already, you should utilize a POS system as well to make your pricing updates. This is an easy and efficient process that will help to save your time for more important tasks.  

Be the Best

A part of being the best is having the reputation of being a trendsetter and providing the highest quality products.  Be confident in your recommendations and keep your customers happy by offering what has proven to be successful. Even if a better-quality product adds a higher cost overall to your customer’s projects, if they regard you as the best in the business you will find that those sales come easier.

Take this time to reflect on what has succeeded in your business and what needs improvement and make those necessary changes so that you not only improve your efficiency and profitability in 2019, but that you solidify yourself as the trusted go-to business for customers both old and new.

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