More than some other part of a retail store, stock is the most defining aspect of the business. It is stock which shoppers visit to peruse and buy, stock which clients bring home and use and stock which will be discussed more than everything else they experience in the business.
The purchasing of retail stock is one of the most important activities in the business. It requires an understanding of the business and its clients and a capacity to disconnect from personal interests.
Professional buyers understand should be separated in the purchasing cycle. They work knowing the brilliant standard for retailers.
You are not your customers
Reinforcing disconnect at the center of this statement is essential for the retail purchaser to settle on business as opposed to individual choices.
Regardless of whether the purchaser is likely to want products which are sold in the store, buying decisions cannot be made on this basis for a business to have a sustainable future. Sales data needs to drive purchasing choices; strong and obvious sales data for this is what reflects the wished of the customers of the business.
Even in a small retail location made by the owner to reflect their personal tastes, the principles of sustainable business require that the business reflect the interests of the clients. Customer interests evolve and soon a store made abound but acting as a servant of its customers can find itself offering products more divers than originally thought.
An impressive factor in the failure of retail stores is poor buying decisions around stock and these are usually decisions dependent on close to home interests and not grounded in the business information from inside the business.
Better buying consists of:
Create written buying guidelines for the business. These will be valuable for other people, who attempt the purchasing. They will similarly be valuable for the storekeeper.
Having access to accurate sales data for the business and base stock purchasing choices on this.
In thinking about new lines, be guided by department and category performance data from within the business.
If a personal choice between products is to be made, include more than one individual and be vote based in the choice.
Purchasing is a vitally important role in any retail business. Approach it with professionalism and discipline and without individual feeling and the business is likely to benefit as a result.
For more information click here Point of sale data collection.