“The sales may be up or down, but the service never stops” is the retail business. The main motto of shopkeepers is to earn profits like other businesses, but sometimes they may fail to make profits. Even after lots of efforts some of the retailers may fail in their businesses due to lack of knowledge. All the businesses are different, have their own demands, stock purchase limitations and it is very important for shopkeepers understand the demands, respective goals for a successful business. The most common mistakes in stock purchase and their solutions are mentioned below:
1. Wrong Planning: Shopkeepers are busy people and because of work load they forget to prioritize right things. They don’t have proper to do list as they forget most of the things. This has major impact on inventory management because they forget to buy necessary items. Always, prioritized things rather than being concentrated on one work, check out what is necessary then plan accordingly. Keep a check on your stock, make sure you are aware of items which are more in demand and which are high priority items of stock.
2. Lack of marketing Knowledge: When you are not aware of market rates and wholesalers who can provide best quality stuff then it may lead to business failure. Those who are just the beginners in this field need to be aware of fact who are the best wholesalers for your business and the return on investment of once you travel for new inventory. To solve all these problems online wholesalers are available who can provide you goods at low prices with home delivery options. You need not to worry about the rates and trust.
3. Unnecessary stock collection: Mostly shopkeepers buy lots of stock at a time, which is the biggest concerns for fashion retailers. Fashion keeps on changing and if there is a strict need to change in your stock as fashion changes. You need to upgrade fresh stocks regularly. Many retailers nowadays are looking to buy from online wholesale suppliers for such issue which is a nice option.
4. Trends updates missing: Businessman may have sound knowledge of sales, but if they are not aware of the fashion trends, then most of the time customers will leave their shops empty hands. There are trends changing every now and then, especially in case of fashion clothes. It is hard to keep yourself updated with the trends until and unless you have time. The best way to get rid of this problem is to order from online wholesalers who have the latest collection and you can always order whenever there is a demand for any specific product.
5. Untrained Staff: Usually shopkeepers spend a lot on infrastructure and forget to train the sales team. It’s good to have High-Fi infrastructure, but if sales associates are not capable enough to sell then it’s all in-vain. The sales people make the brand image and they are the ones who keep you updated with customer likes and dislikes. Keep asking them about customers choices and what are the deficient items in stock. The sales persons are the real faces of your store so it’s crucial to train old as well as new hiring’s.
6. Missing Competitor information: Competitor information is required for more profitable business. Keep yourself updated with what is going on in your surroundings because if you have the same store collection nearby your store then it will not at all be fruitful. So make sure that you are ready competitor analysis data before buying stock.
Stock Management and buying a stock is one of the most crucial tasks to follow. Most of the shopkeepers ignore it and there is a strict need to follow it. The shopkeepers need to purchase it at minimum cost and sell the products at high costs. There should be a limited stock collection, whether you buy it online or offline. The retail market is huge, having a tough competition and if you do not buy stock properly, then you are out of the left behind.