Tips for Successful Stock Purchasing

Visiting Melbourne last week and attending the Life In Style and Gift Fair Trade Shows was a fantastic time away from the office. Stepping out into the Melbourne streets and breathing in the cool and crisp air and spending time with like-minded garden centre people and just having a bit of a ‘girl’ time was just what I needed after a hectic few weeks. This year at the fair the feeling was of fresh new offerings of beautiful home and gift wares. The presentation was superb and youthful, happy people buzzing around certainly gave me a lift and made me feel young again. There is no doubt that we have turned a corner when it comes to how products should be presented and meeting the expectations of our customers.

With so much to choose from, how do you decide on what to purchase?

My tips would be;

– Have a budget for each department. When there are boundaries to the amount you can spend, the decision making is driven by expected results rather than emotions or mood of the moment.

– Identify the price points that sell best for your store and budget for each range. ie under $20 under $50 under $100 etc.

– Remember to look for a couple of ‘lost leaders’. Those few items with lots of wow factor and above the price of your average sale.

– Have a quick read of your business plan before you leave. This will ensure consistency of offering products that are within the goals and image of the business.

– Take some time out to enjoy the many wonderful cafes and bars that Melbourne has to offer and sit back and ponder on your purchasing decisions and how they will fit into your store. Plan some merchandising ideas while you feel inspired.