One of the biggest misnomers about buying is that its all about the "aesthetic"! Yes... having a good eye and great level of taste is great but more importantly; buying great looking items or the top sellers doesn't build a brand. Understanding seasonal trend right categories and/or products that work well with the DNA of your brand is a great start! Check out some Basic Buying 101 tips below before you press the "Buy" button at your next market visit!
1. Buying is fun but it is not just about picking out cute things. Time and effort paid to researching trends for categories and/or new brands is crucial. Do your homework on trend right categories (and don't forget about the impulse items at Cashwrap/Checkout). Do projections on category %'s so that you put your money into those categories that do well but also those you want to grow.
2. Review the categories and/or brands that don't sell (after accessing if it is location and/or lack of education from staff about the products not selling) then eliminate and try something new. Always remember....it is OKAY to take a risk and try something new. You'll never grow as a business being complacent.
3. Know your demographic and the price-points for your demographic. Know the limits to what your guest will pay for a product. Be diverse in this with "good, better and best" options.
4. Understand the DNA of your brand and setup filters before you buy. Ensure a product/and or brand is relevant to your brand DNA. For instance.... if your brand DNA includes "sustainability" as a focus then ensure that "sustainable" products and/or business processes for the brand and/or product you want selling in your store has those same basic principles. If it fails the filter then don't buy it. The products you have in your assortment is a direct reflection of your brand!
5. Setup a Calendar (know your time periods and what services/products peak for that given time period). An introduction of that category in the right time period is key to a successful launch. For instance, if you are introducing a new body scrub then maybe launch during the time period that most guests shop or buy services using a scrub. Think Pedicure season in the Spring and Summer months. Who doesn't want glowing skin for the season!!
6. Shop your competitors - why? know what they offer.... don't be redundant with a brand already offered too close to your location. Aim to be original and offer the guest a unique retail experience versus something they can find down the street from you. This is where doing your homework on trends is key! Work with those brands that zip code protect.
7. Understand the turn of your product and categories and plan your buy according to that forecasting. "Turn" on your product means the time it takes to sell that product within a given time period. Some categories and/or brands sell better than others so ensure you plan %'s of the buy that fit the turn on your products. If you sell 10 times more jeans than accessories then ensure the monies are in the right spot for that category and the growth you are forecasting. Don't forget about sizes you are offering. Do your homework and pull reports to understand what sizes sell the most and least. Curate your buy for sizing accordingly.
8. Recommend setting up operational practices to check retail inventory on a daily or weekly basis. Don't wait to the last minute to buy.... everything has a lead time and shelves, tables or fixtures should never be bare (otherwise you look like you are out of business) and no one wants to shop an area that looks bare.
9. Ensure all staff in your services/product retail environment have basic knowledge of product features and/or benefits. Setup a short 5 minute at a beginning of employee shifts to give the "411" of new products, brands, fits and why they are in your retail environment. Staff who are educated about a brand feel more comfortable and most of all genuine about what they are talking about.
10. Don't forget about "fixture capacity"! Knowing all the fixtures, shelves and locations for where product is displayed in your retail environment is most important. Think about "focal fixtures".... if you are buying for a focal fixture - understand how many skus fit nicely in a stack or in a wall bay (not too high of a stack or too low of stack) make a huge difference. Conversing with your Visual Merchandising team to understand these locations is beneficial for building the appropriate amount product and the turn rate!
There are a-lot more basics to buying but having a good eye for trends and a good financial acumen in equal parts is a great start!
Check out olliemaeandcole.com for boutique retail services such as Buying, Visual Merchandising, Fixture Capacity Charts and building a curated Retail Assortment!
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