Stocking the right eyewear can stand between the success and failure of your optical store. To help you go for success, here are 5 essential stocking tips to help you enhance your inventory and improve your bottom line, all while keeping customer satisfaction in mind.
Know your customer
Who is your target market? Are you targeting the young, middle-aged, and older people or all? Which income bracket are you targeting? Those who can afford designer wear or those who just want something stylish at a lower cost?
When you know your customer, you will stock eyewear that suits their preferences. When you understand demographics such as the age, income, fashion preferences, and lifestyle of your clients, it will guide your stocking strategy. For example, you may choose to stock high-end eyewear for all ages.
Balance trendy and classic styles
For your optical store to succeed, you need to keep up with the latest trends and stock trendy eyewear. However, classics never go out of style. Stock a mix of both to cater to a wide range of customer preferences. Having a variety of options can attract a diverse clientele.
Get a reliable supplier
A reliable supplier will ensure you have the right eyewear in your store as needed. It doesn't look good to your clientele when items are out of stock or you have counterfeit products.
A reliable supplier will create a long-term relationship with you. They will ensure you have a transparent relationship and a shared goal to grow together. The supplier should meet your needs by having a wide range of inventory of both high-end collections and current on-trend fashions, all of which can be shipped immediately.
A cutting-edge B2B ordering platform is another plus for a supplier. This makes your ordering easier especially if it incorporates state-of-the-art features such as order processing, catalog integration, invoicing, and logistics.
Strong customer service will ensure you get help when you need it. One such reliable supplier is NYWD.
The supplier should not sell you counterfeit products. Customers are increasingly aware and wary of counterfeit products.
Ensure you source your wear from reputable suppliers like the wholesale eyewear distributor NYWD known for their 100% authentic design wear. This maintains customer trust and loyalty.
Smart inventory management
It creates a bad image to always have an item out of stock. It's also a waste of resources to overstock an item. It's of no use to stock an item that's not moving.
Smart inventory management ensures you have stocked the required products. Use inventory data to make informed decisions about which eyewear style to reorder and which to phase out. Consider working with suppliers who offer a flexible return policy for unsold merchandise.
Leverage competitive pricing
Find out the pricing of your competitors. You don't want to charge too high a price that you lose clients or too low that it affects your profit margins.
The right pricing strategy can significantly impact your bottom line. Partner with wholesalers like NYWD who offer high-quality products at competitive prices. This allows you to mark up products reasonably while staying attractive to your customers.