Subscribe via RSSProduct Diversity Draws the Crowds
Product diversity attracts crowds - Creative Commons Flickr photo by coolinsights http://bit.ly/waaVzb
The future trends for retailers are now taking shape. Retailers are either ‘going niche’ by cornering a specific market or creating an attractive destination for the casual shopper who knows that the outlet will provide an ‘all-round’ experience.
The first option is not ideal for retailers who want to scale up their business. It requires you to focus on a very narrow range of products in order to sell more of what you’re currently selling. This is very hard to achieve, requiring constant advertising campaigns to generate repeat visits. The second option is more attractive and lucrative. By introducing new, exciting product ranges in your retail outlets, you can attract new groups of shoppers with relatively little effort.
So if retail growth is linked to product diversity, how will you manage to achieve it?
Product Diversity as a Retail Growth Strategy
The two key things to keep an eye out for are changing consumer trends and the available suppliers. These two are linked in that you will need to choose your product suppliers carefully in order to match your consumer’s demands. Here’s our quick checklist to see if you’re on the right track:
- Keep Things Interesting. First, find your retail identity; then, keep it fresh. This formula works because it provides the best of both worlds. Consumers know what they should expect from your offering, but also anticipate being suprised by regular shifts in what they find on the shelves and how you reach out to them. (Marketing Note: Plan a few target overarching campaigns that coincide with your “big changes”, for example when you introduce a unique product line.)
- Keep Track of Requests. Do your market research. This doesn’t mean hiring an expensive research firm, because you can leverage your own resources simply by making sure you provide ample opportunities for your shoppers to give you feedback. Leverage your outlets and your online points of contact, whether it’s on social networks or your own website, to ask people what they want to see next. We suggest introducing a few motivators such as the promise of discounts, to extract feedback from shoppers who wouldn’t normally be inclined to share their thoughts. This is extremely in the long run because it helps you know how to follow consumer trends.
- Price Points. Introducing a new product line in your retail outlet will attract a new crowd, however you do not want to alienate your current client base. Make sure that you choose the right products that stand out for their benefits and uniqueness but blend in the rest of your price points. This ensures that you don’t shock your customers when they see a sudden and significant price difference.
- Reach out to brands. If your research (from step 2) shows that consumers are overwhelmingly requesting a new take upon an old familiar product, get in touch with brands or product distributors in you area to see how they can provide you with what shoppers want. For instance, if you sell home décor items for the living and sitting room and your customers show an interest in that range, consider introducing similiar items for the rest of the home.
Uniqueness Makes a Strong Impact
If you play it well, introducing a new product line that is not available in your closest competitor’s offering can be more then just a way to attract a new group of shoppers. By responding to your shopper’s requests with a genuine offering, and hyping the new elements in your shop as a reason why people should come back, you can effectively take the lead on an entirely different market. The reason is that you are suddenly not competing on a race to the bottom based only on price and special offers, but offering your shoppers something that attracts them that cannot be found anywhere else.
Will you be introducing new product ranges in your shops in the coming months? We invite you to leave a comment below with your take on this and share this story with your networks.
