Buying Strategies

Keep a fresh perspective and an open mind when purchasing inventory. Don't become addicted to your favorite color or pattern. Be open to evaluate and try new items. Communicate with your supplier or your representative. Your representative will tell you what's selling and what's not. Contrary to popular belief, your representative will not try to sell you items to "get them out of the warehouse." They want product to move through your store as much as you do. That's how they make their money!

Having products in stock that are new and refreshing is one of the most important factors to success. If you don't have the products in stock that the customer is looking for, you are literally sending an unsatisfied customer to the competition.

Identify your niche in the market.  A market niche offers growth potential and clearly distinguishes where a business is coming from and should be utilized to form the company's focus and strategy.  This focus must become the heart of the decision making and purchasing process in its daily operations as well as the foundation for strategic planning and purchasing in the future.  If you try to be good at everything and provide solutions to all of the market, you will more likely wind up mediocre at everything and you will become just another retailer.

Buy the most dominant assortment of products in a specific category of merchandise. Carry the largest selection of products in your category. Your strategy as a buyer is not to carry the largest selection of merchandise, but to carefully select an assortment that is pleasing to your customers, offers variety and satisfies your target customer. You must accomplish this in a economical manner, achieving a balance that allows your customer the ability to purchase multiple items at an affordable price while still providing enough selection to allow the next customer the same opportunity.

Stocking a store with everything is not only expensive; it is a disservice to the customer. You must find the "sweet spot" between having too much and having too little. Either is dangerous. Understand your customers wants and needs and the costs associated with fulfilling those requirements. Your customers’ needs and wants are always changing. The challenge lies in understanding what the change signifies and whether it is sustainable or simply part of a temporary trend.

Incorporate the best selling colors and patterns into your inventory. You are not required to carry every color and pattern available in a particular style. Carry multiples of your best sellers and integrate complimentary pieces into your selection. Scrutinize each and every item you sell to determine whether the item provides the customer with a choice that is in line with your branding and your image. When the customer leaves your store with a purchase they acquired from you, they are walking out of your store and becoming an advertisement for your store and the items you carry. Your customer carries your image out into the public and ultimately is your best, or worst, advertisement.

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