Month: August 2014

Trend Surfing: Merchandising and The Art of Trend

Posted onAuthorericw@specialtystoreservices.com

Cart SurfingTrends, whether they are seasonal events, holidays or the latest video game craze, are a great way to feature and sell what is “hot” and “new”. In this post we are going to discuss ways in which you can use trends, both popular and not-so-popular, to your advantage.

This is the time of year when retailers around the country are gearing up for the back-to-school season and their preparations are evident in the changing displays around stores. From supermarkets to specialty stores, the focus is on back to school merchandise.  Stores across the country have stocked up and have showcased their back-to-school items on the end caps of aisles and other high-traffic areas of their stores. The moment a customer steps into the store, his or her eyes are greeted to the back-to-school merchandise. It’s a very basic “line of sight” tactic, but it works well every time. What should you display when there is no holiday or season to push? What products should be front and center?

You might already follow trends within your vertical, but have you thought about stepping further outside of the space to see what is trending in other areas? With so many forms of communication, trends catch on quickly and can spread like wildfire. The trick is to tie up-and-coming trends into your store. Great stock and neat display is not enough. Staying ahead of trends gives you a jump on your competition and improves your bottom line.

In this new era of retail wars, you need all the ammunition you can get to survive and thrive. You can no longer ignore the power (and threat) of online shopping, which continues to take more of the market share. Social networks are entwined in our daily lives, so much so that we don’t even have to switch on the television to get the latest news. If a customer “likes” your page, what other types of products do they “like?” To which groups do they belong? Who do they follow? Social networks allow you to easily mine information regarding what your customers are into. You can use this information to build a better customer profile and merchandise accordingly. Whether it is a new movie, TV mini-series, the newest video game, sporting event, a viral video, or even a grumpy cat, anything can set a new trend. Customers will go to the store expecting to see the latest and you have to fulfill their expectations. If a customer walks into your store and sees a display or merchandise relating to a particular trend, they will be more inclined to buy, as they already have a relationship with that product. Your merchandising, display skills and knowledge of what is trending will fire their impulses to buy.

The 3 Core Principles of Trending
Now that we have talked a little about the importance of trending, let’s take a look at some actionable ways to do so.

Variation: Seasons and events play a big role in attracting sales, but you need healthy sales throughout the year. Instead of waiting for the next festive season, take the reins now. Keep up with the times and latest trends; use these to change and upgrade your merchandise, displaying them artfully for your buyers. Variation of merchandise outside of well-known seasons gives you an advantage over your competition.

Engagement: You also have to keep in mind the diverse demographics that define the customers of today. Age, sex, race, personalities, choices, regions; there are all kinds of idiosyncrasies that make up a customer base. By interacting with customers of social media, you can build a better relation with and understanding of your customers. Trending allows retailers to keep up with the changing dynamics of what their customers want.

Innovation: Using new technologies and platforms let you experiment with different ways to market your business. You have to innovate. Just because it worked for someone else, does not mean it will work for you. Try new things: tap social media; have contests; follow the competition; discover what your customers are into and use all of this to your advantage.

Trending and its influence on modern merchandising is has certainly been accelerated by this era of communication and technology. The good news is that this very technology also provides ample information for retailers to use, as well. Emerging technologies; the latest mobile and hand held devices; faster and constant Internet connectivity; and social networks have all converged to create the perfect platform for trending. If you can harness these to hone your merchandising skills, then empowering your business will be easier and the future more effective.

Need some help harnessing the power of trends for your store? Specialty Store Services can help! Our retail experts can help you choose the right display solutions for your store that can help you capitalize on the latest trend. Call 800.999.0771 or visit our website for more information.

 

Analysis Paralysis: How Much is Too Much?

Posted onAuthorericw@specialtystoreservices.com

consumer-choicesA recent article in The Fiscal Times defines the repercussions of Analysis Paralysis in our lives. Too many choices leads to confusion, which, in turn, often leads to procrastination. This can have severe impact in our lives in terms of lost opportunities and also in terms of financial loss. The repercussions are not limited to individuals; they can affect businesses as well. Yet no other industry has perhaps faced the level of damage from analysis paralysis like retail. Increasing competition and globalization means stores feel the need to expand, yet every expansion has the potential to fuel analysis paralysis and harm sales. It’s ironic, but true.

The retail and merchandising sectors depend on demand and the flow of goods to bring in revenue. If a buyer’s confusion and procrastination leads to the loss of a sale, then survival of the business can be at stake. To avert such disasters while offering a wide array of choices, one has to devise smarter strategies to direct consumer action towards definite sales. Owners and/or managers must assist customers in understanding the differences between similar items. There is a fine balance between offering enough choices, but not so many as to depletes sales. This is the art of managing analysis paralysis and here’s how you can begin.

Ways to Combat Analysis Paralysis
Now that we have addressed the downfalls of analysis paralysis, let’s take a look at some ways you can avoid it.

Tip #1: Inform. Yes, there are a large number of items on the shelf, all in the same category and all with more-or-less the same features. The only real difference, at least in the eyes of the customer, may be price. You cannot escape from the expansion, so it’s time to manage the products on display. Instead of relying on the brands to market their products, you have to design a whole new way to inform your buyers about these products. Set a schedule for prioritizing one at a time or a few at time so that every product goes through a solid publicity cycle. This may lead to taking a hard look at what is really selling and why. Drop any losers; look at new products; and, push the products you know are working. Make sure that your marketing tactics appeal to the psyche of your buyer demographics instead of being generic. Appeal to their needs, offer what they desire, and give top-level information on the products so customers can make a quick, concise decision.

Tip #2:  Innovate. Retail has deep roots in innovation, which are not readily apparent; yet, they form the solid foundation for smart merchandising. You cannot emulate others blindly and hope to excite your buyers into buying more. In fact, boring and mundane displays that resembles any competitors’ stores will only result in flat sales. You need to stand out. Research and innovate new ways to display your merchandise so that it catches the consumer’s attention and draws them to buy. The best motivator is still money, so when you have two competing brands offering the same features, set them apart by offering innovative deals and discounts on each (one at a time) so that choosing one over the other is easier. Out of the box marketing tactics and below the line promotions also go a long way to boost sales.

Tip #3: Incite. The first two steps, are a way to attract customers to your store and deal with the inventory you currently carry. You cannot hope to stem analysis paralysis effectively, however, unless you take a more direct and aggressive stance. Smart merchandising is not just about great displays and expanding products; that is basic criteria for retail. Intelligent business maneuvers here mean devising strategies that will constantly pit each product against the other and invoke customer interest. You have to incite their brand loyalties. You have to bring out hidden desires. You have to poke them into picking up products from the shelf that they will be compelled to buy. Of course, certain brands will hold more sway over buyers, but smart displays can often bring smaller brands to the forefront as well. It is your job to incite the latent impulse shopper in all consumers so that they not only buy what they need without dithering, but also what they may not need, without question.

Your growing retail business will see a bright future when you keep expanding your product line and dropping losing products along the way. Applying smart merchandising techniques will help to tame analysis paralysis.

Need some help to reduce analysis paralysis in your store? Specialty Store Services can help! Our retail experts will guide you through choosing the right display solutions for your store and put an end to analysis paralysis. Call 800.999.0771 or visit our website for more information.

How To Merchandise Your Outrigger

Posted onAuthoralice@specialtystoreservices.com

Successful retailers know that truly effective merchandising extends beyond just the fixtures on the sales floor. Effectively utilizing your wall space can have a major effect on your sales. A strategically merchandised wall will even affect your customer’s perception of your brand because it is often the first thing they notice when they walk into a store.

If you aren’t using mannequins (and even if you are), a wall is a great place to merchandise potential outfit ideas, which will encourage your customers to shop for a full look instead of just one item, which brings up the average sale. They may only be looking for one item, say a dress – but if they see it merchandised with a necklace, a belt, and maybe a handbag, the customers might decide they need the whole outfit.

An easy way to do this is with is by using faceouts. Faceouts easily attach to rectangular tubing and come in a variety of lengths. We suggest using Molded Half Round Forms to display full outfits. Molded Half Round Forms are a cost effective way to show off your merchandise. Forms are hollow, making them lightweight and easy to pin or clamp clothing in the back. The advantage to hanging forms vs. mannequins is that you can merchandise the faceout right next to the available stock on the floor.  Style an outfit on the form, and then place the outfit components behind it on the faceout, making ‘shopping the look’ a breeze for your customer.

Another thing we love about using an outrigger system is that it’s simple to add shelving. Depending on the style and design of your store, you may prefer to use Laminated Wood Shelving, Plastic Bullnose Shelving, or Glass Shelving. Shelves are easily attached to the outrigger using Shelf Brackets. Once shelving is installed, the merchandising possibilities are endless. Handbag Displays and Jewelry Displays work well for showing off accessories, but don’t be limited to just that! Countertop Forms and Mannequin Head Displays add more ways to cross merchandise and highlight product combinations.

This video shows an example of one way to merchandise your outrigger – but the possibilities are endless! For more merchandising and design ideas, call and speak to one of our knowledgeable sales representatives.