5 Tips for better buying at the show

If you are excited about visiting a trade show after a long period, it becomes important for you to adhere to basic rules of post-covid sourcing. While you may have made up your mind to not exceed the budgets, here are a few more tips that may come handy at the time of making final selections at the show.

1. Prepare a plan– Know your micro numbers. No longer can a retailer only look at the total inventory at a macro level.  Look at all of your categories and find your top five to seven. Then find your bottom five to ten.

• Know the dead stocks – It’s important to know those 10 (or more) designs which are just not selling. Don’t make the mistake of buying more of the same kind. You must have a list of all those designs which have not sold even once for over 60days. It is not the time to wait and watch. Find a way to liquidate those and invest in new stock.

• Identify missed opportunities: So, you know what sells and what does not. Now its time to ask if there are designs that can be made available at the store to attract new business. Identify designs that you can add to your repertoire to give newness to your existing clients. Go ahead and try new innovative designs. Take calculated risks based on emerging trends and the possibility of appealing to the aesthetics of younger buyers who are continuously seeking something different and new.

• Digital Buying Facility: If you are buying from a new vendor, double check if he will facilitate digital buying at a later stage. You may not be able to travel frequently to the city to check new ranges. New vendor selection should be based on good design, competitive pricing and digitized purchasing.

• Transparent dealings:  As end consumers ask for greater transparency on material and cost, make sure your vendor is offering complete transparency in polka and gemstone buying along with certificates. The polka and kundan category needs more consumer confidence in order for the collective business of the industry to grow in this category.

Courtesy: Retail Jeweller India News