Reading Time: 6 minutes
Key Takeaways:
• Remove items older than 18 months from showcases to reduce decision fatigue and boost fast-selling inventory within six months.
• Avoid competing price points by adjusting tags slightly on similar pieces to give customers clear options and upselling opportunities.
• Feature best sellers prominently in display cases and balance weekly reorders with older stock from the safe to systematically clear aged inventory.
I’ll start with a bold but profitable claim: if you remove all items over 18 months from your showcases and hide them away in the back of the safe… you will have more fast sellers, less old stock, and a healthier bank account in about 6 months.
When you run a sales report and don’t see fast sellers to reorder on it, there are a few culprits:
- The cases have too many items competing for attention at the same price points.
- The cases are filled with mostly aged merchandise. As old stock clutters cases, it contributes to customer decision fatigue and the point above.
- Your team is relying on special orders instead of selling out of the case.
I could write an article on each of those points. Maybe someday I will. But if you were drawn to this article, you came here for action, so let’s get to the action.
What can you do to increase the number of fast sellers you sell?
Step 1. Pull All Items Over 18 Months From The Show Floor.
If you want to be more aggressive, pull 12 months and older. Stick them in a box in the safe. This is where they will live and will only see the light of day if you need them for a special request.
Step 2. With what remains, make sure you don’t have competing price points.
If you have 3 fresh pendants all priced at $3,000, they will fight over each other and “cannibalize” one another. That’s because you don’t sell more $3,000 pendants by stocking more $3,000 pendants. Demand doesn’t go up just because you supply it. If you see this “clustering” of price points among the prime merchandise, change the tags on 2 of them. Make one of them $3200 and the other $3400. Now we’ve given the customer price-point options and a chance to upsell a little.
Step 3. Display the product very specifically.
Put the best sellers prominently in the middle of the case, with the rest of the new items around them. Limit a 5-foot case to roughly 30 to 35 pieces in total. Include the prices or price range of each display.
Do steps 1 through 3, and you will likely start to see fast sellers appear on your reports quickly. Reorder them weekly or every other week. When you do, crack open the mountain of old stock you’re sitting on. Start with the oldest pieces and balance the old stock with the reorders each time you reorder. Slowly and surely, the old stock will diminish, and the reorders will keep coming.
If having a safe full of old stock keeps you up at night, dedicate one case in the store as your discount case. Start discounts around 35% and increase as needed. You likely won’t see meaningful sales from this case, but if it gets aged stock out of the other cases, it will serve a purpose.
Is Getting More Fast Sellers Really Just A Matter Of Pulling Old Stock Out And Re-Merchandising The Cases? In Many Stores, Yes. It Is.
As simple as it may sound, if most of our cases have prime merchandise and there is no option to buy old merchandise, you will sell more prime merchandise.
It’s also a strategy with no downside. You’re not scrapping anything yet, so you haven’t lost value. You’re putting the best items front and center, so customers can get what they want faster. Your reorders start to solve your old-stock problem. Wins all around.
The key is consistency and follow-through. You have to pull all the old. Reorder as it comes up. You have to merchandise the cases well.
Keep it up each week. You or a member of your team checks what needs to be pulled, what needs reordering, and what needs to be balanced every week.
The change won’t happen all at once, but if you stick with the strategy, by the new year, your stock and your store will start to feel like a very different place!
If you want more strategies for growing your jewelry store – or want the science behind why this strategy works – contact me at Kyle@TrainRetail.com or visit TrainRetail.com.
The post Why You Aren’t Finding Fast Sellers (And What To Do About It) appeared first on Southern Jewelry News.
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