As a retailer, your inventory is your lifeblood. Invariably, sales will only be as good as your inventory is at meeting the diverse needs of your customer base. That’s why it’s so important to make sure your store carries a carefully considered assortment of products. This blog will take a look at three reasons you need to strive for a smart product mix.
1. It can provide a jumping-off point for lasting, profitable customer relationships.
This might seem obvious, but plenty of retailers have secured lifelong customers simply by carrying a product their competitors don’t. In an effort to help you do just that, we suggest installing a new app from Clover called Pointy. Its purpose is simple—help merchants get discovered in local searches for products.
As soon as you install Pointy, it automatically creates an online page featuring your store’s products, complete with images and names. Pointy helps your store rank on page one of local search results. This directs people nearby who are doing Google searches for products that you stock to visit your store, instead of just ordering the product they’re searching for online. Best of all, there’s no need to manually enter product names and images or worry about building and optimizing your website. Pointy does all the work for you. Overall, it’s a great way to drive new foot traffic in the door and establish a new customer relationship—particularly if the product is unusual or a specialty item.
2. It can demonstrate your deep knowledge of customers’ interests and needs.
Don’t have a good handle on your best-selling products? Insights (also from Clover) can give you great intel on your top sellers so you can ensure you’re always in stock. It might also surprise you with valuable opportunities. For instance, you might already know about one hot-selling item, but Insights can help you learn about a fast-emerging new product. Products that pair well together can meet a customer’s needs better while increasing purchase amounts. A fan of one particular brand might be interested to learn about a brand-new product launch from the same company. Your VIPs might be buying a lot of one product you weren’t aware of as a hot seller, but because they love it, you should probably pay closer attention. Conversely, you can prune away products that are poor performers or taking up valuable inventory space.
3. It can differentiate your brand.
A smart product mix can give merchants ample marketing opportunities to distance themselves from their competition. For instance, you can notify customers who’ve purchased an item in the past when a new shipment comes in. Or invite VIP customers for an exclusive early-bird sale on a product they love. You could even host a tasting for customers whose product purchases suggests they might be up for trying something new. The net result is helping you deliver unique customer service experiences no one else can match.
Being smart with your inventory can help you stand out from a crowd, make you more attractive to customers, and go a long way in helping you build lasting relationships with your best customers. Be bold with your product mix—your bottom line will thank you for it.[image: The Coffee Boutique by Pedro Ribeiro Simões on flickr]
Clover is sold by leading U.S. banks including Bank of America, BBVA, Citi, PNC, SunTrust and Wells Fargo. You’ll also find Clover at our trusted partners including CardConnect, Restaurant Depot, and Sam’s Club. For more information, visit us at clover.com.