You know within an employee’s first 30 days whether they can do the job, right?
The biggest drain on a retailers’ cash flow can also be seen within the first 30 days …
It’s your merchandise.
Click to watch the video above
Here are five tips to help your cash flow by managing your merchandise.
#1 make sure your merchandise arrives during the proper season.
That means you take delivery just prior to the season. Toy stores often tell me, It will sell Christmas. That’s fine, but you don’t want your money sitting on the floor for nine months waiting to be returned to your wallet.
#2 Predict it.
Know a sales target for how many you want to sell within those first 30 days.
Is it 20% sell through? 40%? Decide before you place a large order of a product what the critical mass has to be for it to be considered a winner.
#3 Return it.
Tell your sales representative that if it doesn’t sell enough in the first 30 days you’re going to want to return it and get a refund or credit.
Most well hem and haw but don’t let that deter you. They are there to be a partner in your success.
#4 Don’t go by units sold to determine sales.
Employee purchases often skew your sales reports for new items resulting in unprofitable re-orders.
#5 Clear out the merchandise.
If it isn’t selling during those first 30 days. If the rep won’t take it back, you need to quickly clear it out. Slow moving merchandise is the killer to your cash flow.
Use these tips to keep your merchandise moving and your cash flow positive.
Are you concerned you’re not making as many sales in your store as you once did?
Are you attracting customers who tell you, “What a beautiful store you have“? as they walk out the door empty-handed?
A lot of times the assumptions we make about customers could easily be killing your retail sales.
We’ve all done it.
A guy comes in dressed in a three-piece suit, or a woman arrives in an expensive dress or she’s got a beautiful necklace on maybe she has rock on her finger that could sink a boat – it doesn’t matter. You’ve judged them.
How about the high school girl that walks in looking kinda dorky? How about the construction worker still in uniform with dirty boots? Did you also made a judgment about them?
You bet you did!
The problem is that a lot under assumptions we make are wrong.
Watch the video above to learn a fun game you can do with your crew to challenge the assumptions they – and we all make – about strangers.
Once you deal with the assumptions employees are making about your customer, they can really be a human being greeting another human.
From that, you can increase your retail sales.
Again, watch the video.
I’m a Nordstrom shopper. Have been since I worked at South Coast Plaza in Southern California thirty years ago.
I’ve never used their personal shoppers. I’ve never gotten flowers from an associate as a thank you. I’ve never had someone go out of their way to pick up a shirt for me the next day.
But I have come to trust their curated selection of brands so much that anytime I’m speaking where they are, I’ve gone out of my way to visit one.
Three weeks ago I stopped at their flagship store in Seattle. As I was looking around a designer collection, two employees were busy talking to each other while another was checking their smartphone. Continue reading Hey Retailers! Nordstrom’s Customer Service Problems Are Yours Too »
Do a Google search on “How to sell protection plans” and you’ll get lots of results – none of them good…
When I entered a Radio Shack and looked at the iPhone displays, I had no idea I was about to add to the selling extended warranties stories…
A guy shouted from behind the counter, “What are you looking for?”
I answered, “A new cord,” and he replied, “Over there by the iPads.”
I found my cord and took it up to the counter to be rung up. The cashier told me the total and said, “You can get a three-year replacement warranty for just $1.29.”
“No thanks,” I said.
“Really?” he said – like I’d just said I skated naked across Lake Ticonderoga while singing What Does The Fox Say. Continue reading The Key To Selling Extended Warranties In Retail Stores »
Independent retailers with one location represent 95% of all retailing in the US; yet many don’t like to sell their own merchandise.
If that’s you, unless you embrace selling, you’re going to be at the whim of customers who would just as soon order online or go to a big-box competitor.
But it’s easy to understand your aversion to sell …
As I perform retail sales training across the world, I find the following to be the five most common reasons people say they don’t like to sell: Continue reading What To Do When You Don’t Like To Sell »