Having sales data to back up the tried and true products is great, said a boutique owner I met at a local fashion event, but it can turn into a feedback loop. If you solely rely on your sales data, it is easy to convince yourself that certain types of products just don’t sell for you.
It makes sense. If you don’t really stock a certain type of product, then of course it doesn’t sell. The numbers show the past, but they don’t show the future or the what ifs.
At this local fashion event, I got to hear the owner of a unique outdoor lifestyle and apparel retailer describe how he curates products and an environment that keeps customers coming back again and again. It was fascinating to hear his story, but one thing that really stood out to me was his approach to taking risks on new products.
This retail owner’s strategy is instead to use sales data to identify the key products that you know you can rely on to bring in a certain amount of income. Then, with that foundation as a cushion, use a percentage of your budget to experiment with a new product or category. They might not sell well. But, they could become your new tried and true products. You never know unless you are willing to take some small risks.
There is one whole wall of his store filled with shelves of one brand of shorts in many different colors. He said that three years ago, these were one of his experimental new products. Now, they are one of his best-sellers.
What are your current best-sellers you can rely on? What new designs or products are you willing to take a risk on in your brand?