By Kristin Robinson
In today’s marketplace, it is harder than ever for a retailer to find where they fit in: what product line they should carry, who their target market should be or how to price their inventory. They have to put a lot of thought into this before they even start to think about generating revenue. It is one crazy equation that can become a headache even before you get started. But it can be done! Many fine retailers have found their niche, established themselves and run very successful businesses.
However, retailers need to evolve and continue to find new & innovative ways to retain their current customers and keep growing their business. There are many ways you can achieve this but you have to know what will increase revenue without wasting valuable dollars.
One way would be to know what customers normally buy on the run, purchase to fulfill an immediate need or what would cause them to make an impulse buy. What other on the go product would fulfill the above criteria…candy! I am sure most smaller retailers have noticed that in the last several years major chains across the nation have begun to carry candy at their checkout stations. Not that candy has anything to do with what their core products are, but because they know it will sell and bring in revenue at a low cost to them.
Best Buy sells electronics and appliances, Dick’s sells sporting goods, Jo-Ann Fabrics sells fabrics & crafts – however all of these major corporations sell candy. Consumers spend billions of dollars a year on the sweet confections, so why shouldn’t the smaller retailers cash in on the business as well? The profit margins are exponential. Candy can be bought in bulk at wholesale pricing and resold for a large return. Not many people can resist a yummy chocolate bar or a stick of gum when they have been shopping all day and need something quick. Also, many consumers today have limited time to shop and have children in tow that may need a snack at an inopportune time when getting a meal is not an option.
Smaller retailers should follow suit with what the major money making retailers are doing and offer candy. No matter if you sell clothing, jewelry or sunglasses, bringing in a small inventory to satisfy a hungry client would do nothing but pad your pockets. You could even make the product line relevant to your core inventory! For example, if you sell jewelry you could offer rock candy, ring pops or candy necklaces. Use this as your angle or selling approach if you are having trouble trying to decide which products are right.
No matter what you decide to carry, candy can only make your business sweeter. It does not matter much about what kind of retailer you may be, but always keep an open mind and the possibilities can be endless.