When purchasing a new range of stock for your business, make sure you purchase enough of the range to enable you to tell a story.
Too often I see newsagents purchase less items from a range to save money. This can end up costing more as the small range is no story and the stock does not sell – until you cut the price and quit the stock sometimes for a loss.
Spending more and carrying a more complete range enables you to tell a story, make a bold statement and, often, through this, attract new traffic.
While I understand the need to be careful with spending, being careful does not necessarily mean you should spend less. There are plenty of situations where spending more enables you to achieve more.
A newsagent I know last year got into a new product category for their business. The supplier advice was an opening order of $800. They decided to spend $350. The new range did not sell. A couple of months ago on my advice they topped up the under performing stock with an extra $500 from the same range. They creat6ed a fresh display with more items from the range. In the last two months they have sold more than they did in the six months prior.
When introducing a new range to any retail business you need to do it in a way that gets noticed and through which you can make a statement whoch demonstrates your commitment to the range.