Making the most of Melbourne Gift Fair

The Melbourne Gift Fair kicks off today. It is the biggest gift fair in the country and as such can be daunting, especially for people attending for the first time.

If you are in a marketing group, check to see if they have a fair guide. I know newsXpress published to its members a week ago of newsXpress preferred suppliers and information on special deals available.

Here are some tips designed to help you navigate the fair:

1. If you have time, walk through a whole location before you go back and do buying. While this takes more time it gives you a better overview.
2. When ordering, be sure you understand the suppliers backorder policy. The last thing you wants stock dripping through when you do not want it.
3. If a claim is made on success of a product, ask for evidence or reference retailers you can speak with. This is to push back against trade show puffery.
4. Get a copy of every order you place. If the supplier does not give you a copy on the spot, take a photo of it for yourself.
5. Focus on products that make your shop more appealing than it currently is. If you buy within the categories you stock today you are doing nothing to broaden the appeal of your business.
6. Meet up with others at the end of each day to debrief and compare notes.
7. Be clear on timing. You want stock when it is best for your business rather than when a supplier thinks you should get it.
8. Target local competitors. Think of a local business you want to win customers from. Plan to achieve this through what you purchase.
9. Tell a story. Buy enough stock from a brand, range or licence to enable you to tell a story in-store.
10. Live within your means. Every purchase you make has to be paid for. Do not expect suppliers to become your bank.
11. Understand competitive placement. Ask which other retailers will get product you particularly like. Some suppliers will put their stock anywhere. I prefer to avoid them.
12. Have fun. Gift Fair can help you see your business differently. This can be fun.

This Gift Fair should set your business up for new inventory through to early 2018. It is important to attend thinking that far ahead.