This year’s Sydney Gift Fair has been a good opportunity for newsagents to expand their inventory portfolio. On the trade show floor have been new suppliers and some existing suppliers with more diverse range. It has been a good opportunity to go beyond what the shop is known for.
This matters because inventory range can be a calling card if we use it in social media and other out of store promotion and activity.
Pitching products people do not expect from us can help re-cast how we are seen and this is key to traffic growth.
The challenge is that too often indie retailers stock what they like. In my experience it is more important that we stock on the basis that we are not our customer.
The inventory range decision is simple in my view. Stock what you have been stocking or similar to what you have been stocking and you will fulfil the current trajectory of the business. Expand the focus of the business with a broader sock range and you open the opportunity of finding new traffic. New traffic is key to achieving growth.
My suggestion to every newsagent is to have a portion of the inventory spend allocated to new products, to ensure consistent pursuit of expansion of the appeal of the business.
Good advice that the suppliers should take on board. Saw some shocking examples of plagiarism at this year’s fair. Too many suppliers just jumping on latest trend.
Attendences I understand are very subdued this year. Reed will have to work hard for 2020 to get some buzz back into Sydney Fair.