4 Tips For Buying At Trade ShowsFeb 02, 2024
Trade Fairs can be A LOT of fun. Go with a plan and a shopping list, and you can't go wrong!
That said, the energetic atmosphere can influence your purchasing actions.... All that hype, new product, the discovery of new brands - and making new connections - can lead to some unexpected spending!
If you want my advise on how to buy at a Trade Fair, below are my top 4 tips!
💰 Prepare your numbers! Work out your top 5 categories in gross sales (and top profit!). Then look at your bottom 5 categories and compare the numbers. You should be investing in those top 5 categories always. They are the ones feeding your bottom line!
💰 Compare your sales and inventory from last year. If your sales were down 5-10%, then your inventory should be down too. Do not over-spend on merchandise!
💰 Be safe and carry a shopping list! Shopping can be thrilling, especially if you take a gamble on buying something new and different. Who knows, you might become pioneers of the latest trend! But always refer back to your gross sale categories. Buy what you need,
💰 Listen to your customers and gather their valuable feedback. You must meet the demands of you customers. It's your store, your flavour, but there are certain things that people come to you especially for. A premium brand identity remains consistent at the core, so keep conservative to a point!) and think of your customers before you hand over your details!
Good luck and happy spending!
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