Tips for Wholesaling Toys
Understanding Your Customer
Regardless of industry, the first requirement for any business is a specific audience. If you do not know what your customers will purchase, it will be difficult to stock your shelves with profitable items. You should be able to significantly narrow down your shopping criteria with some research. Consider the situation as if you owned a food and beverage store. Would you open a store that sold an assortment of appetizers, main courses, and desserts, or would you focus solely on sweets?
Now that you understand the kinds of toys you wish to sell and the type of customers you wish to attract, many people make the mistake of purchasing merchandise for their stores. We recommend taking one more step before embarking on a shopping spree. Spend some time learning what these target consumers are already purchasing from your competitors and what you can offer them that they cannot find elsewhere.
Configure the Shop to Explore
You understand whom you are marketing to and what you are selling at this point. If you’ve ever gone house hunting or watched HGTV, you know that beautiful staging helps buyers imagine themselves living in the home. Ensure that online retailers have professional photographs of their products. Typically, these images can be obtained by obtaining the manufacturer’s permission to use their promotional materials. Customers will be able to learn more about your products and feel more confident about purchasing after viewing the images.
Establish a welcoming space for children to play with recently introduced, unfamiliar, or slow-selling toys in a physical store to increase sales. You can also set up interactive building sets to keep children engaged and parents shopping for longer. Place less expensive seasonal or travel-sized items near or on the counters to encourage impulse purchases.
Predicting Delivery Time
The reality is that “out of stock” can result in lost sales for retailers. To avoid this pitfall, it is advisable to place your order well in advance of the anticipated stocking date, in case something unexpected occurs during distribution and shipping that causes a delay in your shipment’s arrival. If you need the items by a certain date, communicate this information to your supplier. In addition, annually attending toy fairs and observing which toys generate the most buzz from your customers will keep your finger on the pulse of the industry and assist you in determining the quantity of each item to order.
Possibly the most challenging aspect of opening a retail store is determining what to sell and how to obtain it in the early stages. After that, your prices can be the lowest, your store can have the best play area for children while their parents shop or your unrivaled customer service can be the reason your customers choose your store over others. We wish you the best of luck in this exciting venture into what we believe to be the most amazing industry that helps children’s dreams become a reality that they can enjoy exploring, regardless of what sets you apart from the competition and, hopefully, results in a large group of loyal customers.
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