Retail merchandising is constantly gaining more importance. If brands do not cater to their needs of virtual merchandising, most consumers are likely to switch to some other brand.
Merchandising is concerned with the interaction your customers have with your brand in a retail setting. It is a strategy designed to conduct activities for consumers that are profitable and impactful.
For anyone hearing about merchandising for the first time, it may not ring many bells. Here are a few simple things you should keep in mind while merchandising. This shall ensure fruitful returns back into your company.
Focus on the retail experience
As a brand looking to merchandise your products, you should go beyond the aesthetics of your retail store. This is because, going just by aesthetics and what looks more enticing, you might only end up creating a shopping experience where everything looks. Retail Merchandising goes beyond that.
It is imperative in contemporary times to focus on maintaining a consistent brand image and giving your consumers enriching retail shopping experience.
Advisably, the retail merchandiser, should stick to certain colors, a set logo and a few popular presentations of packaging. This helps create a brand recall within the minds of the customer and a feeling of familiarity. They will end up buying more if they realise this is a brand they know and can trust.
Similarly, look at your brand from the perspective of your customers. Get into their minds and see how they perceive your brand, and what are the values they derive out of it. Once you realise that, work away to provide them at first hand to your customers. A brand that provides value and speaks directly about it is trustworthy.
Product pricing is another important factor that shapes the retail buying experience. This is why pricing process is considered as much of an art, as it is a science. Retail merchandisers should take care of these three things while pricing products –
- High-end, expensive products
- Middle merchandise.
- Inexpensive or budget buys
Without a doubt, most of the sales of a retail outlet coming from the middle merchandise. However, that is no reason for you to not stock expensive products or the budget products either. Providing a range of options for your customer enhances their retail experience, and they tend to value your retail offering better than the others.
Stocking expensive items also leads to a “wow factor” in your store that attracts more customers. It also enhances the chances of a customer buying these products while shopping for the budget or middle merchandise.
As a retailer, satisfying your customer is always at the back of your mind. So, in case a situation arises, and you are unable to provide your customer with what they need, the experience ends up becoming frustrating for both of you.
There are multiple formulas to calculate how much inventory to keep, and even after that, it is advisable to be on the safer side. Established brands usually have a carefully planned inventory strategy. If there are retail outlets all over the town, a retailer can always ask for some inventory from another outlet 22kms away.
So, if you are still a budding retailer, being safe is the way to go!
These were a few advises that every retail merchandiser should adhere to when merchandising. It not only leads to better sales but, better customer buying experience! Happy merchandising!