Personalize It
Post 2 of ‘How to Best Sell Your Inventory to Off-Price Retailers’
After selecting the right market and buyers for your products, the next step to maximizing your profits is catering to those buyers’ unique needs. This type of personalization is especially important to rise above the noise of this expanding off-price industry.
As the off-price sector continues to grow, product buyers are being offered increasingly more sources of and options for goods to buy. And they need to search through these options to purchase different assortments of product to match the demands of their target markets and end consumers.
Buyers are extremely busy and value efficiency, and thus want to see, order, and receive product as quickly as possible to sell while that inventory is still relevant and can be sold at a higher price.
Thus, it is beneficial for you as the retailer to determine your buyers and prepare catered offer listings for each of them, or to segment your buyers into groups based on similar traits and buying preferences. A catered offer listing contains product that either you think would be desirable to that buyer or that the buyer specifically requests from you.
Pricing also reflects that buyer’s previous purchasing price-points and includes corresponding stipulations that work for that buyer. Additionally, if you have multiple buyers, you can segment those buyers into small groups based on their market, price-point, and purchase history.
A buyer who receives a listing catered to his or her needs will more likely look through all of the products and purchase more merchandise. Learn how to write the ideal product description, here.
And why is that?
Think about the scenario as if you were shopping online at your favorite store. That store has curated different categories of product, from ‘dresses’ all the way to trend-specific looks, such as Shopbop.com’s “Rock On” selection.
You will most likely click on the assortment that most resonates with you or contains the item you are looking for. Next you will probably scroll through the entire page because you know, and are expecting, the product to be what you’re interested in and worth your time.
You may even be more susceptible to buying a piece from this curated category because it, once again, fits with what you want.
Thus, not only will the buyer look at all the product but there is a higher chance of purchase. And instantly seeing product that is desirable will capture the buyer’s interest, again leading to faster offer responses, more purchases, and better communication.
The efficiency offered by not wasting time sorting through large listings of unwanted or not-market-appropriate product will help you build better buyer relationships and do more business.
These benefits will be the way to stand out as a retailer as the off-price industry expands with new retailers, buyers, and opportunities.