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Hi Reader,
Katherine Raz, a retail expert in our community and the owner of Fernseed, is back to share her insights into inventory management. If you own a brick-and-mortar shop, you won't want to miss this - and quite a bit of this applies to online sales as well.
Dead stock (products that aren't selling) is bad for business
It might not seem that terrible—after all, isn’t it nice to have a big selection of products available when customers visit your shop?—but it is really toxic. Here’s why:
You’re paying to store product that isn’t selling. Your retail or warehouse space is not free. You’re paying for every square foot. When products that aren’t selling take up precious shelf space, you’re making less per square foot every month. Those losses add up!
Your customers get bored. While it’s okay to stock the same products all the time that DO sell, when you keep products that aren’t moving, you don’t have room on the shelves or in your inventory budget for new and interesting merchandise. Customers see the same, dusty merchandise on the shelves and visit your store less frequently, assuming things don’t change that often.
Your cash is tied up in inventory that doesn’t sell. When you hold on to dead stock, you can’t free up the money you spent to purchase that inventory until it sells. It’s like keeping dollar bills frozen in blocks of ice. Too many frozen dollar bills means less money to spend not just on new inventory, but on everything else: supplies, rent, payroll, etc.
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Q&A
Here's a reader question about hiring help, as answered by Arianne Foulks, CEO & Founder of our team:
Q: What’s a good way to know when it’s time to hire outside help with my site? Up to this point I’ve done it on my own, but I always wonder how much better my website could be with outside help.
A: We have a metric for this! This is not perfectly scientific, but it's a correlation we've found regarding the best time to invest, based on traffic stats.How many website visitors do you get per month?
- Up to 1000: it's too early to be optimizing. Focus on driving traffic instead.
- 1000-2000: work on some changes on your own to improve conversion rates.
- 2000+: call in the pros to make your site much more effective
The real way to increase your online sales is to start treating your website like a professional sales tool—one that will appeal to the right visitors and sell your products without you having to put so much effort into it. We have much more information about the possible return on your investment here, in our Forecasting Your ROI doc.
Question: Answered
Our team includes experts in branding, design, development, email & SMS/text marketing, search engine optimization, copywriting, conversion optimization, ecommerce strategy, business growth and more. Email me back with your question! I'll consult one of our experts and share one response per week over email.
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Latest Aeolidia Launch
Website Optimization for Worthwhile Paper.
Returning client Kristen Drozdowski of Worthwhile Paper came to us for Shopify 2.0 update, website refresh, and optimization as part of a 3-month optimization project.
"Such a great investment, and your team is always so knowledgeable and great to work with." --Kristen Drozdowski, Worthwhile Paper
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Wishing [COMPANY GOES HERE] all the best,
Arianne Foulks | Captain & Founder
https://aeolidia.com/
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