As a retailer, you need to pay extra attention to sourcing your products for inventory. It is critical to your business’s success. Please keep in mind that improper goods mean there will not be customers. Having no customers implies your business cannot survive. So, in this post, we will guide you on how to source online products.
Work on demand forecasting
Simply put, demand forecasting has to do with researching and predicting your target consumers’ purchasing behaviors and demands in the future. For those having no records to access, you may want to check for your rivals and some other external resources, for example, Google Trends. Should you be running your own store, using a POS solution is the best solution to monitor and generate various reports on your store’s performance.
As we are talking about POS software, it is also worth mentioning that it is helpful for retailers to streamline their transaction activities. The worldwide POS market is expected to thrive in the next years to reach more than 42 billion dollars by 2027. While the system is powerful capability-wise, some may wonder whether it suits their business. This is indeed when ConnectPOS’s remarkable feature of product group comes to help. It assists in creating categories of your store more easily. This feature also means that the payment process is simpler and quicker.
Reach out to potential suppliers
Please note that before you reach out to suppliers, you should have an idea of what to expect from this first contact with them. For instance, think about whether you get in touch with them for information, samples, and/ or particular goods? This helps smooth out the process. Also, make use of the business cards you receive from trade shows and whatnot to contact them. You may likewise want to reach those who you have contacted or met before.
This step can help decide whether you manage to source online products or not. Seriously, have you ever purchased a car without test driving it? The same goes for sampling items before putting them in your shop.
Request samples and ask for feedback from your employees in charge. Check for them with care and pay attention to how the potential supplier deals with this initial transaction before you decide if you should buy the goods.
Ask for trial-running a purchase
Trial-run an item if you see it is potential. This approach means that you request goods to get trialed in just some stores. It can also be equal to some products to become tested throughout your retail chain. And do not forget to set the criteria for that product test. For example, set the duration for that test, customer review, and sales ratios.
To access a supplier, you should answer significant questions related. For instance, did the item satisfy the goals you set? Was its performance excellent or not as expected? Was the supplier clear during your talks with them? Were they on time when you were tested working with them?