As the owner of a toy and hobby goods store, you know that the life cycle of a toy or hobby is very short. What is buzzing today may be obsolete by sundown. For example, scrapbooking was a craze a few years ago, but you seldom hear of it now. This can pose a challenge for your inventory management and supply, but there are many ways to overcome it. With smart strategies in place, you can grow your store and increase revenues in no time.The instant business loan from Bajaj Finserv offers you up to Rs. 45 lakh without any collateral can finance these plans.
Here’s what you can do to expand the bottom line of your toy and hobby goods store.
1. Hold inventory on desired stocks
Marketers suggest that if you have stock of a product that is in high demand, you should hold it until there is a rush of customers, such as weekends and holidays. When customers visit your store on weekdays, they will see other products that haven’t been advertised as much. They will buy what is available, and you will be able to clear older stock. On weekends, customers come to shop with a plan to buy and here’s when desired stock can fly off your shelves. Another way to clear old stock is to hold annual blowout sales to attract buyers.
2. Target children, not parents
It pays to target children, not parents, even though the purchasing power lies with parents. If your marketing efforts, brand persona and overall strategy are tailored to appeal to children, then they will push sales for you. Have advertisements in places that are likely to grab a child’s attention and on their eye level. You can also advertise in or near schools, tuition centres and sports facilities. If you are located in a mall, create a shop mascot or something interactive to draw kids in.
3. Design your store layout to boost sales
Your store layout plays an important role in determining sales. Have everything laid out sections by age group, gender or type of toy or hobby. Keep the layout simple and spacious to easily navigate the products. Consider having life-sized toys at the entrance and an assortment of posters of the latest movie or cartoons. Grab the attention of children and parents to draw them in. You can also have a video of the latest hobby art, like quilling or paper-weaving, playing on your entry screen to attract customers.
4. Have knowledgeable floor personnel
Trained and active staff on the sales floor can prevent many people from walking out. You can convert possible buyers to assured customers with just a little positive reinforcement. Customers are more willing to complete a transaction when they feel that an employee has invested time and effort into making their experience pleasurable. Be it a hobby like making paper-mâché or buying an educational toy for a six-year-old; a well-informed salesperson can make all the difference.
5. Host activities for children and hobbyists
Consider hosting activities at your store for children and adults to participate in. This way, parents can leave their children to play while they shop. Create an area for playing board games, building things with Lego blocks, or learning to create handmade paper. These activities are a sure-shot way to boost sales. Stock all the related equipment at your store, and you’ll see a long line of prospective customers at your cash register.
Your business usually sees an increase in sales during the festive season at the year-end. Create strong marketing and sales plan to boost your sales all year round. Check your pre-approved loan offer from Bajaj Finserv with its simple one-step verification, and get started today.
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