I hope everyone is finding value in these posts. Since buying is such a crucial element in developing a successful luxury strategy, I wanted to spend a few more posts on the topic. Today I will share some more tips. Hope these will also be helpful:
- Tell a unique story. Your product must stand out. Buy product you cannot find in every shop. It must be different from what all of your competitors are selling.
- TRAIN, TRAIN, TRAIN and MERCHANDISE! – Buying does not stop when product arrives in the store. Part of great buying is making sure the staff can explain what was bought and then making sure it looks good in the store. Most companies will work with their partners on training and merchandising to ensure that product stands out and sells through – just ask your favorite vendors!
- REVIEW and STUDY – In order to make informed decisions, you need to know what is out in the market, what is popular, what is new, and what is special. Visit trade shows, read trade journals, and consult the web resources for our industry. Basically – STAY INFORMED. The most successful retailers are constantly reviewing their assortments AND seeing new product all the time. It doesn’t mean you have to buy new product all the time, but how can you make the most educated buying decisions without knowing all of the possibilities out there?
We have spent the last two posts on buying tips. I would welcome any comments from those in the retail world. This list is by no means exhaustive and I would like to hear about other experiences or tips you may have. Thank you.