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Introducing the four R’s of retail selling. The four R's are our view of a typical retail sales lifecycle.. get each of these four stages correct and you will add £££ to your product life sales.
1. Range
Which retailers should stock your product? Are you getting the correct coverage for your Collectors and Special Editions.
Have you overbuilt and stuffed too many retailers? Or too few…
2. Reputation
Online is way ahead the most important ways consumers discover your product. Typically 30% of retail sales are concluded on their website... and the decision to buy in store is affected by initial consumer discover on their website.
Has retail the correct packshot? Is your title - the biggest drive for search matches - searchable by consumers?
Has the retailer listed your product in the correct categories?
Are you product details and specifications correct? Is the age rating and other legal requirements correctly displayed?
Do you know?
32% of retailers did not return any product when the titles standard search term was used. Tips to solve this include removing full stops in short forms of a title including both a short form and the long from in a title etc.
3. Replenishment
How quickly are you replacing sold out stock? It still amazes me that in these days of min/max auto-order systems fast selling stock is regularly out of stock.
Monitoring distributors and third party wholesalers can help change the relationship from how much you buy to how much you sell
4. Re-promotion
You have selected the right retailers, your product is beautifully listed and you are successfully getting re-orders when your product runs out of stock. Re-promotion is the process of adjusting price, arriving at special offers and otherwise driving sales.
Are you checking that promotions are properly implemented at a store level?
