The holiday rush has come and gone, and the new year is just days away. There’s no better time to think about refreshing your inventory for 2020. How will you delight your customers in the new decade? You may have some goals in mind already—perhaps you want to carry more international brands, expand your offering of accessories, or try out a new product category. If you’re looking for inspiration, Faire can help. Here, we compiled some expert tips to consider when restocking in January.
Look ahead to 2020 trends
The National Retail Federation released 2020 trend predictions this month, and it’s clear that consumer consciousness will be big in the new year. Some of the buzzwords we’re seeing? Sustainability, health, wellness, diversity, and inclusion. Though many consumers are seeking goods that embrace these ethos, authentic messaging on your part is still a must. According to the NRF’s analysis: “Successful retailers need to embrace these tenets in their storytelling; it’s not just about marketing, it’s about reflecting that storytelling across the business.”
Now more than ever, consumers crave an emotional connection to the products they purchase and the shops from which they buy. “We now have a consumer that isn’t about packing the closet full of stuff, but is trying to understand what is most meaningful to purchase,” says Susan Reda, editor of the NRF’s STORES Magazine. In-store experiences—from clever experiential marketing to affable store associates—will be key to forging this connection. In 2019, we wrote about delighting customers on Shop Local Saturday and with December promotions; but in 2020, the NRF says this heightened customer experience should be maintained all year long. And it goes beyond moments that look great on Instagram—this is about ongoing, authentic engagement with your community.
Reflect on 2019 successes
So, what is the right story to tell your customers? Take a moment to reflect on your best-selling products from 2019. Many point of sale systems offer an analytics tool so you can easily identify products with the best sell-through. When reviewing this data, think about any common themes that unite your top sellers. Was there a clear narrative that resonated with your customers this year? Maybe it’s your eco-friendly goods that fly off the shelves, or the home accents handmade by female artisans. When you place your first orders of 2020, reorder your 2019 bestsellers along with new products that fit the story you wish to tell. Visualize how you’ll merchandise your products to provide the emotional experience that makes customers return to your store again and again.
Use Faire to make restocking easy
At Faire, we want restocking to be simple and streamlined. That’s why we offer our Express Reorder feature, found by clicking the “Reorder” button in the top navigation of your Faire portal. Here, you’ll see the brands and products you have already ordered, plus recommendations for items you haven’t tried yet. You can also browse Faire’s special collections when you’re stocking up for specific times of year. Check out the brand new Valentine’s Day Collection for love-themed goodies, or take a look at Gift Ideas for the season’s best giftables. And the best way to ensure you’re telling an authentic story? Shop by value. Use Faire filters to find products that are eco-friendly, handmade, made in the USA, women-owned, and more.