The world is getting back to normal, and we all know what that means...slow summer sales. If you sell firearms, you have more than likely seen a dramatic spike in your retail business over the last year.
Those of us who are heavy in computer equipment, video games, and even bikes have seen a similar trend. If history holds true, the “need” for these items will slow, many will return to your store and sell/loan the item back, and retail sales will dramatically slow down. The question many ask is, “how do I market for retail when my inventory is at an all time low?”
We should have a two-sided approach to make this effective. First, we need to get inventory immediately to sell and second, we need to get people in the door. And without the first one, those who come in to buy items may not return soon if they find out that you have so little inventory. What are a few ways to get inventory immediately?
- Yard sales
- Storage auctions
- Big box retail “extras”
- Your employees and their close friends
- Create a layaway only section for buys in hold to be displayed
This needs to be an all-hands-on-deck type of approach, and you may have to pay more than you’d like for this merchandise. But in the end, smaller profit margins are better than no profit margins, and you will have happy customers that will continue to shop with you.
Getting people in the door is the next task. As you post on Social Media, send text blasts, etc...please be sure to let people know that you are always looking for electronics, gold, diamonds, etc. when you market (even if you’re marketing for a sale). It’s great to move merchandise and create revenue, but you must replace that merchandise, and the best place to get it is from your local community. There is no need to get “fancy” or do anything different than you would normally do when marketing. Continue to get involved in your community and get your brand in front of as many people as possible during the Summer as it will pay off later on in the year. Never forget to keep business cards with you and pass them out freely. Leave a few on the table at the restaurant, put some on top of the gas pumps at the convenience store, etc. As always, have fun and make money!