True success for many who own a dollar store begins by always maintaining a store fully stocked with dollar store merchandise. It is certainly possible to conceal some merchandise shortages. However, your customers can soon tell when your store has inadequate stock. Then they begin to ask whether your store is going out of business or whether product ordering is the problem. The bottom line for those who start a dollar store is that sales will immediately decline whenever they allow inventory levels to become too depleted.
For those who own a dollar store, they have to remember that: the levels of dollar store merchandise displayed on the sales floor and the actual sales levels you are able to maintain throughout the week have a very strong correlation. While maintaining inventory levels too high isn’t generally the motivation for higher sales, you must maintain adequate inventory levels at all times. It is the balance between proper dollar-store merchandise levels and sales that must be understood and then achieved.
If you start a dollar store, do not allow yourself to be lulled into satisfaction with your store inventory levels while much sits in the back room where it cannot turn into sales. In fact when you own a dollar store, it is fair to say that storing merchandise in the back room of your store costs you money and potentially lost sales revenue as well.
When you start a dollar store, you will soon discover maintaining a fully stocked sales floor is very smart business. In fact, your goal must be to have every shopper who enters your store react with a surprise and pleasure as they enter and scope out all the dollar store bargains. A well-stocked store will help you achieve that very result.
When you own a dollar store, never allow it to look as if there is a lack of inventory available to support sales. Customers will immediately feel their time is wasted looking about your store. They end up spending less time exploring and adding extra dollar store merchandise to their purchase. Worse yet, if inventory levels are allowed to appear in short supply these very same shoppers are not as likely to return to your store.
Never allow your dollar store inventory levels to become too low. Take action to keep new merchandise flowing into your store as your sales occur. Don’t assume you can afford to allow inventory levels to fluctuate too much without causing negative consequences to your store sales.
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Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.