It’s ancient wisdom: If a product doesn’t turn, I drop it. If a product’s returns aren’t high enough, I drop it. Any inventory manager will tell you to remove a slow-seller from your shelf to make room for a better-selling product.
But what if data told you it was better to keep a slow seller? And what crazy data would tell you something like that?
Picture your “most valuable customer” (MVC). They may come in regularly to stock up on the basics. They may come in for every sale and go nuts. They may come in seasonally and fill up their cart.
Now, picture this MVC seeking their favorite product on your shelf. Picture them not finding it. Picture them calling and visiting your competition to purchase that favorite product.
Today’s FieldNote is simple: Find a way to carry the niche products that keep your most loyal customers shopping at your store, and your store only. If those obscure siberian dog treats keep that customer from going to competition, then let them take up a little space.
So, how can you know if a slow-seller drives LTV for your MVCs? FieldStack.
Our retail loyalty solution is integrated with our inventory and intelligence engines, to cross reference the products that please your best customers with the products that sell the best. FieldStack will automatically identify those niche products that keep loyal customers happy and coming in regularly, and keep them in the mix at just the right quantity. So if those six bags of siberian dog treats sit lonely on the hook for weeks, and are then bought by the same person at the end of every month, now you’ll know why.
Yes, you should carry products that sell better, and FieldStack will help you do that. We’ll also help you carry products that sell smarter.