How to Choose the Perfect Gift and Homeware For Your Business
As most retailers will be well aware, choosing the perfect gift and homeware products for your retail business can be a challenging task. With an overwhelming amount of products on the market, it can be daunting trying to decide which products will best suit your target demographic and align with your brand. That’s where Heaven Sends can help! In this blog you will find some useful tips and information on how to ensure you can select products that will resonate with your customer base, and most importantly drive sales.
Firstly, it is important to have grasped a detailed understanding of your business before making important decisions and investments on products. Asking questions such as, who are your customers? What are their interests, preferences and buying habits? Conducting market research is the first step to gaining valuable insights that will help you tailor your product selection to ensure you meet your customers’ needs and desires. We find that the customers who tend to have the most success with choosing a product range that drives the most sales, are the ones who have a clear and firm understanding of their target market.
TRENDS
When choosing gift and homeware products for your retail business, it is important to make sure you don’t overlook emerging trends and seasonal preferences. With today’s modern-day technology, it has become significantly easier to research trends and get a general idea of what products are currently popular with various audience demographics, through platforms such as Tik Tok, Instagram and Google. Word of mouth will also help you to gain insight into current trends, don’t be afraid to strike up conversations with existing and potential customers to figure out what is the current hype within home interiors and decorating! Products that remain relevant and timely will ensure you attract new customers but also aid in driving repeat business.
Attend trade shows, read industry publications, and follow influencers and brands on social media to stay informed about emerging trends. Offering the latest products can attract trend-conscious customers and position your store as a go-to destination for fresh and exciting items.
PRICING
Another key factor to bear in mind when selecting products is to try and implement a balance between quality and affordability. Whilst some retailers may purposefully be aiming to be a high end, luxury and expensive brand, commonly it is more effective to offer a range of product prices for customers with varying affordability criteria. It is no secret that the current cost of living crisis will be having an impact on consumers, and disposable income may be a lot less available than in previous economic years. Therefore, we advise to try and keep prices competitive and accessible, whilst also offering products that are of high quality for ultimate customer satisfaction. Offering a range of products at various price points means you can appeal to a wider range of customers and ultimately maximize sales potential.
QUALITY
Quality is a key consideration for gift and homeware products. Customers are more likely to purchase items that are well-made and durable. Conduct quality checks before launching products to consumers as this will also result in fewer complaints and returns in the long run, whilst also boosting your reputation as a leader in a competitive market, and increasing the likelihood of positive word-of-mouth.
DON’T FORGET SPECIAL OCCASIONS!
Gifts and homeware are often tied to specific seasons and special occasions. Stocking seasonal items such as Festive decorations, Spring & summer garden collections, Autumn & Halloween decor, Valentines gifting and so on, can boost your sales during peak purchasing times throughout the year. Additionally, consider products for special occasions like weddings, birthdays, and anniversaries.
SUPPLIER
As a leading gift, homeware and seasonal decoration supplier ourselves, we fully understand the importance to source a reliable and trusted supplier. We highly recommend considering factors such as product availability, shipping and delivery times and vendor reliability before committing to spending your money.
Due to these factors, we understand the importance of product availability, we offer both a pre-order option for customers that want to purchase in advance and not have to hold on to stock for prolonged periods of time, and “in-stock” ranges for the customers that want last minute and quick turnarounds on their products. By finding a supplier that can cater for all scenarios, you eliminate potential stock issues, which cost you time & money.
CUSTOMER FEEDBACK AND ANALYTICS
Finally, leverage customer feedback and sales analytics to refine your product selection. Pay attention to what items are selling well and which ones are not. Solicit feedback from your customers about what they like and what they would like to see in the future. This information can guide your purchasing decisions and help you better meet your customers’ needs.
Remember, the goal is to create a memorable shopping experience that delights your customers and keeps them coming back for more. By selecting products that will resonate with your chosen target market, it will help you stand out and succeed in a competitive market.