CosMedical Technologies’ 26th Anniversary Sale is the perfect time to save money on your entire private label inventory. Are you ready to make the most of it? Before you stock up, take the opportunity to evaluate the mix of merchandise on your shelves — and how you could boost your revenue — by asking yourself these 10 key questions.
- What have been our top sellers? It might be a no-brainer, but these are the products you know you can count on. Make sure you’re replenishing your stock.
- Which products offer the highest profit margins, and how could we sell more of them? Even if they aren’t always flying off the shelf, the right marketing strategy could quickly turn these mid-level performers into profitable bestsellers.
- What feedback have our customers given? This can offer valuable product and consumer insights which your sales numbers aren’t showing.
- What are some recent trends we’re seeing? Just like fashion and food, skincare trends evolve over time. Leverage this by looking at what types of products have been gaining popularity in your market.
- Could we benefit from expanding our private label line? If a broader range of products would help your brand grow, right now is the perfect time to pick up some fresh new additions to your collection, like our HA+ Firming Boost that was just added to the CosMedical line of products.
- Are we carrying enough “starters”? Appealing, yet accessible, these introductory products and kits are key tools for gaining new customers.
- Are we carrying enough “transaction builders”? These products provide an easy jumping-off point for add-ons during a sale — they’re a great way to guide customers toward purchasing a second or third item.
- Are there any additional products our clientele might be interested in? Based on what you know about your customers (skincare needs, concerns, purchases, and lifestyle), what are some related products they might love, but you aren’t carrying yet?
- What’s the competition? Consider how your inventory compares to your competitors’. Do you want to capitalize on the popularity of similar products? Do you want to offer something unique to stand out?
- What’s coming down the pipeline? Ensure you’re stocked up and ready for any upcoming events, holidays, retail promotions, and seasonal changes.
