Perhaps you are the proud owner and/or manager of a busy, thriving gift shop in the heart of a national park? Instead, maybe you are alternatively embroiled in the launch of a brand-new gift shop in your local area?
Regardless, the rising cost of living throughout this country seems to have not threatened the gift-buying consumer from saving their money so with this in mind, continue reading to learn of five exciting new additions to your gift shop inventory.
1. A Regular Promotional Schedule
As well as varying and expanding the types of gifts you sell in your shop, another shrewd method of boosting profits is to maintain a regular promotional schedule and advertise said promotions across your social media platforms.
Not only does this involve showcasing a particular product range and offering discounts on multiple purchases or an order over a certain amount, but also drumming up business by teasing a new range before it goes on sale.
2. Personalized Items
Whether your own gift shop deals in high-end, quality souvenirs or is centred around the ‘kiss-me-quick’ mentality of the Great British seafront, expanding your shop to offer personalized gift options is a fantastic idea.
You could go as far as to invest in the impressively fast and accurate 3-Axis Laser printer, which can transform any ordinary product you sell into a personalized one with beautiful and instant 3D laser printing.
3. ‘Back by Popular Demand’
You may well recognise the familiar situation of a repeat customer consistently asking you why you do not currently stock a product, or line of products, that are very popular. Sometimes you just can’t help running out of items and leaving customers disappointed.
However, part and parcel of good business management is knowing when to leave things alone and when to move with the times, so start listening to what your customers want and try not to be afraid of taking your gift shop in new and exciting directions.
Experiment with stock levels, and try to bring in new things that are similar to what sells well, even if its not your usual stock, you might be surprised how well it takes off.
4. Target Niche Markets
The fourth new and exciting way to reach a new target market and increase your monthly profit margins, is in the context of appealing to niche markets and your existing core customer base.
If your shop is in the aforementioned ‘local shop for local people’ category, then you may well want to consider going down the line of showcasing handmade products from local artists and other creatives.
A selection of niche markets, one or more of which you could consider trying to reach, include the following:
- People who want to learn a new language at home
- People who want their dog to be a vegetarian (admittedly questionable)
- People who want to save money yet always struggle
5. Eco-Friendly Products
The fifth and final method of adding to the inventory of your gift shop will simultaneously help your store appeal to a wider group of people and also help your business become more environmentally friendly.
Perhaps you could start a line of recycled ornaments made only from cans and other forms of rubbish that would alternatively simply be placed in already-overflowing landfills? Alternatively, maybe you would be interested in launching a new product line connected with reusable and recycled items, eliminating the need to keep replacing said item when it has been used.
Looking forward to an eco-friendlier future for your business is not only a shrewd move in terms of appealing to more people than your company currently does but will also help you to personally contribute to preserving the natural world and environment around you.