Current situation
We use proprietary POS system algorithms to determine what's going on with your store. What sells in your store is known to your system. It is a management system. It is aware of when and where your products are sold. How it sells, when it sells, how long it requires to sell, your profit and so forth. This is good and necessary stuff, but it only knows some things.
Who said what is happening in your shop is happening in the general market? Also market trends that change customer behaviour will affect your product demand.
What your POS Software knows is what your clients buy from you but not what they buy from other places. It knows what you have but not what is available. Nor how you are doing contrasted with your rivals.
Why should you keep up with retail stock trends?
Since customers are a company's lifeblood, retailers must ensure that they meet their customers' needs. They will only be able to compete if they meet the needs of their customers and keep coming up with new products.
An experienced buyer in Coles told me he wanted at least ten new products at any time. How many new products are in your shop now?
Many people rely on customer service representatives for assistance. These representatives sell only what they have and have been instructed to sell. They do not understand your situation. Additionally, they are not held accountable for any incorrect ordering decisions you make. If they sell you hard-to-sell cards, their boss is happy that this rep has moved some unsellable stock.
You need more sources, and a cloud-sourced website is an excellent source to investigate.
Market research
Be aware of your customer's and business needs. There are no shortcuts. Market research is essential before beginning. Research your target audience to comprehend their requirements and preferences better. Take a look at your rivals out there. Check out what they're selling and what you could be doing better selling.
You have a niche, too, so checking what you are doing well is what matters most. Getting better at something you already do well is simple.
The best-seller list for Amazon Australia
This is a valuable resource for conducting market research. The best-seller list for Amazon Australia can be found here.
For example
Select "Pet Supplies" from the department list
To see all the best-selling items in this category. These are the top-selling things refreshed hourly, so it is current. Examine the items that pique your interest.
Reviews from Customers
As a rule, look for items with high ratings and many customer reviews. If there are only a few reviews, it may be very new or suspicious. I also frequently read the negative rating because they contain helpful information. You can be pretty sure they are legit.
You will be given a lot to consider by these products. If people say its no good, you may hurt your business if you decide to handle these products.
Price information
Among the data supplied is price information. When you try to get products from your suppliers, this will help. Sadly, many have been known to charge smaller retailers much higher prices than major retailers. If that's the case, you will know which goods you cannot compete. Confronting the reps about this fact can be beneficial. You may also contact the buyer at Amazon to see if they could give you a bulk price. Worst case, if it's a good price, you may want to take it.
Find your relevant categories.
You will presumably find that your interests cross a few Amazon categories, so you might have to glance through several. Looking at products I know and following the logic helps determine where to look. Nothing anyone can do about this as everyone thinks differently, and sometimes you wonder how some people's minds work.
Track results
Regular evaluation of your business is essential to ensuring that you are on the right path to success. It is worth looking at your sales reports to keep track of your choices over time. You have a management system use it.
Conclusion
Inventory management is one of your business's most essential functions.
You have nothing to lose by giving this a shot. You can pinpoint areas where you can improve. In business, it is rare for a person to get too much information.
Try it; it is free.
