5 Things Every Retailer Wants To Hear About A New Product

When introducing your new product to a retailer, it might seem hard to convince them to buy your product as retailers have some concerns of their own. From having concerns about the customers to how much profit they will make if they purchase your product. There are many factors that every retailer wants in a product. Here are 5 things retailers  wants to hear about the new product:

  1. Profit margin:

Selling items that are big tickets are generally more profitable but it can  require more credibility to sell. When a retailer is looking at the price of the product, they will not forget to calculate direct and indirect prices of selling your goods. When you learn your overhead expenses average is high you might think the profit isn’t sufficient enough even if the sales are good. The bestselling product won’t make high profits if the margin is too small.

  1. Consumable:

A retailer needs a product with high recurring sales value. An item that needs to be replaced on a regular basis is one way a retailer can establish long term relationship and sales with the customer itself. By establishing a customer base with recurring products, customers will come to the retailer more often to do business with them. This characteristic of the product is very much fancied by a retailer.

  1. What’s popular:

When it comes to selection of a product that is based on what’s popular between the customer, timing is extremely important. New trends and products can be a great boost for the retailer’s business but you need to explain the lifecycle of the product to the retailer in order to be successful. Making them realize it is a hot product before it becomes one is a valuable skill that comes from knowing the market.

  1. Competition:

A product which has little to no competitors is highly requested by a retailer. This can only happen if the product is very unique. Less competition means that the product will help retailers get in maximum amount of profits since it is not available in any other retailer’s market. This can help your product be the star of your retailer’s business.

  1. Diversity:

Make your product offering simple in the beginning. If your product line tends to be narrow and simple, then your marketing efforts should be very focused so that the marketing dollars bring you the best results. A retailer needs a product that can offer diversity to the customers. As the business grows you can also add more products to your line but keep in mind they all match with what your business has to offer. The key to having a successful business is knowing your product from inside out and also knowing the market value of it. This will help you pitch your product in front of a retailer easily and you can tell the retailer what they actually want to hear about the product.