Transitioning from e-commerce into retail is a huge step for any business. Retail stores expand the geographical reach of your product, which increases sales tremendously and creates opportunities for more growth.
While the idea of getting your product into retail stores does seem very appealing, the process of achieving it is not exactly a walk in the park. To make the journey easier for you, we will be discussing some tried and tested methods of convincing stores to carry your product.
Make your product well-known
A well-known product has a better chance of being accepted in a retail store than an obscure one. Before you schedule a meeting with the store owner, ensure that your product is at least a little popular. One of the ways of boosting your product’s popularity is by harnessing the power of social media in creating some hype around your product and creating an online demand for it. You can create videos or write blog posts explaining the benefits of using your products.
Establish an e-commerce presence
Before attempting to get your product into retail stores, focus first on establishing an e-commerce presence. Selling your products online allows you to gain meaningful insight into how business operations are conducted. It gives you a sales track record, which can help you make a more compelling case to the store owner. An e-commerce presence can also be used to increase your product’s popularity. The higher the exposure your product receives, the easier it will be to convince a store to put it on its shelves.
Attend trade shows
Tradeshows are traditional exhibitions for business owners to meet personally with buyers and product distributors. They draw the right kind of attention to your products and create an avenue for building relationships that could translate into highly lucrative business partnerships. Store owners attend trade shows and go from booth to booth, learning about various products and sometimes placing orders at the event depending on how impressed they are with the product. Although the costs of exhibiting at trade shows can eat into your pocket, it is an investment that has a great chance of yielding excellent results.
Prepare your product pitch
Preparing your pitch before meeting the store owner prevents you from rambling or omitting key points when delivering your presentation. Adequate preparation also boosts your confidence, eases any tension you may be experiencing, and helps you feel in control of the situation. Before pitching your product to the store owner, ensure that you undergo some research about the store to find useful information that can improve your sales pitch.
Your pitch should cover the pertinent details of how your product works, the specific benefits it offers to customers, and why the store should carry it. It should also highlight your ability to fulfill large volume orders You should know the highlights of your pitch like the back of your hand and be prepared to answer tough questions.
Understand your target audience
Understanding your target audience allows you to tailor your pitch to address their specific pain points. You need to research the store beforehand to figure out the kind of products they typically carry, who their competitors are, their unique concerns, and the common problems in their industry. All this information can be found easily on the store’s website or social media pages. If possible, try to contact people working in the industry so you can hear them explain the industry’s problems in their own words. With the information you’ve garnered, you’ll be able to craft a powerful pitch that will be difficult to turn down.
Use numbers and analytics
Presenting accurate numbers and analytical data to a retail store boosts the authenticity of your product pitch and proves that you have a thorough understanding of your product’s market performance. While qualitative benefits may be fascinating, numbers are what close the deal. Numbers and analytics give the store a firm grasp on what they’ll gain if they accept your offer. Show them the demographic data of your customers, numbers depicting your business growth, and future projections. Include graphs or charts in your presentation as visualized data facilitates the decision-making process and makes it easier for your audience to understand the numerical information you’re trying to pass across.
Explain how your product benefits the retailer
The best approach to take when pitching your product to a retailer is to explain how your product will benefit them. You have to prove to them how much they can make from taking your offer. Your product could be a panacea for all your customers’ problems, but if the profit margin is not impressive, getting into stores will be a herculean task. Emphasize how well your product will fit into their product offerings while showing them your value proposition and profitability.
Scale with GoShip
Venturing into retail involves getting ready to scale up your business to meet the expected wholesale demand. Goship can connect with the perfect shipping partner to handle your wholesale orders without any disruptions. With our online self-service platform, business owners can book freight shipments in seconds without needing a broker.
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