Merchandising Plans for Buying Offices:
A crucial strategy for buying offices is a merchandising plan. A buying office can’t stay competitive and relevant in the industry without a proper guide. The plan has to be built in a coordinated way to simultaneously meet the business goals and consumer demands. Here’s a guide to get you started on one.
#1. Setting clear and achievable goals
As a buying office, your main objective is to source clothing and satisfy the customer. However, you must set a few primary goals for your business to flourish. Other than customer satisfaction, you will also want to achieve things like expanding your business, increasing profits, and having a good hold in market share. These will be your KPIs (Key Performance Indicators) and help you keep track of your goals.
#2. Conduct a thorough market research
You will have to analyse three things. Firstly, the fashion market. You can use your sales history to determine what kind of consumer base you tend to. Once this is clear, you must align your business to their needs. Conducting detailed market research will build customer loyalty and generate significant profits. Next, you must research your competitors, find their gaps and use them to your benefit. Lastly, buying offices must keep analysing the fashion cycles and trends.
#3. Developing a product strategy
To grow your business and keep it high, you will have to find trustworthy suppliers that give you suitable quality clothing with ensured safe and timely delivery. You can be playful with your merchandise while developing new ones to meet market trends and gain customer satisfaction. Your merchandise must be well thought out, considering factors like category diversity, price points, and brand mix.
#4. Pricing strategy
To build a strong pricing point, you must employ competitive and value pricing methods. This strategy will profit your business and help you grow a strong hold in market share as your consumer base increases. Other methods like positioning your products, increasing profit margin, discounts, and promotions will also greatly help your business.
#5. Planing Promotions
Don’t just stick to one way of promoting your product. Use all the ways to promote your merchandise, such as advertising, public relations, sales promotions, and personal selling. This will be further optimised if you find a channel where your target audience is saturated. For example, if you target teens using social media apps like Instagram and TikTok, sending out PR will improve your business and bring in the required clout. Also, make sure you are sticking to a set budget while advertising. Set it so that you are still in profit while advertising.
#6. Have a Distribution Strategy
This method may seem like a hassle, but once completed, you will notice a smooth flow in your business. In the long term, figuring out a distribution channel to help you reach retailers and consumers like wholesalers and distributors and direct sales will be highly fruitful. However, don’t forget to plan out your inventory to avoid stockouts and excess merchandise.
#7. Review Regularly
Make sure you are keeping all the progress in check to avoid any problems in the long run. Keep track of what goals are being reached, what is working for you and what is not, and what the industry trends are. Sometimes, you must make adjustments, so don’t be disheartened. Make those adjustments, and keep going!
By continuously refining your plan, you will surely see improvements in your brand.
Conclusion
We hope this list of Merchandising Plans for Buying Offices: Strategies for Successful Sourcing gave you a good starting point for you to build something that stand the test of times. If you are looking to start a clothing brand, we recommend that you read our guide – how to start a clothing brand.
If you have already started a fashion brand and you are looking for suppliers, do read our guide on how to find clothing manufacturers and do not forget to download our checklists. If you want to get in touch with us, please connect with us here.
We also have a separate section – Commonly asked questions about the most expensive clothing brands, it is worth checking out.
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Learn more:-
- How to create merchandising plan for a retail brand?
- Role of Merchandise planning in Manufacturing – key differences from Retail
- Why Retail Merchandising plans focus on consumer trends
- Compare merchandising planning across retail brands vs. manufacturers vs. buying office
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