Merchandising is the art and science of selecting, displaying, and promoting products that appeal to your target customers and drive sales. But how do you know which merchandise trends will be successful in your store? Here are some of the best ways to identify and capitalize on the latest and most relevant trends in your industry.
One of the most reliable sources of information on merchandise trends is your own sales data. By tracking and analyzing your sales performance, you can identify which products, categories, and styles are selling well, which ones are declining, and which ones are emerging. You can also compare your sales data with your inventory levels, your pricing strategy, and your marketing campaigns to see how they affect your sales trends. By using tools like POS systems, inventory management software, and analytics platforms, you can generate reports and insights that help you make informed decisions about your merchandise mix.
Identifying successful trends for your store involves a combination of market research, monitoring consumer behavior, and staying informed about industry developments. Here are some effective strategies: 1. Analyze Sales Data 2. Monitor Industry Publications and Websites 3. Follow Social Media Trends 4. Attend Trade Shows and Events 5. Customer Feedback and Surveys 6. Monitor Competitors 7. Utilize Trend Forecasting Tools By combining these approaches, you can develop a comprehensive understanding of the trends that are likely to be successful in your store and make informed decisions about which products to stock and promote.
A thorough analysis takes a business's operations to a whole another level by: Predicting valuable customer insights Building accurate sales forecasts Developing smarter sales campaigns Streamlining sales operations Increasing ROI
By analysing sales data can help to find the lacking of the business. Also it helps to find the actual buyers who are valuable to reach your financial goal.
Leverage your sales data to pinpoint merchandise trends. Scrutinize successful products, track category dynamics, and identify emerging styles. This data-driven approach enables informed decisions, optimizing inventory, and staying ahead of market shifts, enhancing overall business agility and profitability.
Sales Data Won't help, it is only to know what did not work and what should not be repeated. To break the internet, you need new, no need to go back to the sales data.
Another way to identify merchandise trends is to research your competitors and see what they are offering, how they are pricing, and how they are marketing their products. You can use online tools like Google Trends, social media, and review sites to monitor their online presence and reputation. You can also visit their physical stores or websites and observe their merchandising techniques, their product assortment, and their customer feedback. By researching your competitors, you can learn from their successes and failures, find gaps and opportunities in the market, and differentiate your store from them.
Keeping an eye on your competitors can provide valuable insights into market trends and consumer preferences. Notice what products they are promoting, any new items, and their marketing strategies. Don't copy them, but understanding their moves can help you identify trends and opportunities for differentiation.
-A deep dive into your competitors' strategies will reveal their product offerings - It can also uncover the direction that an entire industry is moving. -By analyzing competitors, you uncover customer pain points they might've missed, allowing you to refine your product's value and directly address those needs
by analysing the competitors can improves the entire system gap. Also it’s most important to survive and sustaining for the same market.
Research only to know you are not doing the same thing as they are. do not run in their races, do not do the same dance to the same song they are doing. Do something beautiful! Create something unique.
Your customers are the ultimate judges of your merchandise trends, so it is important to listen to their needs, preferences, and feedback. You can use various methods to collect customer data, such as surveys, polls, focus groups, loyalty programs, and customer reviews. You can also interact with your customers directly through social media, email, phone, or in-store communication. By listening to your customers, you can understand their pain points, their expectations, and their satisfaction with your products. You can also discover new trends, ideas, and suggestions that you can incorporate into your merchandise strategy.
End of the Day Goods has to be sold to Customers and you can know from them what is in their mind and their expectations Collective data works
In my experience I would like to add that I wish people would collect data and information for big decisions for companies could take the time to get out and come talk to the consumer or the worker in the field. In my thirty years I have seen big choices made by higher ups and they never bother to talk to the worker that interacts with the consumer every day of the year and know about the consumer and even the trends during the different seasons. Call in what you will, even get an asst. for this info gathering, a field trip, a walk about… but try it and see how much more info can be added to the computer info you already have. It could be the difference in your company being number one. I built many a Publix supermarket and Costco on this.
In some instances you won't need to just rely on the only customers you know u can also try and social network in areas were fashion trendsetters hang so that you also get to understand how trends start
Industry influencers are people or organizations that have a large and loyal following, a high level of expertise, and a strong impact on consumer behavior and preferences. They can be bloggers, vloggers, podcasters, celebrities, magazines, associations, or experts in your niche. By following industry influencers, you can stay updated on the latest news, developments, and innovations in your industry. You can also learn from their opinions, recommendations, and reviews of products and services. You can also engage with them and their followers to build relationships, credibility, and awareness for your store.
Influencers in your industry can be early indicators of trends and popular products. Following them on social media, reading industry publications, and attending trade shows can provide insights into what products or services are gaining popularity and may be worth considering for your store.
Finally, one of the best ways to identify merchandise trends is to experiment with new products and see how they perform in your store. You can test new products by sourcing them from suppliers, creating them yourself, or collaborating with other brands or creators. You can also test new products by displaying them in prominent locations, offering discounts or samples, or creating buzz through social media or word-of-mouth. By experimenting with new products, you can gauge customer interest, demand, and feedback. You can also measure the sales, profitability, and return on investment of each product and decide whether to keep, modify, or drop it.
Innovation is key to staying relevant, and the best part is that responsibly testing and developing new products and/or merchandising can be fun!
Also to note keep it simple at first if money is an issue for example you are selling a now product and you want people to try it such as a hot sauce there is a company that can make the sample size containers with your logo and even a qr scanner on it which would direction people to your website/ landing page to sell your products. Then you could distribute these to local restaurants etc. to help you get know/ shown or ask a local grocer to let you make these a give away in certain depts. as a crossover item for chili, tacos soups etc. This is just one example of an easy merchandising venue to get started more quickly and cheaply.
Developing new products it’s like a game and art. Your thoughts can convert a product and without this sells can’t possible because physical sample can display actual thoughts of customers.
Fashion Trend is generally: 1.Seasonal and thus cyclical 2.Driven by changing needs and time 3.Led thru influencer brands or personalities 4.Catching or matching the global trends,for fast fashion brands Cues on trends comes from: -Legacy of historical sales data and critical analysis -Competition and competitor mapping -Studying local and global trends and Action on gathered information depends on the brand’s willingness(resources) and appetite(risk taking ability) to stay relevant in its space
-understand the global and market trend -Historical data analysis to know buying pattern of customer -Focus Group: Gathering feedback from top customers -Influencer collaboration : knowing their followers need and leveraging that -Brand collaboration: understanding their demand in market, e.g your brand x other brand Collab line -Analyse on demand and Gap
Having a flexible supply chain and adaptable merchandising strategy can allow you to quickly react to new trends by adding or changing products based on demand.
I am so done with the AI answers, humans have actually stopped using theirs brains to get the best out of it. AI is not creating trends, it is manipulating past trends and making them palatable, So please be human and create something original!
Para identificar tendências de mercadorias de sucesso para a minha loja, vou realizar pesquisas de mercado, analisar dados de vendas anteriores e ficar de olho nas redes sociais para entender as preferências dos consumidores. Além disso, pretendo manter-me atualizado sobre as últimas novidades do setor e estabelecer parcerias com fornecedores confiáveis. Participar de eventos do setor também será uma estratégia para identificar tendências emergentes.