What are you going to be selling this holiday season? Are you prepared for success? If you’re planning to start your own kiosk business in the mall, here are some tips to make sure you choose the right products to make you the most money this holiday season.
Research
Especially if you’re opening your first retail location, research is the most important thing you can do. Walk the mall to find out what other retailers are selling to make sure that you choose products that are unique, or fill a need. If you have to compete with other kiosks to sell the same exact product, you will not have as much success as you would with an original product.
Additionally, knowing the mall demographic is a smart way to make sure you choose products that will sell. Understanding what the shoppers can afford to spend, as well as their interests will help you determine what you can sell. Be sure to ask the mall management if there are any restrictions on products as well–sometimes they won’t allow certain toys or flying objects, etc.
The Wow Factor
Target those impulsive shoppers! Whichever products you choose to sell, make sure they’re impressive. Having products at your cart that grab attention will not only draw a crowd, but help you sell more than ever. If you didn’t attend a trade show earlier in the year, check with a leading wholesaler to find out what his coolest products are right now.
Profit Margins & Inventory
When you’re choosing products, the most important thing is to select products with the highest product margins. Do the math ahead of time so that you know in advance what your volume/sales price needs to be. Specialty retail veterans usually bring products with them from China via sites like alibaba.com because the profit margins are higher.
Also, make sure you have the right amount of inventory. If you don’t have products to sell when you need them, you’ll be missing out on sales revenue, so make sure the supplier is capable of getting you the product when you need it. Having too much product that you can’t sell will dip into your profit as well, so make sure you’re ordering the right amount at the right time. Nova’s inventory features will help you manage this!
