Research for new items to stock

[philb9053]

Hi all.

Happy Christmas 😃

Im looking at the next new thing to add to my  inventory to sell.

I sell diy and craft type stuff - a kind of mix between Bunnings and Spotlight.

Just wandering what some of your research stratagys are in regards to what to stock next?

Up untill now i have just stocked the kind of stuff that i want and use for myself.

How do you guys research what people are looking for in your niche?

Thanks 😃

[kopenhagen5]

Other sellers (potential competitors) giving away their secrets is probably not going to happen.

I would think the normal channels of keeping a finger on the news pulse especially from areas such as Europe, Japan, America can give new leads.

Also look at the categories to stay away from (inundated).

From looking at your products you seem to be well connected with industry and word of mouth is often how things are discovered well before they hit the media.

[digital*ghost]

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@philb9053 wrote:

Just wandering what some of your research stratagys are in regards to what to stock next?

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My top tips - pay attention to your customers; almost everything someone messages me about (to ask if I stock etc) goes on my radar pretty much permanently if it's in line with what I already stock. Sometimes I can get the item(s) in quickly, sometimes it takes months, occasionally I have to get them custom made (those are always good, though, since it generally means you'll be the only seller with the item available). This is the only context in which "the customer is always right", you don't need to get in everything, but if your customers are buying a lot of related items from other sellers, they'd buy it from you as well - either for the sake of ease, and / or because you're offering a better deal. 

Keep a close and consistent eye on new items available from suppliers. I still mostly just look out for things I like, but if you can be one of the first sellers to stock something, you can establish yourself as "the" seller of that item at least for a while. The alternative is to look at trends in finished items that use the kinds of components you stock and then look for the components being used. 

[south.coffee]

It's all about experimentation. I source a handful of new items, put them up and see how they sell. What takes your fancy doesn't always gel with others, so you need to think a bit broadly.

Another avenue is seeing a potential product outside the square. We buy several products from a different category and modify them in house locally. That has been surprising as we have gained products no other seller has.

When it comes to trends we look north not east or west. A billion people and a big test market.