Smart Retailers Strategize Early for Valentine's Day!
While it’s true that money can’t buy happiness, it can buy the special tokens of love for the special one who makes you happy. For retail businesses, particularly in the jewelry, gift and cosmetics industries, Valentine’s Day sales always form an important part of the annual revenue, with global sales reaching $19 billion in 2014. Smart retailers know the trends and always plan for one of the most profitable seasons of the year. For sure they are also eager to know more about the Valentine gifts wholesale.
Most spending on Valentine’s goes on candy, flowers, jewelry, clothing, and gift cards. Consider how you can weave these items into what you already offer in your retail business. You need to go beyond your typical suppliers for some unique Valentine’s Day items if you want to capture more of the market. As with every Valentine gifts wholesaler you use, be sure to do your research and obtain samples and customer references to verify the supplier’s credibility. A trade show might be your best option if you are stepping into something new. This will allow you to compare products and pricing amongst a number of suppliers and also to see and feel the items. You can get great display ideas for your storefront too!
If you choose to source your Valentine’s Day items online, you can certainly find some creative and unique valentine gifts to differentiate your business from the crowd. Websites like Pinterest and Etsy can also be great sources for sentimental sweetheart ideas and for getting connected to creative wholesale-purchase options.
If you have a loyal customer base, consider creating a wish list program that allows customers to tell you what they want for their Valentine’s Day. You can use this data to make your decisions on product sourcing for Valentine’s Day. This type of direct opinion-collecting can give you more concrete ideas. Men often wait until the last minute to shop for the gift and will highly appreciate the suggestions to win a smile from their sweethearts.
Most men also prefer to do all the shopping in one location. Make it easier for them to buy a Valentine’s Day card with the purchase of a sweater at your boutique. Buy cards in bulk from an online supplier or create your own affordable and unique cards with companies like Shutterfly or Zazzle. Free Gifts with purchasing promotions always bring great success to many retailers because the customers believe they are getting extra value. And launching a thoughtful and sentimental promotion can easily win the loyalty of your customers. Consider pairing a specialty organic chocolate with your 100 % natural cashmere scarf or a single silk rose with a trendy silk blouse. Don’t forget to develop a comprehensive advertising plan for your special promotion to yield twice the result.
If sourcing specifically for Valentine’s Day is a new venture for you, start small and gather data in the first year. Watch for what goes quickly and note anything that does not sell. Also consider sourcing items that can be sold year round, in case your predictions are a little off: creating gift baskets at Easter with unsold Valentine’s Day truffles, or re-packaging heart lockets and love bangles for Mother’s Day, can help you clear some space in your stockroom. Last but not least, get yourself well-prepared for the Valentine’s challenge.