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2 minute read
Imagine you’re on vacation visiting a small town. You decide to do a little shopping and hit the closest local store only to find that they are stuck in 2017. Everything is old and outdated. They haven’t attempted to stay on top of the latest trends. You wish you could talk to the owner and tell them about the importance of merchandising and actively managing product assortments.
When it comes to managing your online company store, this can quickly happen if you aren’t careful. Your stakeholders will judge your online store and could see the marketing materials, promotional merchandise, and apparel as old or stale. Therefore, actively managing your online store is vital to keeping your brand aligned and relevant with your target audience. Four core elements of running a thriving online company store are outlined below.
View our 2023 Summer Look Book for Fresh Ideas
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Review Inventory Turns and Sales
Imagine walking into your favorite store at the mall, and the mannequin is in the same outfit from two weeks ago. Not only will you be bored and uninspired, but the store is missing a key opportunity to showcase new items to grab your attention immediately. Therefore, it is essential to review the performance of your product offerings regularly. Ask yourself, what products are selling, and which ones are stagnant? Selling through no longer relevant or popular merchandise is important for several reasons. It allows you to stay competitive and on-trend in the market, appeal to the ever-evolving needs of your target audience, optimize inventory management, and create space to highlight the latest additions to your product lineup.
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Ask Stakeholders What They Value
Engaging with internal and external stakeholders is crucial to actively managing your online company store. Ensure you are soliciting their feedback, assessing it regularly, and incorporating their suggestions. Ask them: What products do you want to see? What is most important to you when visiting the online store? What can be improved? Seeking their input will ensure your store is aligned with stakeholder expectations and will position you to achieve business goals.
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Align with Your Brand Guidelines
An actively managed online store ensures your brand is consistently represented across all aspects of the customer experience. Maintaining control over the design, messaging, and overall presentation of your products guarantees your alignment with your brand guidelines. Consistency helps build brand recognition and strengthens your brand identity.
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Actively Merchandise and Re-merchandise Your Assortment
Last but certainly not least, merchandising. We consider merchandising to be one of the most important of all the elements. It is essential in attracting customers, increasing sales, and building brand recognition. Effective merchandising involves creating a visually appealing display of products and arranging them to encourage customers to browse and make purchases. Online product assortments must be refreshed regularly to showcase newness, draw focus to market trends, and drive sales. Even something as simple as re-merchandising existing product assortments can give your online store a renewed appearance for returning shoppers and stimulate sales. Consistent, thoughtful merchandising can help you anticipate trends and customer preferences, allowing you to adapt and stay competitive in the market.
Symphonix Solutions can help you think through how to improve your online company store. Maybe you are new to online company stores, or perhaps have been a client for many years. Either way, you have come to the right place! Our account managers are experts at understanding brands and can help you execute your ideas in a way that takes the stress and pressure off you with personalized service tailored to your specific needs and goals. In addition, they have access to all the newest products and are up to date on the latest merchandise trends.
Summer is quickly approaching, and now is the time to refresh your online company store! Our Look Book highlights the season’s hottest new apparel and promotional items to inspire you to consider incorporating new, on-trend products in your online offerings. But don’t let the opportunity to consistently wow your customers pass you by. Contact your Symphonix Solutions Account Manager today to revitalize your assortments and strengthen your online store.
