How We Decide Which Products To Restock
Date Posted:3 March 2021
One of the most common questions we get asked is “when are you getting this product back”. As easy as it may seem, there just isn’t a simple answer to this question! To explain why we only bring back a small number of best selling products, perhaps it’s best that we explain our order process.
If only there was such a thing as a product crystal ball! But unfortunately there isn’t, so the closest thing we rely on is data which shows us buying habits of our customers in their various segments. As you can appreciate, we cater to a broad range of customers, from rural to coastal to city based retailers. Online, bricks and mortar, interior stylists or property stylists - everyone has a differing criteria of what works and doesn’t work for their customer bases. Within those vast segments, there are further criteria which drive buying habits - for example how price conscious your region or area is and what type of retailer you are.
So, as you can see, from the onset there are a lot of differing considerations. One thing however that everyone can agree on is the need for new products very regularly to drive your customers back to your shops in the search of something fresh and new. It’s for this reason that our primary focus is ensuring that we have new products on our website at least every fortnight. That, coupled with a low minimum order value requirement, we believe we can ensure you have the ability to secure that constant flow of new products to keep those customers coming in the door (virtual or otherwise!)
This of course has an impact on our ability to bring back your old favourites! We too are constrained by budgets, warehouse space and product availability with our suppliers.
So how do we decide what to bring back? We use the data - that’s our wholesale crystal ball! Whilst the initial sales figures tell us a little, it’s not the whole story. What really drives the decision is our “notify me” option on each product page. It’s the interest that a product generates when it has sold through on our website that really shows us it’s viability to return. But it doesn’t happen overnight!
Before the product even reaches our website, it has been part of the Rayell world for around 4 months. Conception, design and/or selection is a process that takes time and a great deal of effort. Fitting particular products into containers to maximize space etc is quite a skill. This is matched only with the effort in ensuring that it reaches quality standards and sits within the currently forecasted trends (remembering that we’re forward buying by four months!)
Considering the time taken to land the products into our warehouse, we need to give careful consideration to the investment to return the product. Often we find that the initial interest in the product is strong, however over the passage of the time taken to re-stock, that interest wanes and everyone moves on, seduced by newer products!
So, help us to help you! Select that “notify me” option on any product you feel strongly enough to want to see again, knowing that it will take some time for this product to come back to life!