Inventory Basics: New Products or Old Standbys?
eCommerce stores often have to carefully balance their inventory between new products and traditional offerings.
Heather Gray of Shop Suey Boutique prides herself on her store’s collection of unique and celebrity-inspired fashion accessories. Since fashion is a constantly changing industry that relies on trends, she works hard at keeping her inventory fresh while carrying the tried and true. Sixty percent of Shop Suey's 600 products is always changing, while 40 percent stays on for an extended period of time
“We have a whole new collection every couple weeks,” says Heather. All told, Heather doesn’t keep anything longer than about six weeks. That means Shop Suey is different every time a shopper visits the site.
As a result, Heather has grown a loyal clientele that is excited about seeing what's new on her site and gives her a lot of repeat business. “I want to be consistent and keep up with people’s expectations. If shoppers want to find a specific necklace, I may be the first place they look and I want them to find it.”
Every store has its own ratio of new products and longstanding offerings, which can vary depending on the industry. Whatever your specialty is, it's important to consider growing your inventory and consistently adding new products, even if it's just a small percentage.