New
The Big Survey 2024: Buying & Selling
Are you now carrying more or less inventory compared with previous years?
A closer look at the results shows that compared with Thrivers, many more Strugglers are investing less in their inventory. D’Agnolo points out, “When you choke your inventory, you lack a large or fresh enough assortment to meet the buying desires of customers. So you miss sales. I’m not surprised to see that those carrying less inventory tend to be struggling. When money is tight, it’s challenging to invest in new inventory. My advice for Strugglers: Clearance out any items that are six to nine months or older to generate cash, which you can then invest in more bestsellers.” She adds for Thrivers: “Be careful not to overbuy, as then you’re tying up cash in inventory you may not need.”
How long do you give a new product or line to perform in your store before you mark it down and/or drop it?
What have you found is the best way to get rid of inventory that is not selling?
A few of you pointed out in “Other” answers that the “best way” depends on the type of product. You may do all of the above across your non-selling inventory
Rank these product qualities in order of importance for your customers:
When choosing products, rank the qualities most important to you:
How do you anticipate your participation in pet industry tradeshows evolving in the next three to five years?
Attending tradeshows remains the best way to see the most new — and new-to-you — pet products in the shortest amount of time. SUPERZOO and Global Pet Expo feature more than 1,100 exhibitors each!
Rank these challenges for you in attending pet industry tradeshows:
Rank these reasons for why you attend pet industry tradeshows:
Are your customers mostly?
Are your customers mostly?
What do you think will be the next big breakout in pet products or services?
Respondents expect to see more innovation and expansion in the cat and enrichment categories. They also anticipate continued growth in raw, gently cooked and other kibble alternatives. Plus more focus on functional, “Adding targeted ingredients to chews, toys, etc.” Tech was another common theme. We loved these answers: “Technology integration such as AI-based interactive toys” and “Amazon will send drones to pick up your pets for grooming. LOL.”
When a trend takes off, how quickly do you respond?
| I’m usually the first in my market to bring in new product categories. |
|
28%
|
| I wait for a few customers to ask about it, do some research and then order |
|
58%
|
| I wait until a trend is solidly established and then join in |
|
10%
|
| I don’t believe in chasing trends. We stick to the tried-and-true staples. You can get burned otherwise. |
|
4%
|
Which product categories do you private label for your store?
| Food |
|
8%
|
| Treats |
|
21%
|
| Chews |
|
12%
|
| Accessories |
|
8%
|
| Gifts |
|
10%
|
| I don’t private label any products. |
|
61%
|
What’s the main way you compete with online pricing?
| By offering expertise not found online |
|
26%
|
| Through an amazing in-store experience |
|
32%
|
| Price matching |
|
4%
|
| Loyalty programs |
|
13%
|
| I don’t even try. |
|
15%
|
| Other |
|
10%
|
The post The Big Survey 2024: Buying & Selling appeared first on PETSPLUSMAG.COM.
