Sarah from Boutique Hub walks through why inventory sits unsold by returning to each product's original purpose: who it was for and what problem it solved. Ask yourself why five times, then check price, fit, quality, and whether your customer or market has shifted. Use that purpose to guide what you stock and how you sell it.
Hey guys, it's Sarah with the Boutique Hub. And today I'm answering a question that I am frequently asked and it is about your inventory and why it's not selling. Guys, here's the one question I want to come back and ask you. If you're finding yourself sitting on a lot of inventory that has not moved, I need you to go back and look at that inventory and say, what was the purpose of this inventory to begin with? Why did I buy it? Why did I invest my money into this inventory? Probably you thought you were going to turn around and sell it, right? Obvious. But to who? Who was the lucky person, the shopper that was going to jump all over this inventory? Why haven't they? We can learn so much from asking ourselves the why question. And you guys have heard me say it before. Ask yourself the why five times. To say it's just not moving is not enough. We can't learn anything from that. We have to ask ourselves, why is it not moving? We why has this customer not bought it? Did I price it wrong? Did I bring it in wrong? Is the fit or the feel or the function of it just not what my customer wants? Guys, 2020 has been a big year of adjustments. Not only have we changed and business changed, life in general has changed. So has our customer. So what is it about this product that I'm sitting here staring at? That's my money, tying up my cash flow. What is it that does not serve my customers needs anymore? Has she or he changed? If so, that's great. We can adjust going forward. But we have to acknowledge that and we haven't got. We've got to learn from that, right? So why is that inventory still sitting there? What was its original purpose and why is it not living up to that purpose? Maybe I just had blinders on when I was at market and bought it and you know, I had an idea in my head but wasn't reality. That happens all the time. Well, we can own up to that and we can learn from it, right? So there's no easy answer to this. Why is your inventory not selling? Why is it not turning over? But here are a few key things that you know often are to be to blame. Maybe it's price strong. Maybe you have not done a good enough job showing it off. Maybe this person that it was supposed to go to, the person you had in your mind that was going to buy this, maybe you've not done a good enough job letting that person know this inventory is available. Maybe you have not described this inventory enough to your staff or your customer, the education is key. So many things go into this, right, that lie on our shoulders as the coach, the trainer. But what about the actual product? Tell me about the quality. Is this the quality your customers expect? Have you went away from the original quality that you were providing your customer? Have you went away from your brand? Are you confusing your customer? Confused mind won't buy. So there's a lot to be learned about the inventory. Sitting on your floor or in your warehouse, are you buying the exact same things everybody else is? Guys, the product matters and the purpose of this product really matters. So it's up to us to communicate that. It's up to us to show that, right? We can't be getting in so many new arrivals that some of our inventory just gets hidden. What is the purpose? Let everybody know what the purpose is, right? And when you buy anything at market or online or through a wholesale vendor, anything it is, make sure you're asking yourself first before you hit buy. What's the purpose of this product? What customer is it going to serve? Which need of theirs is it going to serve? Because customers will pay money to have their problem solved. Guys, I know I didn't give you a, you know, a bomb proof answer, but I am asking you to turn this question back around and you answer yourself. What was the original intent for this item? What is the purpose of the inventory? I have, and if you're looking at it right now and you're a bit confused and you don't know, I guarantee you your customer doesn't know either. The purpose of your products helps design your marketing for the products. It helps design the placement of the products. Know the purpose. All right, guys, we'll be back with more tips from the Boutique Hub. If you like what you're hearing and you have other questions, please let us know. I'm all the time looking for, you know, other things to offer you tips on and, you know, help raise your awareness of what's going on in the industry and help open your eyes as the business owner to make the best business decisions possible. All right, signing off from the Boutique Hub. We'll see you guys.
