Why Maximize Display Space?
Have you ever experienced visiting a supermarket and only coming home with half of what you had on your shopping list? This is quite disappointing especially when you expect to get everything that you need. The next time you go shopping, you will probably go to another store.
One of the keys to getting ahead of the competition in the retail industry is to provide all the shopping needs of the customers. In retail merchandising, the concept of "out of sight, out of mind" applies. When customers see the item in the product display shelf, they will most likely buy the product. They seldom ask whether a product is available or not. With the increasing need of the consumers nowadays, and the constant change in trend and consumer preference, it is a wise move on the part of the vendor to maximize the potential of their merchandise display. The more product variations there are in the store, the more attractive it is to the consumers. This could result in increased customer satisfaction, sales and profit.
What Are the Benefits of Maximizing Display Space?
Maximizing display space can give the store owner multiple benefits. The most important benefits are the following:
• More products SKUs. The more space you have to display merchandise the more products you can stock in your store.
• More supplier support. With tough competition in the retail business, all suppliers want their products to be allocated a space in a store, preferably in the most conspicuous area. Most suppliers are willing to bargain for marketing support and higher space rental just to get the space that they want.
• More organized and controlled displays. An organized and well-controlled display area results in the maximization of space. When your store is well-organized it is easier to monitor your stock. There are also less incidents of pilferage and theft.
• Increased consumer satisfaction. Aside from good quality products and services that the store offers, availability is also very important to the consumer. Product prices prove irrelevant in comparison to convenience and quality.
• Increased sales and profit. With increased consumer satisfaction, increase sales and profit follow. A word of mouth based on personal experience is the oldest but still the most effective marketing tool.
How to Maximize Display Space:
Maximizing display space does not necessarily mean overcrowding of stock. Disorganized and rambled stock are a total turn off to customers. It does not provide the appropriate mood for a wonderful shopping experience. When maximizing display space, a retailer must bear in mind that the main goal is to properly allocate a space for as many products as possible. All merchandise inside the warehouse must be displayed on the store floor. A good result begins with a good plan and a good plan is a result of a knowledgeable, well-informed and creative mind. The first thing therefore is to equip one's self with the concepts of retail and visual merchandising.
How to Implement Display Space Allocation:
In maximizing display space, the following simple suggestions can be proved effective.
1. Clean the shelves and remove products that are either expired, over stocked or discontinued.
2. Categorize your stock according to size, type, usage or brand.
3. Tighten up peg proximity if possible. Products should be so close as to almost be touching.
4. Avoid too much product duplication.
5. For clothing, check the sizes. Display only one unit of the item for each size available.
6. Use display fixtures that can hold several items such as shelves, drawers, hooks, etc.
7. Check the warehouse. Be sure everything is represented on the sales floor.
Have you ever experienced visiting a supermarket and only coming home with half of what you had on your shopping list? This is quite disappointing especially when you expect to get everything that you need. The next time you go shopping, you will probably go to another store.
One of the keys to getting ahead of the competition in the retail industry is to provide all the shopping needs of the customers. In retail merchandising, the concept of "out of sight, out of mind" applies. When customers see the item in the product display shelf, they will most likely buy the product. They seldom ask whether a product is available or not. With the increasing need of the consumers nowadays, and the constant change in trend and consumer preference, it is a wise move on the part of the vendor to maximize the potential of their merchandise display. The more product variations there are in the store, the more attractive it is to the consumers. This could result in increased customer satisfaction, sales and profit.
What Are the Benefits of Maximizing Display Space?
Maximizing display space can give the store owner multiple benefits. The most important benefits are the following:
• More products SKUs. The more space you have to display merchandise the more products you can stock in your store.
• More supplier support. With tough competition in the retail business, all suppliers want their products to be allocated a space in a store, preferably in the most conspicuous area. Most suppliers are willing to bargain for marketing support and higher space rental just to get the space that they want.
• More organized and controlled displays. An organized and well-controlled display area results in the maximization of space. When your store is well-organized it is easier to monitor your stock. There are also less incidents of pilferage and theft.
• Increased consumer satisfaction. Aside from good quality products and services that the store offers, availability is also very important to the consumer. Product prices prove irrelevant in comparison to convenience and quality.
• Increased sales and profit. With increased consumer satisfaction, increase sales and profit follow. A word of mouth based on personal experience is the oldest but still the most effective marketing tool.
How to Maximize Display Space:
Maximizing display space does not necessarily mean overcrowding of stock. Disorganized and rambled stock are a total turn off to customers. It does not provide the appropriate mood for a wonderful shopping experience. When maximizing display space, a retailer must bear in mind that the main goal is to properly allocate a space for as many products as possible. All merchandise inside the warehouse must be displayed on the store floor. A good result begins with a good plan and a good plan is a result of a knowledgeable, well-informed and creative mind. The first thing therefore is to equip one's self with the concepts of retail and visual merchandising.
How to Implement Display Space Allocation:
In maximizing display space, the following simple suggestions can be proved effective.
1. Clean the shelves and remove products that are either expired, over stocked or discontinued.
2. Categorize your stock according to size, type, usage or brand.
3. Tighten up peg proximity if possible. Products should be so close as to almost be touching.
4. Avoid too much product duplication.
5. For clothing, check the sizes. Display only one unit of the item for each size available.
6. Use display fixtures that can hold several items such as shelves, drawers, hooks, etc.
7. Check the warehouse. Be sure everything is represented on the sales floor.
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Romeo Richards is the CEO of The Business Education Center: http://thebusinesseducationcenter.com/ the consultancy division of Richards International Group. The Business Education Center provides the most in-depth and comprehensive business coaching and training to professionals such as doctors, lawyers, accountants, business consultants, private security firms and retail executives.
Romeo holds a Master's Degree in International Relations and is the author of eight ebooks, a book and numerous articles, whitepapers and best practices on retail loss prevention and profit protection. His upcoming ebooks and books on Retail Store Design, Visual Merchandising, Retail Loss Prevention and How to make 7 Figures Annually as a Lawyer, Accountant, Business Consultant, Private Security Firm, Private Dental Practice, Private Medical Practice and NGOs & Public Sector Finance Management will be published in January 2012.
Romeo Richards is the CEO of The Business Education Center: http://thebusinesseducationcenter.com/ the consultancy division of Richards International Group. The Business Education Center provides the most in-depth and comprehensive business coaching and training to professionals such as doctors, lawyers, accountants, business consultants, private security firms and retail executives.
Romeo holds a Master's Degree in International Relations and is the author of eight ebooks, a book and numerous articles, whitepapers and best practices on retail loss prevention and profit protection. His upcoming ebooks and books on Retail Store Design, Visual Merchandising, Retail Loss Prevention and How to make 7 Figures Annually as a Lawyer, Accountant, Business Consultant, Private Security Firm, Private Dental Practice, Private Medical Practice and NGOs & Public Sector Finance Management will be published in January 2012.
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