In-store and online inventory strategy and tactics from Key Accounts Advisor, David Martinez

Key Accounts Advisor, David Martinez, works with Workstand merchants to improve many aspects of in-store and online sales execution to grow sales while increasing margin. Inventory management is an important part of David's work with bike shops.As we’ve brought on more dealers to the Digital Advisor Services program, some trends have emerged, offering useful tips for other stores. Obvious, you say? If they are obvious to you, that’s great, but they come up often enough that we think they are worth covering. What may not be obvious is that we’re talking about both in-store and online sales. Curating your product assortmentListen and learn from  your customers, staff, and communityWhat are customers asking for that you don’t have?Bonus tip: Supplier Sync as an indicator of interestProducts your staff actually use - Your staff will enjoy selling items they actually useConsider ancillary products - Are you in a beach town and do lots of rentals?  Offer beverages, towels, sunscreen, etc.Curate around your brand/focused categories (MTB, road, e-bike, family) - it’s easy to be a roadie store that also sells MTB and not take the extra step for what isn’t your primary focus, but it mattersMTB’ers need gloves, helmets, tires, sealant, and colored pedalsRoadies love nutrition, sunglasses, and computersE-bikes: mirrors, bells, baskets, battery chargers, phone mountsFamily: fun helmets, bells, horns, burley trailers, Buying is important, but sell-through is what matters mostMonitor your aged inventory and strategize a plan for markdownsTake notes on what is working and what’s not working.  Don’t make the same mistakes season after season.  How many different brands of black shorts/bibs do you need?Does your assortment/levels align with your floorspaceMaintain as little backstock Minimizes shrinkage, theft, and aged inventoryHow many of ‘X’ fit on a hook on your floorBonus Topic2nd tier e-bike brandsThe market is FLOODED with these brands.  Margins can look attractive, but brand recognition is low, so you and your staff really need to believe in the productOnline sales can be difficult because of low brand awarenessService parts can be difficult to get, causing a bad customer experienceBe sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected] Us on LinkedInMark Still, Senior Business DevelopmentDavid Martinez, Key Accounts AdvisorWe also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].