9 Nov

What’s the Best Product Pricing Strategy for Boutiques?

What’s the Best Product Pricing Strategy for Boutiques? - WFS
Product pricing strategies help grow your small business and increase your customer base. The word “price” is both a noun and a verb. The latter is what you do to an item for sale in your boutique. If you get the pricing wrong, you could lose money. No business owner wants to lose money. Pricing is something you must do with purpose and through a specific process. The right strategy will attract and build customer relationships, allow greater profit margins, and increase revenue. Various pricing strategies exist; you may not use the same one for every product you sell. Therefore, it’s essential to understand different methods before making pricing decisions. Below are five pricing strategies that are most often used by small...
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16 May

Jewelry Packaging Ideas for Small Businesses and What to Stock

Jewelry Packaging Ideas for Small Businesses - WFS
The jewelry you sell in your fashion boutique is more than decoration for various parts of the body. Jewelry has a purpose, like boosting confidence, completing an outfit, and showing off your customer’s personalities. It helps them stand out in a crowd and is a great way to accentuate your features.  For some, jewelry has meaningful value, like a family heirloom handed down through generations or a sentimental piece from a romantic partner. For others, jewelry is a good investment or an easy way to upgrade an outfit. Having the right jewelry for sale in your boutique is an easy way to increase revenue. One way to further increase sales for even higher profit margins involves jewelry packaging. What is Jewelry Packaging? Jewelry packaging...
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11 Aug

How to Plan a Successful Retail Distribution Strategy

How to Plan a Successful Retail Distribution Strategy - WFS
It can be difficult to determine the right retail distribution strategy. Here's a helpful guide. Owning a retail store with fabulous products does not put dollars in your account. You must get the products into the hands of customers willing to pay for them. You must distribute them. Distribution is not always straightforward because every customer has different needs and budgets. So, how do you make your store products stand out and become a “must buy” item for customers? You plan a successful retail distribution strategy. What is a Distribution Strategy? A strategy is a plan of how to complete an action. In this case, distributing products is your action. Therefore, you want to create a distribution strategy comprising various approaches to getting customers...
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20 Jul

Very Small Boutique Design Ideas, Wholesale Items to Include

Very Small Boutique Design Ideas and What Wholesale Items to Include - WFS
Believe it or not, there are many very small boutique design ideas to consider. Here are all the details you need to know. Designing the layout of your boutique must be done with careful thought and planning. Each space of your boutique serves a purpose, to draw in the customer and give them an enjoyable experience. Your boutique’s theme and variations of your theme should be apparent throughout. It should all blend from the color scheme and artwork to the furniture. Below are some very small boutique design ideas with a lot of power. The Entry When customers enter your boutique, they are leaving one world and stepping into another, your world. Those first few steps into your store will influence your customers in...
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4 May

7 Tips to Create the Right Product Assortment for Retail

7 Tips to Create the Right Product Assortment for Retail - WFS
There is a lot to consider when it comes to product assortment for your boutique. To help, here's a guide of tips. The product assortment is sometimes called merchandise mix. It refers to the variety of products you sell in your shop that gives your customers options and promotes the overall theme of your brand. When customers decide what they want to shop for, a store will pop into their minds. For example, if they are looking for quality makeup options, they may think of Sephora or Ulta. If they are looking for fancy underwear, they may think of Victoria's Secret. Your brand must find a way to pop into your customer's minds whenever they need a particular type of clothing and...
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25 Feb

How To Create a Successful Boutique Business Plan

How To Create a Successful Boutique Business Plan - WFS
It can be overwhelming to think about a boutique business plan. Luckily, here is a helpful guide to get started. If your goal is to open a fashion boutique, then you need a plan that could win an Olympic gold medal if there were such a category. The plan must turn your small space into a unique, trendy hot spot. Plus, it must show the various ways your profits will grow. You need to create a successful boutique business plan. This may sound complicated. We get it. That’s why we put together a list of tips to help you in the process. What’s Your Boutique Type? Choosing your type of boutique is deciding how you will make money. Consignment boutiques make money by selling...
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18 Jan

The Importance of Demand Planning in Retail

The Importance of Demand Planning in Retail - Wholesale Fashion Square
What is demand planning and how does it benefit your retail business? Here is everything you need to know. If your customers want a product, but you don’t have it, they will buy it somewhere else, and you lose money. If you have an ample supply of a product that nobody wants to purchase, you get stuck with the products, and you lose money. Here are the statistics to back up the importance of demand planning in retail: 65% of retailers consistently run out of stock of in-demand, fast-moving products. Also, 63% overstock and end up with too much inventory of slow-moving products. It gets worse. According to reports, out-of-stock retail items account for $634 billion in lost sales every year. Overstocks...
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5 Nov

9 Retail Pricing Strategies to Help Boost Sales

Retail Pricing Strategies - Wholesale Fashion Square
As a retailer, it's crucial to stay competitive. Retail pricing strategies will help give your boutique the competitive edge it needs to stay ahead of your competitors. Why is pricing a product so hard? It shouldn't involve emotions, so why do we have feelings about it? The reason is that pricing is one of the most challenging parts of owning a business. You want to be fair to your customers, to yourself, and of course, you want to make money. You worry that if you price it too high, no one will buy it. Or, if you price it too low, it will sell out quickly, and you could have made more money by pricing it higher. You are not the only one...
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