75 BUSINESS ADVICE merchandising, such as window displays and feature tables, a ‘new in’ campaign via email or Instagram or a launch offer. Define your metrics in advance and remain accountable to them. You can look at quantitative data like sales velocity and basket size and value and combine that with qualitative customer feedback to work out what success will mean for you. This will help you understand when to double down on a new product and when it is time to pivot. Most importantly, keep an eye on your average order value. Make sure new products and brands you are testing feel accessible at the price point your customers expect. You don’t want to make customers feel uncomfortable, but you also don’t want to undersell yourself. You should protect and look to stretch your average basket where possible so take a good look at the pricing of products you want to merchandise. Whether you’re offering premium or more value items, it needs to feel right for your customers. Test and learn: Experimentation and testing and learning is key so look at how you can try something new in the lowest risk way. Trial a few new pieces in a small range, gauge the response, and go from there. I’d advise setting yourself a testing budget as a proportion of your overall budget, scaled up or down based on your performance and appetite for risk. Faire helps with this because we offer free returns on orders from brands that you are trying for the first time. If you’re unsure about how to promote a new brand or product, try a promotion during a quieter period when any sales lift will be more noticeable. Think about shorter and longer-term tests. A flash sale can drive urgency, while a longer promotion helps you get a sense of consistent demand. Most importantly, don’t jump on trends just because others are: The best merchandising plans balance staples and bestsellers with newness. It’s important to keep your range fresh, while staying true to who you are and not taking unnecessary risks. Visit: www.faire.com/forecast
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