The key to running a successful Food & Beverage Business is stocking the right products that customers want to buy.
Finding the right products to sell isn’t easy. You can’t simply just pick and choose as you feel.
That brings us to the question, How Can Food & Beverage Businesses Select the Right Products to Sell?
EasyVend has put together 5 Strategies your Business can use to pick the right product to sell.
Let’s get into it.
1. Do Market Research
The only way that your business is going to be able to select the right products to sell is by doing market research. Your business needs to find out what customers are buying, how often they are buying, and how much they are spending.
Research online and find current customer buying trends, read industry specific magazines and even reach out to other sellers in the market. Understanding what products customers want is the only way that your business will be able to source the right products to sell in 2023.
2. Find a High Growth Niche Product
A mistake that so many businesses make is copying what other businesses are doing successfully and expecting to achieve the same results. The only way that any business is successful is buy offering something others cannot.
After you understand what products customers want, try to look to sell products that are similar, niche and provides strong room for growth. The benefit of selecting a relevant but niche product is you eliminate a lot of the competition you would usually get.
3. Assess Supply Options
A lot of your product choice will come down to if and how you can get your hands on consistent stock to sell. Another thing that your business needs to is product supply chains.
There is no point selecting a product that is difficult to get your hands on. Your business needs to choose products that are easy to source and can provide reliable supplies. The last thing that your business wants is to turn a customer away because you have no stock.
Before choosing a product to sell at your business it is important that you discuss with the supplier how often they are able to source products, their turnaround time and quantity prices.
4. Find Products with the Right Price Point
The only way that your business is going to be successful is by selecting products that generate a healthy margin for your business. Before choosing a product to sell you need to understand current market pricing, your expenses and expected profit if you choose to sell that selected product.
As everyday expenses continue to rise, customers will not buy from your business if your pricing is not competitive. It is absolutely essential that your business keeps your price point consistent and ideally better than other options in the market. Finding products that customers want and at the right price point will help you nail down good products to sell.
5. Adapt to Customer Trends & Industry Changes
The Food & Beverage Industry is constantly changing. As inflation continues to rise your business will need to adapt quickly in order to remain successful. Arguably the most important thing that your business needs to do to select the right products on an ongoing basis is to adapt to customer and industry changes.
What customers were buying two years ago is much different to what they are buying today. As a business owner you need to quickly identify any new customer or market trends and you adapt your businesses offering to sell what customers are wanting in the current environment. Staying on top of customer and industry trends will give your business the ability to select the right products to sell for a profit.
Selecting the right products to sell in any industry is tricky. When it comes to choosing the right products to sell at your business there are a few things that will impact your decision. It is essential that you do market research, find a niche but relevant product, ensure the product is easy to source, has the right price point and meets current customer and industry expectations.
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