Recently on Sheri’s Dream Catcher’s My Business Journey Journal our topic of discussion was about merchandise me with the right display . In other words, merchandise me. Stemming off of our previous My Business Journey Journal Topics, we decided to focus on our goods and services that we want to sell for a profit while giving value to our customers.
What is merchandising?
Basically, merchandise is defined as goods that are bought and sold. This includes personal or commercial products, and commodities that are sold to members of the public and other businesses. Second, merchandise can be offered in two types. For instance, they can be sold in retail and/or wholesale. To clarify, retail is when a company sells their products directly to the customer. Whereas, wholesale is when a company purchases products in bulk directly from the manufacturer and then turns around and sells it to the retailer or other wholesale companies.
Goals of Merchandising
There are two goals for merchandising. The first goal is an activity of support for your retail strategy that will generate revenue for the retailer and give value for the customer. With this in mind, your goods and services that you wish to sell for a profit are more beneficial if they also provide value for your customer. The second goal is deciding on what products to stock up on. In fact, this goal is a key to one of your retail strategies.
Merchandise is an Asset
Merchandise is an asset because it is usually expected to be liquidated within a year. Specifically, it is expected to be sold and turned into cash. It should be noted that merchandise is also considered a current asset within accounting. so when an item is purchased, the merchandise should be debited to the inventory account and credited to the cash or accounts payable account.
More of a Science than an Art
E-commerce merchandising are items bought and sold online. Typically, you will see these items displayed on your virtual storefront. In fact, e-commerce merchandising is the art and science of displaying products and/or offers on a website with the goal of increasing sales. Furthermore, having a good understanding of how other top revenue generating storefronts display and promote their merchandise online could help both small and mid-sized businesses improve sales. For the most part, the primary importance of merchandising is to clearly display products so that they are easy to find.
Most important aspects of merchandising
First and foremost, the term merchandising is to ensure products are displayed correctly and for maximum impact. Not only is the word “Merch” a slang term, but it also means “to put it on something”. Such as being able to provide factual evidence that something is what you are claiming it to be. Which leads me to the 5 R’s of merchandising.
- Providing the Right Merchandise
- At the Right Place
- At the Right Time
- In the Right Quantities
- At the Right Price
Visual Merchandising for impact
A marketing practice that uses floor plans, color, lighting, displays, technology, and other elements to attract the customers attention is visual merchandising. To generate more sales you will want to evaluate the 4 key elements of visual merchandising. For instance, store exterior, store layout, store interior and interior display. In addition to the key elements, you will need 4 basic displays for a strong visual impact. Furthermore, displays can be with one item, similar products, related products and a cross mix of items.
Effective Merchandising
To get the most out of your retail space you will want to create hot spots. Specifically, your fixtures and displays will help guide the shopper to browse and buy impulsively. Again, your ultimate goal is to generate more sales. A great hot spot will showcase new and seasonal products, advertised merchandise and establish your image.
TO LEARN MORE ABOUT AN Merchandise me with the right display, WATCH OUR FULL MY BUSINESS JOURNEY JOURNAL VIDEO DISCUSSION BELOW- Merchandise Me STOREFRONT
It’s not our art, but our heart on display
Gary Holland
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