If you want to have maximum sales and profit from your vape shop, you will need to follow the simple yet often overlooked steps to make sure you get what you want. Right from selection of the products to put on display to your marketing policy, everything will play a significant role in your success. To start with, you must choose the right products to store in your shop that will sell easily and fast. Product selection and having ready stock is crucial for success in the e-commerce business.
Ideally, there is no separate formula to choose the best products for your shop whether it is an online store or a brick-and-mortar outlet. The principle remains the same across all products as well whether it is grocery items, clothes or even vapes.
However, it is not an easy task to stock products in your store. You have to be judicious with your choice of products. Piling up items that do not sell fast will have an adverse effect on your business revenue generation as well as your cost of overheads and operational cost. On the other hand, if you do not have items that are high on demand will also affect your business sales in a similar way.
Therefore, you must choose the products to stock in your store considering several factors to meet with the demand and supply. Factors such as consumer demand, cost, usefulness, and even your business policy will play a significant role in your choice of products.
Your business policy
There may be a few vape shops that will float sales for a limited number of days by the time they will acquire their inventory. On the other hand, there may be a few shops that will use drop shippers.
Therefore, make sure what type of policy you want to follow for your sales so that you can place your orders accordingly. Remember, before you make a sale you will have to make an investment to buy it from the wholesaler to stock it in your shop. If you choose the right product, then your inventory will sell at a steady clip turn a profit. On the flip side of it, if you choose the wrong product, you will end up with a pile of dead inventory that will collect dust until you set it for a clearance sale at dirt cheap price.
Any dead inventory will eat into your profits and will make it very difficult for your business to survive. You will incur debts which the last thing in your mind. Therefore, to make your vape shop, online or otherwise successful, follow the following points to choose the right products to sell:
- Know the hottest vaping gear – To choose the right products for your Vape shop online you must first know about the hottest vaping gear at the moment that will sell like hotcakes. This is important to know because hottest products keep on changing constantly. If you choose the products that will sell of quickly, it will keep your vape shop running smoothly.
- Follow vaping influencers – Success in e-commerce largely depends on how well you use the internet and other social media platforms. To make the best use of social media to generate more sales in your online vape store, you must follow the most influential vapers on this platform. Therefore, spend some time on your research and visit YouTube and other channels. Find out the most followers and start active discussions considering the products on which they discuss.
- Do not go by popularity alone – You must not pile up your inventory with products that a specific user claims to be the best amongst all. Vaping product manufacturers often pay a huge amount of money to make the best video and get the best social media placement. In such situations you will hardly find any negative said about the product is the user of the social media wants a company to continue to pay for their product placement in the future.
- Follow the reviewers – If you find any unusual amount of user engagement with a particular image, video or discussion thread, consider it to be a red flag and take notice. You must instead find out what the reviewers are saying about it. These reviewers do not get paid anything from the manufacturers of vapes apart from the benefit that they get using it. Therefore, text reviews are most of the times honest feedbacks.
- Negotiate and buy direct – Choose products that are in hype as well as have a large number of positive feedbacks. When you buy, make sure you buy your vapes directly from the manufacturers and also negotiate for the better price. Vaping product manufacturers often employ salespersons to negotiate deals from which they earn handsome commissions.
- Buy in bulk always – If you buy in bulk you will have a high chance to get more discounts. Moreover, you do not need any license to purchase vapes in bulk. You will be able to offer your products more cheaply thereby increasing traffic and generating more sales from your online store.
- E-Liquid and hardware – You must consider hardware and e-liquid of the vapes differently as these will have a different sales pattern. Social media hype may create short spurs of sales for a new tank or mod, but it will die down soon. On the contrary, e-liquid sales will not depend on hypes, and no customer will inquire a lot about the latest e-liquid.
Invest in the right POS system
You must be well informed and collect data from your shop, sales, stock, customer feedback and other details. Modern digital POS system is a unique and wonderful thing. You must use the right system so that you can get information regarding anything about vapes. Do a little data mining to know about the most popular e-liquid and the nicotine strengths in your shop, the brand of vaping products your customers prefer and the features they look for in the vapes. Also, run customer loyalty programs through your POS system to reward them and get repeat business.