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Editorial blog

Handy hints for leftover stock

14 Nov 2017
By Mark Hayhurst

Michael Armstrong, from Rico Design, looks at ways to maximise your return

I never fail to be impressed by some of the creative solutions that our retailers come up with to create extra business, interest in their shops and develop ways to maximise returns on products that are either current or may be candidates for clearance in the January sales.

On reflection, of course, this is the perfect time of the year when footfall is up and as consumers we want to buy the best gifts for friends and family that reflect great thought and care.

Two of the best ideas I’ve seen most recently have involved a little more effort but are delivering great results and extra sales. I thought it would be good to share those with you as they may help or at least stimulate thoughts and ideas for your own businesses.

Anyone who sells knitting wool can relate to the issue of what to do about leftover stock from different brands where there is not enough for a complete garment or where dye lots that are no longer available.

One customer in a seaside resort has come up with the idea of hand knitting beanie hats and berets using leftover yarn and topping them off with a Rico Design faux fur pom-pom. She has been really creative with her
colour/yarn combinations and her customers seem to love them.

In only a short space of time she has sold profitably more than 100, with prices starting at £19.99.

Another example is a customer discontinuing a range of artists paints from a competitor of ours and, rather than putting the leftover acrylic tubes in a basket to clear, she has created starter packs wrapping the items in a clear
cellophane parcel with bright tissue paper and ribbons. It looks beautiful and all ready she is moving the stock at full price rather than having to discount heavily, which of course everyone wants to avoid.

This starter/gift pack approach can apply to almost any item. Thinking creatively to develop incremental sales solutions for our customers is something we try to do at Rico Design to help everyone sell more.

Now in its third season our free pattern promotion is generating momentum and sales for our customers. Using some of our most popular yarns this time the designs feature baby blankets, sweaters, cowls, hats and scarves. With the accompanying point of sale it is made simple for the consumer to see and buy, with some retailers taking the opportunity to create gift/kit packages placing them in the key impulse purchase area of the shop.

After Christmas everyone is formulating the plans for the next trading year, with the trade shows now just around the corner. For 2018 Rico Design has increased its presence and profile with stands at Spring Fair, Craft, Hobby and Stitch, Creative and Paperworld in Frankfurt, H&H Cologne to name just a few.

The complete list is available on our website

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