What is Merchandising in Retail: Important Rules to Follow for Retail Merchandising

Read this article and find out what is merchandising in retail! What are the must follow rules for retail merchandising? Read and find out!

The truth is that merchandising a store is not an easy task, especially if you don’t know what exactly merchandising means.

Even though merchandising can be explained and defined using various terms, there are rules that are essential for mastering the concept of merchandising and these rules should be followed by all involved in retail merchandising.

  • Merchandise has to be offered in a way consumers want to purchase – You need to remember that great merchandising is having exactly what the consumer wants to purchase, at the time they want to purchase it, the price they want to purchase for it, and in a way, they want to buy it. You need to figure it out how your customers want to purchase your products. This is important as whether they purchase your products depends on how they can purchase the products.
  • Pricing merchandise should be done through experimentation – Managing a store in the right way has a lot to do with pricing, however, there aren’t rules or formulas that can help you set the correct price. The most common and used rule is the higher the price – the slower the rate of sale. But, this is not always true for a lot of stores. That is why you need to experiment, in order to find out which rule suits your store the most. Pricing doesn’t have to be complicated, you just need to be interested in testing the waters so you can determine what customers are willing to buy.
  • Merchandise should fit the lifestyle of your audience – Although merchandising has a lot to do with the type of products you sell, believe it or not, it has, even more, to do with the people who are buying the product. At this point, it is not the demographics only that are essential, it is the psychographics as well or as we call it the lifestyle marketing. You should market your product line towards a certain lifestyle – the kinds of ideals, the life experiences, and the philosophies of your audience.

We hope these few tips are going to help you take your store to the next level, accomplish all of your goals, increase your sales, maximize your profit, and achieve the success you deserve!