Many of my clients are focusing on gift products today; their regular items, like the lottery, attract customers to the store, but they typically have small profit. Gift sales is a department where good profits can be made.
Based on my experience attending numerous gift fairs, I recommend visiting them if you plan to sell gifts in your store. While I advise purchasing directly, which is easy to do with the internet today and will save you money, finding the right gifts can be challenging. The gift fairs are crucial for this reason. You should use these events to discover new products and suppliers for your shop. It's also good to test the waters by purchasing a few products to seed first rather than committing to a large order directly.
Early this year, the NSW Gift Fair received a positive response from most attendees in my experience. Although some issues were reported, such as limited parking and long lines at some booths, my clients were satisfied with the event overall. It was well-attended, and I recommend you check out the Victorian Gift Fair if you're in Victoria.
-Attending these shows offers valuable networking opportunities. You'll have the chance to connect with your current gift suppliers, meet new ones, and often discuss business with senior executives. So remember to bring plenty of business cards.
-Many vendors require a minimum purchase, so they only deal with businesses that can buy in bulk. If you find something you like, let them know your budget and promise to raise it if possible. However, if the response is negative, moving on is best.
-Prices at gift shows are often not bargains. They tend to fall between wholesale and retail prices. Consider the show an opportunity to get seed stock and evaluate new, innovative products.
-It's essential to be well-prepared. Understand your customers' needs and budgets, and research their desired products. Don't assume you know what your customers want based on your preferences. What I do recommend is to visit a few local gift shops to see what they stock and at what prices. They've likely done their research for your area.
Follow these steps, and you'll clearly understand the gift items that work well.
Go to Register Reports.
Now pick "Top N Stock Sales for a Given Period."
Now in the form put in the last three months, the gift department and a report comes out with gift items that work in your shop.
> What usually works in gift lines is specialisation. Instead of buying many different lines, concentrate on a few lines.
> The last day of a gift show is typically a market day. Gift suppliers are looking at what they have and often would rather sell it than carry it back. This could be your chance to get an expensive item at a lower price. Often they are out of stock, too, so this plan may backfire.
Remember, your customers often buy gifts for:
Parents
Our parents have always been there for us. Gifts made by hand, recipe books, and personalised photo albums are popular for parents to receive as presents. Consider buying building blocks or art supplies so they can spend quality time with their grandchildren.
Gifts for Partners
It can be challenging to help people here select the ideal present for their partner. Gift certificates for unique experiences, personalised gifts and alcohol are all excellent choices.
Gifts for Friends
Consider friends hare as members of the family that people choose. Alcohol, personalised gifts, and gift cards to their favourite stores are popular options for this group. What about what I spoke about earlier here, fancy toiletry?
Gifts for Children
Books, art supplies, and building blocks are popular for children's gifts. It is also a good idea to stock board games and puzzles. The parents will like that as it helps them spend quality time with them.
Gifts for Children's Friends
This is one of the most popular sections. Again building blocks, art supplies, and books are all popular choices here. Sticker books and colouring books are also good.
Gifts for Pets
Pets today are an essential part of many people's lives, and buy they do. Treats and personalised gifts like toys or collars are popular choices here. Then there are grooming supplies, pet beds, fancy toiletry, etc.
Gift for themselves
Last but not least, people indulge themselves. Ideas here might be gift certificates for a massage or spa treatment, personalised gifts, alcohol, candles or skincare products.
Keep these categories in mind.
Conclusion
Going to a gift show is a fantastic opportunity for anyone who wants to sell gifts in their shop. There you can find unique products for your customers. You will make valuable connections and gather information. Ensure you have a diverse gift lines for your customers so you are well-stocked with thoughtful and marketable gifts.
