Optimizing Your Store's Inventory Management

For your optical store to succeed and for your clients to be satisfied, frame inventory management is essential. With the correct strategy, you can optimize warranty durations, buying costs, and your capacity to respond quickly to shifting fashion trends. Better product availability enables you to react quickly to the needs of your clients. Finding the ideal balance isn't always simple, though. Customers are turned off by inadequate supply, while too much inventory can make products outdated before they are sold, rendering many expenses unnecessary.

The proper strategy entails researching client demographics and keeping a careful eye on important performance metrics. Gaining a thorough understanding of your base enables you to predict trends, which in turn helps your clinic enhance customer happiness by improving inventory management and product selection.

Forecasting demand

Put the consumer at the center of your decisions rather than depending only on personal preferences. Every frame that is taken into consideration should be planned with a target in mind. Examine the frames' appearance, quality, and brand image to see if it appeals to both present and potential customers. In a similar vein, check if the frame works with single, progressive, or bifocal vision and evaluate how well it fits a person's face shape.

Consult fashion magazines, social media, and niche publications like 20/20 Magazine, Optical Prism, and Vision Monday in the US and Canada to remain on top of trends. Inspiration can also be found at professional trade exhibits like Vision Expo East/West, regional trade shows, and those in Paris or Italy. You can also visit supplier websites on a frequent basis.

Encourage client loyalty by offering a wide range of frames that represent buyer profiles derived from sales and industry trends. To increase sales and make sure the frames are suitably unique, offer a large assortment of sunglasses (at least 20% of your products). Additionally, to broaden your choices, don't be afraid to investigate different target markets. For instance, look at specialized collections (such as those created by indigenous or environmentally conscious designers), provide options for young children, and take reading glasses into account. Finally, think about varying your price points to encourage the purchase of numerous pairs and children's frames.

The significance of supplier relations

Supplier relations are an important lever. Furthermore, the quality of support is far more important than the quantity of representative visits. Don't be afraid to ask them for display recommendations as part of this support; changing your frame display on a frequent basis helps emphasize products and creates the perception that you're continuously updating your offerings. Helping you plan special events and collection releases, and supplying promotional materials like window displays, posters, and point-of-sale assets are some examples of additional value-added services.

Additionally, to better service your customers, make sure to inquire about improved warranty and return policies. Always make sure you receive a formal confirmation that includes information about the exchange policy, models covered, warranty length, and part replacement.

The importance of inventory management

We advise appointing an inventory manager for optimal management. As they analyze the performance of various frames to determine top sellers and underperformers, their goal will be to keep an eye on cash flow, product renewal, and data accuracy. Coordination of inventory counts will fall under the purview of the inventory manager.

Your clinic's size, available display space, projected yearly sales, and stock turnover rate must all be taken into consideration when determining inventory levels. A boutique with good inventory management may typically reach a turnover rate of two to three times annually.

It is advisable to meet with your representative to examine the reasons for a brand's lack of sales after a specific time frame. You can better evaluate underperforming frames and sell off your stock by holding team-wide promotions or competitions.