Following is a selection of the most frequently asked retail questions—compiled from surveys completed by key industry experts—to help address the ongoing challenges faced by many skin care professionals.
What is the best way to manage my inventory?
The first thing you need is a good management system to track your inventory and provide performance reports. Run sales and aging reports per product on a weekly basis to quickly spot low-performing products in order to move them to a different location, re-bundle them with another product at a discount or, as a last resort, begin a markdown process until they are sold.
How can I maximize retail revenue per client?
Point-of-purchase (POP) is one of the easiest ways to do this. Place an irresistible product near the checkout counter with a price point that doesn’t exceed $19, and remember to change the product selection often. This is a crucial retail strategy for all spas.