Shop High Margin Items For Your Store

A strong retail buyer knows that identifying key high margin products into your store assortment is a smart way to increase your store numbers. Of course, what is high margin to one store may not be for another. It is, after all, subjective to your retail sector and your interpretation of what’s “high” vs. what is “low”.  While what products you choose to be your margin drivers will vary from store to store, the one thing that should not vary is your strategy to have these.

The ASD Show in Las Vegas is a great resource for such products, representing over 700 vendors in the fashion accessories category alone that each offer high margin products. From sunglasses to scarves to earrings to tote bags and more, there are so many styles to choose from that identifying what is right for your store is almost guaranteed.

If you are struggling to understand what “high margin” may mean for your store, consider the following examples.

1. If you sell jewelry from a local designer with markup that is double your cost, this is not considered high margin. However, if you buy scarves for $5 and sell them for $25 each, this is high margin.  The numbers can be subjective and will certainly vary from store to store and product to product, but the math is always higher than your store’s traditional markup.

2. If you have a store that doesn’t have many impulse buys, high margin products are a great assortment to consider for this category. Buying something, such as magnets, for less than $1 each and selling them for $5 to $10 each is a great example of this. They may be unexpected in your store inventory assortment, however it’s likely they will bring welcomed sales. You do want to make sure your products make sense in your store, though. At the ASD Show there are so many options to choose from, finding something perfect for your store should not be a problem.

3. If high margin products are all you sell, identify which ones still lead the way in your store. Would adding $1 more to their price point make a difference in a customer’s decision to buy these items? Or .50 cents? Often it’s amazing the extra amount of money a retailer can make on their top sellers.

While products to choose from may be endless, ultimately the right products will make the difference on if they will sell or not – no matter the price. You can feel confident that the ASD Show will have these products for you to choose from, and feel confident you had the chance to consider all your options. Retailers know more than anyone that every penny counts, so make sure your pennies spent are worth spending.