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5 smart strategies to grow your toy and hobby goods store

  • Highlights

  • Boost sales by smartly targeting impulsive buying

  • Have an easy-to-navigate floor layout and manage your inventory well

  • Host regular workshops for children and hobbyists

  • Increase footfall with a Business Loan from Bajaj Finserv

As the owner of a toy and hobby goods store you know that the life cycle of a toy or hobby is truly very short. What is buzzing today may very well be obsolete come sundown. For example, scrapbooking was a craze just a few years back and now you may seldom hear of it. This can pose a challenge for your inventory management and supply but there are many ways to overcome it. With smart strategies in place, you can grow your store and increase revenues in no time. To finance all these efforts, rely on the instant Business Loan from Bajaj Finserv, which offers you up to Rs.30 lakh without any collateral.

Here’s what you can do to expand the bottom line of your toy and hobby goods store.

1. Hold inventory on desired stocks

Marketers suggest that if you have stock of a product that is high in demand you should hold it until times of rush such as weekends and holidays. When customers visit your store on weekdays, they will see stock of other products that haven’t been as well advertised as the desired stock. This way they will buy what is available and you will be able to clear older stock. On weekends, customers come in to shop with an agenda to buy and here’s when desired stock can fly off your shelves. Another way to clear off old stock is to hold annual blowout sales to attract buyers.

2. Target children not parents

It pays to target children and not parents even though the purchasing power lies with parents. So, if your marketing efforts, brand persona and overall strategy is tailored to appeal to children then they will push sales for you. Have advertisements in places that are likely to grab a child’s attention and on their eye level. You can also advertise in or near schools, tuition centres and sports centres. If you are situated in a mall, create a shop mascot or something interactive to draw kids in.

3. Design your store layout to boost sales

Your store layout plays an important role in determining your sales. Have everything laid out in sections either by age group, gender or type of toy or hobby. Keep the layout simple and spacious that allows people to navigate through the products easily. Consider having life-sized toys at the entrance and an assortment of the latest movie or cartoon posters. Grab the attention of children and parents to draw them in. You can also have a video of the latest hobby art, be it quilling or paper weaving playing on your entry screen to attract hobbyists.

5 finance solutions to grow your business

4. Have knowledgeable floor personnel

By having staff that is trained and active on the salesfloor, you can prevent a number of people from walking out. You can convert possible buyers to assured customers with just a little positive reinforcement. Customers are more willing to complete a transaction when they feel that an employee has invested time and effort into making their experience pleasurable. Be it a hobby like making papier-mâché or buying an educational toy for a 6-year-old, a well-informed salesperson can make all the difference.

5. Host activities for children and hobbyists

Consider hosting activities for children and adults alike to participate in at your store. This way you even give parents an opportunity to leave their children to play while they shop. From creating an area for playing board games or building things with Lego blocks to creating a space where customers can learn to create handmade paper, these activities are a sure-shot sales boost. Stock all the related equipment at your store, and you’ll see a long line of prospective customers at your cash register.

In your business, it is usually the festive season at the year-end that sees an increase in sales. So, to boost your sales all year round, ensure you create a strong marketing and sales plan. Check your pre-approved loan offer from Bajaj Finserv with its simple 1-step verification and get started today.

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