As a retailer, you no doubt cleave to anchor suppliers you’re loyal to. That’s great. You need that kind of stability to continue offering your loyal customers what they come in to buy.
But there’s a downside to continually calling on the same handful of suppliers and that downside is stagnancy. It’s also predictability. Too much of the same thing can get boring, even if it’s there because consumers want it.
But what if you could switch things up by adding other suppliers to the mix? Following are some key reasons supplier diversity is awesome.
Shaking it up.
The consumer universe is largely driven by demand, but one of those demands is for choice. There is a dizzying array of every product you can think of out there, but many products compete based on the same markers for success. For example – If Product A is successful, surely a re-jigged version will be equally or even more successful, right? But there’s only so many Product A knock offs the market will bear.
Turning to smaller, niche suppliers has the effect of offering authenticity (a trademark of craft brands). Smaller suppliers, working from leaner frameworks, are more likely to offer a genuinely original spin on a time-honored brand’s product that’s fresh.
Access to the exotic.
Another benefit of supplier diversity is access to the exotic. Many suppliers today stake their claim in previously untraveled territory. Ben and Jerry’s ice cream, for example, offered consumers ice cream that went beyond the average, veering into the exotic and seldom seen.
The exotic offers consumers a trip abroad for the price of the product, or perhaps a new way of doing something – like cleaning. The rise of “pet friendly” non-toxic brands, rooted in contemporary consumer demand for environmentally friendly products is one example. This is real choice and an opportunity for shoppers to assert their commitment to living more earth-friendly lives.
Keeping your customers engaged.
Another one of the key reasons supplier diversity is awesome is that it tells your shoppers that you care about keeping them engaged. Coming in to your outlet and discovering something they not only hadn’t seen there before, but which also isn’t widely available, is a winning strategy to keep them interested.
You answer demand indirectly, because what shoppers want now is freshness and access on the sales floor. They want to be confronted by new flavors, scents and methods of doing what they do every day. Supplier diversity is one way of bringing them what they’re interested in seeing (even if they might not have known they wanted to).
Ultimately, supplier diversity keeps your inventory contemporary. It signals your customers that you’re aware of changes in the marketplace and that you’re plugged into sources that bring them something new.
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