2019 tackle sales started good, and then slowed due to a very wet spring; even MLF had to push one of their events from Grand to Tablerock due to flooding. Tackle retailers then saw very hot July and August temperatures. Thankfully, things began to improve, and sales bounced back to end the year on a good note. Although no one can control the weather, tackle retailers—like anglers—need to be able to adjust quickly to the ever-changing market conditions.
It’s been often said, “If we had a crystal ball; we would always purchase the correct assortment with the correct inventory at the correct time.” Unfortunately, there isn’t a crystal ball to help us. However, there are things tackle retailers can do to better react to market changes—like utilizing a tackle distributor. Tackle distributors are the best resource retailers have for selecting an assortment and minimizing out-of-stocks and overstocks.
When customers visit your store, they encounter a sampling of your inventory, on a rack or a store peg. Like it or not, this is a representation of your offerings and total inventory, which means this is your first impression with customers. Assortment planning is the study of these product lineups and their optimization for winning sales with customers. This has typically been done by taking the recommendations of store employees and manufacturer/rep group representatives, but it should be a process that is increasingly being managed by evaluating trading area data.
Assortment planning is a cumbersome process most retailers dread, but it’s essential to the business and becoming more critical than ever as e-commerce grows. To ease the pain of assortment planning, retailers should be partnering with their tackle distributors to gain data analytics and artificial intelligence. National tackle distributors like Pitman Creek Wholesale distribute tackle to retailers nationwide which provides them a large data sample to help make the best assortment recommendations based on the retailer’s trading area. Supplying retailers nationwide also enables distributors to stay abreast of trends and pass that information along to their dealers and manufacturers.
Manage Inventory Efficiently
Many retailers fail to control their inventory efficiently, but you don’t have to be one of them. There is a delicate balance between having too much or too little stock on hand. Too much inventory leads to high holding costs, while too little stock means possibly missing out on sales.
Retailers need to be able to predict when there will be greater demand for the items and products that they offer. For example, big soft plastic worms like a Zoom Ole Monster is a must have for anglers in Texas during the month of June. Distributor data can help you discover trends in the marketplace. With that information, a retailer will know how much inventory and when they should order to meet the demands of their customers. Also, let your distributor be your warehouse. Utilizing a distributor like Pitman Creek Wholesale, who is nationally recognized for their quick shipping can help retailers increase sales and profits, as well as manage the space they have for inventory.
Top tackle retailers who purchase from a distributor benefit from not having to purchase in case pack quantities, and purchasing from a distributor enables retailers to consolidate vendors to make free freight. For the most part, inventory management is all about finding balance and ensuring that your store has the right products at the right time.
Spring Dealer Show
Pitman Creek’s Annual Spring Dealer Show will be held on Friday, February 28th in Danville, Kentucky. Pitman Creek Dealer Shows are an excellent opportunity for retailers to view new products, network, and take advantage of special pricing and dating terms. Dealers attending receive not only what is considered the best show discount in the industry, there are additional opportunities to participate in “Cash Back”, “In-Booth Specials” and “Cash N Carry” Specials. Additionally, this show enables dealers the ability to reserve their show order prior to the show; attend the show and pickup their reserved show order the day of the show. If you’re interested in registering for the show, visit PitmanCreek.com or contact a Pitman Creek Sales Representative at 859.439.2001.