The Move to Retail Items

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As insurance payers become less reliable as a source of income, many members have considered including more retail items in their business. There are a few reasons we come across on why providers don’t get into retail, one of those reasons is because there are so many products in the market, businesses are overwhelmed about what to choose first. Another is the unknown if and what products will actually sell. Depending on who you ask, every item out in the market is the best, right? Let’s simplify the process, so it’s a no brainer for you to carry incremental products and diversify more of your business towards “CASH.”

To start the process, you will need to analyze your numbers to verify your best category. Find the category that brings in the most customers or generates the most revenue, “your bread and butter.” This one shouldn’t be a huge surprise to you.

Now that you have confirmed the category, we will need to identify at least 5-10 products that go with or add on to the item or items you sell the most of in that category. The recommendation here would be to talk amongst your employee base and discuss what they think will sell and what their customers have been asking for. You could also reach out to a trusted vendor partner or a retail expert (we just so happen to know of a few), as they know what is moving in the market place. EW has been making a conscious effort to bring more retail-focused vendor partners to the membership. Looking at the participating vendors in Essential Advantage or on the myEW portal is a great start.

Once you have identified some nice incremental products, ordered them, received them, merchandised them, and trained the staff, you’re now ready to recommend/educate every customer on the products. After you build some momentum with this first category, you can then feel comfortable to branch out into other categories and build a very nice profitable cash business.

For example, let’s say your top category is breast forms. Some items that would be great incremental add-ons include compression fashion socks, specialty post-surgical garments, like The Shower Shirt or The Brobe, skin care items, essential oils, shoes, jewelry and cosmetics.

One of our why’s on carrying incremental products was to increase revenue. We recommend choosing products that provide anywhere from a 20% to 50% margin. By carrying these items, it also gives your staff the correct tools they need to truly assist the customer. Customers now have everything they would need to improve their quality of life. In turn, these products make you a customer’s trusted partner, and them a customer for life.

Essentially Women is here to help you stay in business and become more profitable. If you have questions about any of our offerings, don’t hesitate to reach out.

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