If you run a business in the retail sector, you are probably aware that general purpose batteries and rechargeable batteries are highly reliable goods. As a retailer, you can depend on them to sell consistently. People always need batteries because they are day-to-day items that power a wide variety of household appliances.
However, despite the reliability of battery sales, you still need to invest in the correct quantity of batteries for your business. This is particularly true for smaller, local businesses that rely on a limited consumer base. Remember that batteries have a shelf life, and if you buy more than you can sell, they could end up expiring or becoming damaged and ineffective if stored long-term or in the wrong conditions. If you buy too few, you won’t be able to meet consumer demand.
In today’s blog, we’ll provide you with guidance that should help you decide how many batteries you need to stock at any given time.
Sadly, there will always be factors that limit the number of battery sales your business can make in a given period. One of these factors is the number of prospective customers your business has access to. If your business is based in a sparsely populated area, you only need to stock a modest quantity of batteries because there aren’t that many consumers around to buy them. However, if your business is located in a densely populated area, you should make sure you stock a large number of batteries in order to meet demand. Luckily, you don’t have to worry about calculating what percentage of the local population will buy batteries and what percentage won’t because almost everyone needs to buy batteries on a regular or semi-regular basis.
The vast majority of businesses are part of a competitive market. Therefore, you should think about how many other local businesses sell batteries. If your business is the main retail business in your area and doesn’t have much competition, you need to stock a lot of batteries. After all, the vast majority of local consumers are likely to come to you for their batteries. However, if you have to compete with lots of local businesses that attract similar numbers of customers to your business, you may not need to stock quite as many.
Batteries follow the same golden rule as all other products and services: the more you advertise them, the more of them you can sell. How much money can you afford to spend advertising your batteries? The more money you can spend on advertising, the more batteries you can stock because your advertising efforts should lead to sales.
By thinking about the population density of your local area, your advertising budget and the number of competitors you have to deal with, you can calculate roughly how many batteries you need to stock for any given period. As the UK’s leading retail battery supplier, we can provide you with whatever quantity of batteries you need, so get in touch with us today.