Mistakes Were Made

We all make mistakes, and hopefully become better buyers by learning from them. What are some of your favorites? I've been around long enough to remember saying that I thought the pet rock was a dumb idea that would never sell. And that was just one of my earliest blunders.

The secret to surviving mistakes is to take quick action in response. Here are a few common buying mistakes, and some suggested solution:

Ordering too much. We all occasionally get buyer's remorse after placing an order (either because we've over-ordered, duplicated merchandise or ordered an item we now don't think will sell). But orders can often be cancelled or modified, given enough lead time. Don't make a habit of it, because it's a great inconvenience to the vendor. However it is in everyone's interest to have you be successful with what you've ordered -- so be up front and ask whether it's too late to change your mind.

Ordering too little. If you get caught with empty shelves, you may find suppliers who can fill them quickly. This is where it pays to have a good relation with your sales rep, and to be on good terms with your vendors. But other options would include local craftspeople, discount sites online, or even buying "at retail" from Amazon (if the price allows you to make an adequate markup). You might also look into vintage shops for items that can be modified slightly and resold.

Ordering the wrong merchandise. We all order items that our customers don't love as much as we do. When it becomes clear that a line or an item is not right for your store, take a 20 to 25% mark-down right away. If you can sell it at this price, you will make more money than if you wait to clearance it at half off.

And if the item doesn't sell even during your clearance sale, remove the price tags and give it away to charity (or your staff). There is no point keeping mistakes around to haunt you -- best to make note of them and move on!