Retail Ready

In this short video training, we will discuss how to get your product shelf-ready for retail chains. Selling your products to retailers requires careful preparation and consideration. There are several factors to keep in mind, such as the costs associated with working with retail chains and what it means to have a retail-ready product. Let’s dive into the details and explore some key points to help you get started.

The Importance of EDI

One crucial aspect of getting your product shelf-ready is having an Electronic Data Interchange (EDI) system in place. EDI is a software tool that allows retailers to track products and vendors. When you sell your products to a retailer, they need to be able to monitor and manage inventory effectively. Therefore, having an EDI system is essential.

It’s important to note that buyers will expect you to have EDI before they can proceed with a deal. Some entrepreneurs make the mistake of thinking they can get EDI after securing an order from a retail chain. However, this can cause delays in the process, as the buyer will have to wait for you to set up EDI before they can move forward. It’s best to have EDI in place before approaching retailers to ensure a smooth transaction.

Setting up EDI can be done by conducting a Google search or seeking assistance from companies that specialize in EDI setup. These companies will guide you through the process and help you connect your EDI system to the retailer’s systems. Keep in mind that the cost of EDI may vary depending on the size of the deal with the retail chain. It’s advisable to work with a reputable company that can support your needs and budget.

Understanding Pricing

Another crucial aspect of getting your product shelf-ready is determining the right pricing strategy. Pricing plays a significant role in whether or not a retailer will be willing to work with you. Different products have different price points, and it’s important to find a balance that works for both you and the retailer.

Consider the retailer you want to sell to and ensure that your pricing aligns with their existing product offerings. For example, if you’re targeting Walmart, known for its low prices, you may need to adjust your pricing accordingly. On the other hand, some retailers may be more flexible with pricing.

If you’re struggling to find manufacturers that offer competitive pricing, it’s essential to take ownership of the situation. Blaming retailers for not wanting your product may not be the solution. Instead, explore alternative solutions or consider targeting retailers that can afford your pricing.

Finding the Sweet Spot

Getting your product shelf-ready for retail chains requires finding the sweet spot that works for both you and the retailer. Each product category and retailer have different requirements and preferences. It’s crucial to do thorough research and seek guidance to identify the right approach.

At Retail MBA, we specialize in helping entrepreneurs navigate the world of retail chains. We offer do-it-yourself programs and done-for-you services to assist you in approaching, pitching, and selling to retail chains. Our goal is to help you figure out the sweet spot for your particular product and category.

If you’re interested in learning more about how to approach, pitch, and sell to retail chains, please visit our website at retailmba.com. We are passionate about what we do and would love to help you succeed in getting your product on store shelves.

In conclusion, getting your product shelf-ready for retail chains involves several key steps. Having an EDI system in place is crucial for effective inventory management. Additionally, understanding pricing and finding the right balance for both you and the retailer is essential. With the right guidance and support, you can navigate the world of retail chains and successfully get your product on store shelves.

Thank you for reading, and we hope to assist you on your journey to retail success.