You are about to take the plunge into flea market selling or you have already taken the plunge and you were not happy with the outcome. The most important advice I have is, don’t give up. Now we go from there.
The first step is buying or creating the right products for the customers you intend to sell to. If you are at a craft show you want to sell unique items and always at a reasonable price. Do not make the mistake of determining which items to sell by your own tastes. This is a sure road to failure. What you like is not what necessarily sells. Otherwise we would all be clones of you. Ask your friends and family for their honest opinions before choosing your products to sell, tell them you will not be offended if they do not like your products.
Next step is to price it right. Starting out at a lower price is often the way to go. General retail markups for lower priced products is 40% to 50%. Mark your items up 30% to 35%. Remember you are trying to get a feel for the markets and your products. When you determine which items sell and which don’t, only then you can adjust your prices accordingly, either higher or lower. Some items will end up higher than 50%, others at 25%. If you raise prices, remember to do it gradually, never spike a price, unless you don’t like having customers.
It is vitality important to purchase the proper location in a flea market. You want to be by the entrance if possible. I cannot stress this enough. As the real estate experts say when buying a house, “location, location location”. The entrance is where the customers have money in their pockets and are anxious to spend it. You are there to serve them and help them spend it and give them a good product in return. It’s great when everyone is happy. Also, make sure you do not cram yourself into a small area. Potential customers will walk right by you. Nothing more frustrating then seeing that happen. So lay out extra money for location, this puts you a large step ahead, don’t ever cut corners here.
Displaying your merchandise. I suggest taking the tactic of the Big Box Stores. Go into their stores and notice that the top selling products are at the front of the store. Plus they are stacked ten to fifteen feet high. Do you think they are doing that to keep the stock clerks busy? They are stacking because stacking implies to the customer that this particular product sells well and people will be grabbing it off the shelves so we need to stack it to the ceiling. It also grabs the attention of the eye, when you see a huge display the customer assumes, “wow everyone must want this product”. However when you see a paltry display you assume, “wow they must not sell very many of this, I wonder why?” So stack, stack and stack higher.
Don’t forget to display attractively. For example, if you sell jewelry, use attractive velvet or leatherette jewelry displays. Also many times displaying and organizing your products in jewelry boxes helps increase your sales. Use countertop showcases and other countertop displays. Never cut corners from your displays and packaging. Investing in displays, whether they are jewelry displays, jewelry boxes, clothing racks, stand up cardboard displays, hang tabs or display strips, this is not a place to cut back on.
Make sure you price all of your items. When customers see no prices they assume the price is high. Many will walk past you, afraid to ask for fear of having to then tell you, no thanks. It’s easy for them not to say anything and bypass your display. So plan ahead and price your items. Make your signs large and letters clear and above all neat. Use colorful signs, those grab the eye. Price individual items or the entire display. Use sign cards, self adhesive pricing labels, pricing labelers, tags, tagging guns and hang tabs. Professionalism sells, don’t cut corners here.
Using these tips is a sure way to increase your sales, I speak from 13 years flea market experience and have grown my flea market business to a large multi-million dollar corporation. So don’t give up, admit and learn from your failures and get out there and be a successful merchant.
Post time: 09-09-2017