Making a profit is among the things that business owners consider when investing in the vaping industry. Running a vape shop that makes enough sustainable profits is not a walk in the park and is not as easy as it sounds.
Some of the things that you need to really care about when selecting products before the start-up are the cost of your staff and inventory management. The vape business requires that you as a business person stock a variety of quality products from truly promising brands, which is especially important because there are some brands that are not fast going in the market.
On the same note, the market keeps changing and new vape hardware and accessories are bound to be produced every month and it is important to stay up to date. More importantly, you should sell your products at a reasonable price that will help you make profits or at least break even.
In this ever-changing vaping market where new products keep getting in, vape store owners are more likely to make mistakes when purchasing. This article is therefore aimed to provide you with needed tips on shelving the best vape products for your store.
#1 Include yourself in every manufacturer’s Mailing List
Most often, manufacturers follow the routine of product R&D, manufacturing, and releasing them to the market. Depending on how these products are received, the brands quickly create more advanced products and roll them out. This, therefore, means that it is almost impossible to keep up with the products as an individual.
A great way to stay informed is by serving as a point of contact with as many vaping hardware and e-liquid manufacturers as possible. Ensure that you add yourself to their mailing list so that you get important information regarding products in real-time. Also, since you know some product lines have bigger potentials to boom, it’s better to know their release date and be among the first to sell them to your customers.
#2 Analyze and keep track of your data
Ensure that you have a point of sales system (POS) so that you can tell which products are moving and which ones are not. With a good POS, you can tell which product categories are the most sought-after. Additionally, it helps you more easily look into individual buyer histories and identify their preferences and patterns.
#3 What products do I Stock Up?
Another important thing to consider when choosing products for your vape shop is the common products that every start-up or shop should have. Some of the must-have product categories in your inventory are the following:
• A minimum of two different vape starter kits. They should be a mix of both mid-range price products and high-end products;
• A diverse stock of easy-to-use pod systems and disposable vapes;
• A wide variety of advanced vape tanks for sub-ohm devices;
• Smart battery chargers;
• 18650 batteries;
• All coils to fit all tanks, because people are most likely to come back to purchase them;
• High quality e-liquid in several different nicotine strengths and PG/VG ratios.
#4 Know about product reviews? Pay attention
Another vital tip of finding out which products are the best and likely to be among the best vape products is to take note of the product reviews. When observing the reviews, put focuses on how many people have viewed the product; if the number is high then this is a sign that there is high demand for that particular product.
Secondly, read the comments under product reviews in form of either videos or articles. The very first comments are likely to be those that praise and recommend the product or compare the product with a much better product that has more and better features. Some of the sites or channels that have most vape products to look out for reviews include:
• Rip Trippers (Youtube & Ins)
• Mike Vapes (Youtube)
• Vaping 360 (website)
• My Vape Review (website)
#5 The digital world
It may be challenging to catch the news about a brand’s latest releases faster than your competitors. This, therefore, means that a product may fail to be added to your inventory in time just for lack of information. While there exists a solution.
For successfully branding a product, vape brands would use social media platforms like Facebook and YouTube to create awareness and hype their products. In this way, vapers would know about the existence of these products and vape shop owners might stock them up YouTube in itself has a lot of potential since it attracts a lot of following and viewership. Make a habit of watching YouTube videos to find out the upcoming vaping products that are the most hyped up. Observe the amount of engagement garnered by the product and check whether the product is also hyped on Reddit and other vaping forums.
#6 Low purchase, high sales
Remember how we discussed getting yourself on as many manufacturers’ mail lists as possible to have timely information about new vape products? Well, there are other reasons for the same, just as it happens in other businesses, at times manufacturers will offer markdowns on products. This will give you a perfect opportunity to buy at significantly low prices and sell at high prices. You are additionally at an advantage if you intend to buy the products in bulk because it gives you an opportunity to negotiate and get a good deal out of it.
Although this article does not exhaust all the possible ways of knowing what products to stock in your vape shop, it certainly offers great tips that one can use when picking best vape products for his/her shop. The one amazing piece of advice that we can leave you with is to feel encouraged to join the vape community by watching the reviews and participating in any given forums to learn more about the vape products.