Online shoppers have a lot of options when it comes to saving money. From savvy shopping to baking fixed costs into product pricing, there are plenty of ways to stretch your budget further.
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Look for Sales
Online boutiques make finding unique clothing and accessories easy, but you must know where to look to save money on these items. As you shop for inventory, remember that pricing is one of the most important decisions when starting your boutique. The right price point will help you attract your target audience and maximize profits.
To avoid running out of stock, consider partnering with a wholesaler or following the par system (first in, first out). You can also source fashion resale products for your shop, which is a great way to build a niche selection attractive to a dedicated subset of shoppers. Just be sure to track your inventory levels carefully so you don’t overspend or run out of product during major sale seasons like the holidays. If you do, it could cost your business revenue.
Whether it’s to stock up on toilet paper or snag that trendy pair of sneakers that just dropped in your feed, it pays to comparison shop. By using price tracking apps or websites, you can quickly determine if the item you’re about to buy is cheaper elsewhere. If it’s a costly purchase, or you have the time, it may be worth looking for other discounts—and even enter a coupon code—to ensure that you walk away with the best deal possible.
Fashion sales aren’t just for summer—in fact, August is the perfect month to refresh your wardrobe with feminine daywear, chic shoes, and more from brands also has up to 60 percent markdowns.
If you can bake in your overheads—like your domain name and plan—into your product pricing, you can also open a low-cost online boutique ready for your customers. To do that, create a storefront that shares everything shoppers need to know about your business, from size guides and shipping rates to return policies.
Don’t Be Afraid to Ask For A Discount
A little bit of politeness goes a long way. If you are nice and respectful, the person you are talking to is likelier to give you a discount. So, make sure to use a pleasant voice tone and a pleasant expression while asking for a discount.
Some online boutiques will discount certain products or even all items in a specific category. These are called targeted discounts. This is a great promotional pricing strategy to attract new customers and retain existing ones.
If the salesperson you are dealing with doesn’t want to give you a discount, ask to speak to a manager. Managers are more likely to give you a discount and have the power to do so. Another option is to ask the salesperson if they have any upcoming promotions or sale dates that are coming up. They are more likely to give you a deal if they know you will be back in the future. Also, bake in the fixed costs for your store into your product pricing so you are still making a profit.
Don’t Be Afraid to Shop Early
Online retailers make shopping easy with flashy sale banners and one-click buy options. To avoid spending too much, have a clear idea of what you’re looking for before heading to the website—that way, you won’t get distracted by sales items you don’t need.
Another way to maximize your savings is to wait until a special event, like end-of-season sales or holiday weekends (think Memorial Day, Fourth of July, Presidents’ Day, and Black Friday). Retailers work extra hard these days to push out discounts for shoppers, so you might find some items drop in price.
Don’t Be Afraid to Shop Last
Using sales, discounts, and coupons can help you maximize your money. Saving on purchases doesn’t require specialized training or much time, so giving your budget a little breathing room can be easy.
Shopping final sale pieces can be a bit of a gamble, but if you’re willing to take the risk, it can mean major savings. The key is to focus on items that work well for your wardrobe, like layering classics or timeless staples. Avoid trends that are on their way out since those pieces typically find their way to the clearance racks for a reason.
In addition to sourcing inventory from wholesalers, online boutiques can partner with manufacturers to create custom clothing or other products for their brand. This can cut out the wholesaler intermediary and offer a unique product line. Alternatively, boutiques can source their products from resale channels like thrifting and vintage to cater to a more niche audience. The most successful fashion boutiques have a dedicated customer base and a clear vision for their business.