We’re off to market again, looking for great new items for Give Simple. The Dallas market last week did not offer many great ideas. It’s an unfortunate fact that when the economy gets tough, innovation decreases. Some manufacturers can become risk adverse and focus on the “safe” core items that they have sold well for many years. This is a poor strategy because I believe consumers are looking for newness all the time. So we have to work harder to locate things that feel fresh and will inspire our customer to open her wallet.
It feels right to me that people should curb their spending. I would prefer that they shop more thoughtfully, choosing fewer products, products with real value. Some consumers have spent too much on liquidation sale items lately, with a laser focus on price, and perhaps without evaluating whether they even need another sweater, never mind that it is only $4.99. Through the Holiday shopping season, I noticed that Give Simple customers bought high quality practical items like robes, bath and body products and wallets in excess of last year’s quantities. Really new items like our cookbook kits (also practical) sold well, they filled a need that had not been met.
Sad news this week that two of our suppliers are going out of business. With a slowdown in consumer spending and some retailers going out of business, it does not surprise me that some suppliers will shut down also. We’ve lost our Domino necklace maker and the supplier of our Eco-chic shopping bags this week. Truly small business women, these women just could not get enough traction or volume for their business to make it pay. We’ll miss their enthusiasm and entrepreneurial spirit. And we’ll have to replace those items, which are logical to continue in our assortment.