If you’ve got unsold frames just sitting in your optical practice, you could be missing out on an excellent opportunity to increase your return on investment on your inventory. As a general rule of thumb, your inventory should be turned at least three times a year to earn back the return. But how do you effectively increase this turnover rate? Keep reading to find out how you can improve your ROI on the eyeglass frames in your office today.
Keep It Organized
Be sure to keep your frame boards organized and to keep an adequate amount of frames from each brand on hand. A good rule of thumb to ensure that your eyeglass inventory is well-developed is to carry around 20 brands with about 40 frames from each brand. In addition to keeping your branded merchandise well-established, it’s also important to remember to organize your eyeglass frames by category, like sunglass frames and budget-friendly options. At A&A Optical, we have ten frame collections with hundreds of styles to keep every category on your boards on-trend.
Limit frame companies
Limiting the number of vendors that you work with can have a significant impact on your business relationships. Vendors are more likely to value their business relationship with you when you buy larger quantities of frames from them instead of only buying a limited amount from 10 different vendors. The larger order you place with a vendor, the more likely the rep will be open to negotiating rates.
Price to your business’s brand
This one may seem obvious, but it is so essential to be pricing your frames in a manner that is consistent with your current and targeted clients’ needs, preferences, and budgets. Consider establishing a set number of price points based on your lowest and highest-end frame prices. Between these two numbers, decide on 8-10 prices. By having these numbers set ahead of time, you can use these prices as references when negotiating sales margins.
Join the A&A Buyback Program
Another way to increase your ROIs on your inventory is by joining the A&A Optical Buyback Program. At A&A Optical, we offer a stock buyback program that allows you to sell your dead merchandise back to us and refresh your displays with new styles. For every frame returned, you’ll receive a $50 credit toward new A&A inventory at the list price. To qualify, just commit to one year with us and a minimum of 36 board spaces.
Looking for a new vendor that will bring fresh styles to your office and up your inventory ROIs? Get started with A&A Optical today by filling out this form. We can’t wait to work with you!