What Is Wide Variety?
Let me tell you about the wide variety strategy—it's a merchandising approach that depends on stocking an impressive range of goods to pull customers into your store. Think of the classic five-and-dime stores from back in the day; they're a perfect example. Nowadays, you see it in the organized mess of a dollar store, which really captures the idea.
Understanding Wide Variety
You should know that this strategy works best for a boutique or small store, not some massive big box retailer. The key is the sheer range of goods—it's all about impressing the customer. You don't need a deep assortment in each product category to make it work.
A variety store might carry everything from miscellaneous food and drinks to personal hygiene items, small tools for home and garden, office supplies, holiday decorations, electronics, plants for the garden, toys, pet supplies, remaindered books, recorded media, sewing supplies, motor oil, and home decor.
Key Takeaways
- A wide variety merchandising strategy draws customers in with an impressive array of products in a relatively compact space.
- The deep assortment strategy, by contrast, offers a greater range of sizes, colors, styles, and brands.
- Wide variety can be most effective in a boutique or small store.
- A wide variety store can compete with big box stores by offering superior service and a more enjoyable shopping experience.
More on Wide Variety
As a retailer using this strategy, you won't have the floor space for tons of different sizes and brands of one product, but you'll usually have what the customer needs. Take a convenience store—it offers a wide variety but won't stock half a dozen brands in multiple sizes. Even pharmacy chains like CVS and Walgreens have adopted this, stocking general merchandise far beyond just medical stuff.
The Disadvantages of Wide Variety
Carrying such a wide variety limits your space for deep assortments. There's a risk customers will head to a specialized retailer with better selection in a specific area. Some businesses, like supermarkets, pull off both wide variety and deep assortment.
Remember, the sheer range is meant to impress; you don't need deep assortment to succeed. A wide variety business can rely on convenience, personal service, and a better shopping experience to become the go-to spot for customers.
Wide Variety vs. Deep Assortment
You face a trade-off as a retailer deciding between wide variety or deep assortment. Trying both needs a lot of space, meaning you'd compete with big box stores. If you have a smaller space, go deep if you specialize in certain products with various colors, sizes, styles, and brands.
Deep assortment fits well for a defined demographic—like catering to new parents with lots of baby clothes, toys, and bedding. Sure, you can find that at Costco or Walmart, but many shoppers prefer the specialized boutique.
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