Convention Profit Makers | Front-End Overhaul | November 2, 2024

True costs of deals

You more than likely picked up a few deals at this year's annual convention trade show floor. Keep in mind that a discount in most cases is a one-time deal! When setting the retail, make sure you use the un-discounted price (also known as your reorder cost of goods) when figuring the profit margin. You may also have to recalculate your cost of goods if you received a one-time free freight deal. Freight can easily cost you an additional 15%. Free goods can also mess up your true cost of reorder goods. For example, you bought 12 of something and got 4 extra free. The cost of goods should be divided by 12, not 16.

Remember the S in MSRP

Speaking of retail... At times you can be given a "Manufacturer's Suggested Retail Price" MSRP can be on the high end of a competitive retail or in a rare case can be under the known competitive retail. Do some comparative shopping and then set the retail that makes sense to you.

Time to share all the great things you saw, purchased, and learned!

The NCPA 2024 Annual Convention was jam packed with education to help your pharmacy and front-end. Here's a tip you can implement today. We all know that short videos are the hot new "thing" and they will create interest in your store and website. So let's add some to your social media pages. All you need is a smartphone, 60 seconds, and someone willing to be a star! You can share stuff you learned from the Annual Convention like:

"Did you know that it's best to take B Complex Vitamin before noon?"

Explain why most people over the age of 35 should consider taking a COQ10 supplement.

"What is the difference between B12 methylcobalamin and cyanocobalamin?"

"Look what Ty (Beanie Babies) is doing now!!!"

Festive Pharmacies

Soon you will be thinking of decorating for the upcoming holiday seasons. In many cases less decorations are better than more. Too many decorations can border on the cluttered look. Keep at least one window completely clear, your local police department will thank you for that.

Discount Schedule

Speaking of clutter...Remember now is the time to place your Halloween candy at the price of buy one and get one free. In two weeks, it should be buy one and get two more free. Always inventory your leftover Halloween candy before you start any kind of clearance sale.

Help shoppers de-stress for healthier holidays and incremental sales

Stress is the #1 obstacle to health cited by today's shoppers, according to a 2024 WSL Strategic Retail research study. Lack of sleep ranked #2. Although the holidays bring joy, they can also be a source of stress. Take this opportunity to feature or display products that help alleviate stress and promote sleep. Think beauty or personal care items like bath bombs/salts or moisturizing products with calming lavender. Consider more functional products like OTC sleep aids or vitamins or supplements that promote calm. Drive incremental sales while helping shoppers overcome these obstacles for a happier and healthier holiday. Click here to see the full list of top obstacles to health.

Monthly Retailer Category Tips—Diabetes Management and Home Diagnostics & Patient Aids for Daily Living

We recently updated our infographic series, Ideas for Cross-selling Merchandise, and you can find ideas for companion items from other categories that you can add to your diabetes management or home diagnostics & patient aids for daily living departments to build the baskets of your shoppers and increase your in-store profits. Read more...