How being the first to find trends will make you more profitable
Why should you be first to find trends? If a supplier is pitching a trend to you it is often too late to achieve the maximum potential from the trend as the supplier will be pitching to other retailers as well.
The best trend to discover are those yet to hit around your business. The best way to find trends is to engage online and outside you business with groups likely to spot trends. This is where social media sites such as Facebook groups, LinkedIn groups and Twitter trendsetters are good to follow.
Thanks to technology today we have wonderful opportunities to spot trends overseas long before Australian suppliers have products available. I hear that there is a very active group of independent convenience store retailers in the UK that use WhatsApp to share ideas.
Trends that find you are not as profitable. Look at adult colouring. The newsagents who made the most were ahead of local suppliers.