I visited my favorite shop this morning to buy a bathing soap I have been using for over 10years. I had a little time to while away so I decided to have a little chat with the shop owner, who is also my friend. I asked her how business was moving and she responded that it was great. Towards the end of our conversation, she mentioned that she had my favorite soap in large quantities so I should be buying more and often. My curiosity couldn’t have made me leave without asking why? Apparently consumers have stopped patronizing the product and she was scared the products would expire before it’s all sold out.
Reasons for this situation
Emergence of New products
I have observed this, consumers would swiftly move to a new product because of high advertisement, added value, product package and even lower prices leaving behind their favorite products. With the emergence of new products everyday, it is not surprising that consumers will neglect a product they once loved to a new product. This can be an unfortunate situation for the retailer who might have heavily stocked these products when a new product emerges and catches the attention of consumers.
Change in quality of products
Consumers like good change but when it comes to changes that negatively affect the taste, quality, size, package or the preference of the consumer, be ready to face the consequence which is a low turnout in sales for that product. I don’t blame consumers though because it is their money and they choose what to buy with it.
Reduction in Quantity
I have seen customers switch from their favorite products to other products because of reduction in the quantity of items they want to purchase. Consumers always want to pay less for more (bulk purchases), thus fewer quantities of these products will mean they are paying more for less. They would prefer a shop that has larger quantities of the product they want to purchase, in order to buy them at much lesser prices for those bulk purchases.
A dent on a product’s brand or reputation may be the reason for customers’ neglect for the product. Being it a lawsuit, employee behavior, product threat or risk to human life, customer’s attention may shift to other products on the market to prevent being associated or coming into contact with the product.
Strategies to sell neglected products
- Reduce prices of products
- Suggest it to customers
- Advertise those products
- Combine it with other products