The gifts and collectible market sells a wide range of novelty, niche, collectible, and antique products that include exclusive and/or nationally-branded items. Online sales are an important revenue driver because of the ability to attract collectors seeking a specific product line or item. Industry research indicates that a growing culture of gifting is also a key revenue driver. In a U.S. survey, 58% of surveyed respondents said that gift giving makes their relationships more meaningful.
The gift shop market allows business owners to take many different paths to success. For example, when you picture a gift shop, many different stores may come to mind, which means you have a lot of flexibility in what you present to your customers. That flexibility can be both a blessing and a curse. By going with the franchise model for this new business, you’ll start with some much-needed direction and should have an easier time getting your store up and running.
Respond to Demand
Since there is some flexibility built into this type of store, you’ll need to pay attention to what items your customers are responding to and what inventory is not selling well. By following these trends in the early days of your new venture, you can tweak your product offerings to better match what customers seem to want. Over time, the product mix will come to match up nicely with demand, and you can hopefully draw customers back time after time, thanks to your properly targeted inventory.
Build Connections
With this type of shop, it’s important to build a meaningful connection with your audience. Rather than being a detached business owner pulling the strings from behind the curtain, it’s advantageous to be out front, getting to know your customers and building lasting relationships. Those connections can help you make more sales, of course, but they can also make owning a business a more meaningful experience.
A Known Entity
If you were to create an independent gift shop store and give it a creative name, you might love the branding – but people walking by on the street may have no idea what they would find inside. However, by opening a franchise location, many shoppers will already be familiar with your brand and will come in with confidence, knowing they’ll find something they need.
