The wide variety strategy is a merchandising approach that captivates shoppers with a versatile range of goods, making their retailing destination unique. Classic examples like the old-fashioned five-and-dime store or modern dollar stores illustrate this concept beautifully.
Understanding Wide Variety
A wide variety strategy shines brightest in boutique or small stores. The goal is to draw customers in with an impressive range of products rather than having an extensive selection within a single category. This win is achieved by curating an eclectic mix of goods such as food, beverages, hygiene products, tools, office supplies, holiday decor, electronics, toys, books, pet supplies, and more.
Key Takeaways
- A wide variety merchandising strategy impresses customers with an extensive array of products within a compact space.
- Contrary to the deep assortment strategy, which offers extensive options in sizes, colors, styles, and brands, wide variety focuses on breadth over depth.
- It’s highly effective in boutiques or small stores where space is limited – showcasing different items over stocking many variants of one item.
- Stores employing this strategy can compete with big box retailers by offering superior customer service and enriched shopping experiences.
Instead of sprawling aisles filled with repeated products, retailers with a limited floor plan likely cater to customer needs efficiently with diverse choices available. A convenience store demonstrating this effectively might not offer numerous brands but promises you’ll most likely find what you’re seeking.
Moreover, even pharmacy chains like CVS and Walgreen’s have embraced this by branching out beyond their medical-related stock.
The Disadvantages of Wide Variety
Offering a broad product range inevitably means limited inventory depth. Customers sometimes prefer specialists for a better selection within a category - consider how specialized retailers maintain mastery of in-depth assortments for loyal patrons. Supermarkets are rare examples, adept at balancing both broad and deep inventory library to sustain wide appeal.
Nonetheless, the appeal doesn’t dissipate for wide variety businesses. Convenience, personalized services, and enjoyable store experiences remain powerful draws for customer bases implicitly appreciative of their approach.
Wide Variety vs. Deep Assortment
Retailers walk a fine line deciding between a broad range of goods or extensive variations within sectors they serve. Choosing both demands plentiful space - something largely dominated by big box retailers today.
Without expansive coverage, some stores succeed via deep assortment solely focused on specialized pathways like toys, apparel, homeware, etc. Pertinently, such strategies keep consumer focus concentrated rather than diluted across diversity – like how a baby supply boutique perfects its range for new parents far differently than corporate giants like Walmart.
In essence, the placement and degree to which wide variety spurs ingenuity in intimate, personal retail channels continues challenging generalized and deeper assortment domains, securing them as vibrant pivot points for shopper loyalty and originality.
Related Terms: deep assortment, big box retailer, assortment strategy, specialized retailer.
