Powder Room Purchases: Expand Your Retail Business Thru the Bathroom
Who would have thought there’d be cash hiding in the bathroom? There most certainly is via retail — you just have to know where to look. You won’t find it under the sink, but you WILL find opportunity lurking in your retail store, courtesy of your customer’s powder room. Here are the three most common places:
Product! Carry retail products to meet the ever-growing bath safety demand.
Unfortunately, the bathroom is the most dangerous room in the house. If you don’t believe me, then believe the Centers for Disease Control and Prevention (CDC). Their study found that more than 230,000 bathroom-related injuries were treated by Emergency Departments in 2008 alone, and this number included only those treated in the Emergency Department. Consider how many more were treated in physicians’ offices or other outpatient facilities!
Here’s the catch: the number of bathroom injuries significantly increased with age, especially over the age of 65.
With the vast baby boomer population reaching 65+ — and all of them trying to stay healthy to remain independent — bath safety products have become very popular. Make sure you are carrying the right mix of bath safety products to meet this growing demand. Keeping up with requests will mean new sales or cash for your business.
Cash! Improve cash flow.
The beauty of bath safety products is that most of them are not Medicare- or Medicaid-reimbursed; they are cash-based. So you won’t have to wait for a reimbursement nor have as much paperwork to fill out. Both of these factors translate to better cash flow, which means more cash to the bottom line for your business.
Focus! Minimize your investment.
Many Lumex brand bath safety products cost less than $100, so offering a complete selection in your showroom is a relatively small investment. Make sure you have the right mix of products on hand to meet the demand.
For example, the highest rate of injury according to the CDC was in or around the tub and shower (65.8 per 100,000), compared to a lower rate near the toilet (22.5 per 100,000).
So consider carrying more grab bars, bath mats, and hand-held showerheads than raised toilet seats.
By carrying the right product mix and minimizing your investment, you will be able to increase your product turns instead of locking up your cash flow in a product that collects dust. Granted, the bathroom doesn’t work exactly like an ATM, but your business will benefit by focusing on these three bath safety cash-enhancing techniques.
Source: Centers for Disease Control and prevention (CDC) http://www.cdc.gov/mmwr/preview/mmwrhtml/mm6022a1.htm
Ryan Howe is a Product Manager at Graham-Field.
About GF Health Products, Inc.
Headquartered in Atlanta, Georgia, with more than 300 US-based employees, GF Health Products, Inc. is a major manufacturer of healthcare products for the acute care, extended care, homecare and primary care markets. The Graham-Field family of brands includes Basic American Medical Products, Everest & Jennings, Grafco, Hausted, John Bunn, Labtron, Lumex and Lumiscope. Visit www.grahamfield.com or call 770-368-4700.