The benefits of adding a toy collection to your store
Discover why introducing a toy selection in your shop can increase profits.
Do you currently have wasted floor space in your store or visitor centre that could be put to better use? Or do you have a line of poorer performing products that you’ve considered replacing?
If you’re curious about creating a toy section in your shop, whether it’s a brick-and-mortar or online store, there are several compelling reasons to do so. It doesn’t need to be a large toy selection to deliver results.
1. Consistent demand growth for toys
Toy sales have seen faster than average growth throughout the Covid pandemic, which is understandable as children remained at home. However, the value of the global toy industry has been on a consistent upward trend regardless.
In the UK in 2020, toy sales increased 5% to a create £3.3 billion market. In the US, toy sales increase by an estimated 16.7% during 2020 to reach $32.6 billion. Down under in Australia, the toy market grew 3.6% between 2016-2020 to reach sales of $1.3 billion in 2020.
The global toy industry growth has continued into 2021, and the highest value toy category this year is games & puzzles.
In-store and online both remain popular for purchasing toys, although online shopping saw a massive temporary boost at the beginning of the pandemic. Toy e-commence has been on an upward trend for many years, as demonstrated in the US, however most consumers still prefer to shop in-store. In 2021, confidence has risen enough that in-store shopping has once again overtaken online shopping, currently accounting for 61% of year-over-year retail sales growth.
In addition to consistent sales growth, retail product shortages are encouraging customers to make more impulse purchases when they see available products, reducing price sensitivity.
2. Appeal to more customers
Introducing a toy selection in your store will appeal to more customers, whether they are families or people looking to gift toys to their family and friends.
Parents and children are a particularly important demographic to engage with family-wide appeal.
An NRF study found that 87% of parents say their children influence purchase decisions, and 4 in 5 parents involve children in purchases more than their own parents did. Gen Z (aged between 6 - 24 years) influence 46 per cent of purchases made for a household. Children have most influence over clothes, outings, toys and food purchases, and spend 92% of their own money on toys and games.
A toy selection will help make your store more engaging for all family members, driving more footfall and time spent in store.
3. Compliment your wider offering
Toys will naturally compliment a wide variety of shops, attractions, visitor centres, and even public-facing businesses like vets or dentists.
Consider your current customer demographic and what kind of toys would create additional appeal for them in your store.
For example, if you have a:
Home & gift shop that targets adults and parents with higher purchasing power - offer toys that appeal more to adults, like baby gifts, soft toys and traditional toys.
Garden centre/visitor centre that attracts adults and families - offer toys that appeal to both adults and children, and curate themed toy displays to match your business offering, such as British wildlife.
Family/child-oriented visitor attraction - offer pocket money toys that appeal mostly to children and also provide affordability.
4. Fast shifting products for little investment
Pocket money toys are an excellent choice for low-cost stock that offers a quick return. These toys are usually colourful, tactile and offer novelty value or fidget appeal that sells well to kids.
Their lower price makes them non-objectionable to parents/grandparents, or affordable for children themselves.
Remember to display these toys within eye-level and reach of the children that you want to appeal to!
5. An opportunity to improve retail theatre
Toy displays lend themselves very well to creating eye-catching and colourful displays that attract browsers’ attention.
Try positioning toy displays near your shop entrance or in window displays to create curb appeal that draws shoppers in. Toys are usually colourful and eye-catching in their own right, but create even more irresistible appeal with colourful displays and toy stands if your floor space allows.
Keycraft has helped numerous businesses improve their use of retail theatre to boost sales and improve profits.
Keycraft’s wholesale toy supply
Keycraft offers a best-selling selection of wholesale toy ranges, available with complimentary display stands. Discover our range of popular wholesale toy brands that are stocked by independent retailers and department stores internationally.
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