If you are thinking of starting a small convenience store, you are likely going over what your inventory will be. Providing customers with some basic health and medical supplies is a good place to start—especially OTC medications.
These Products are in Demand—Especially in the Evening
According to a 2014 report, more and more convenience store locations are popping up since customers don't want to deal with the hassle of larger stores. For instance, since many convenience stores have extended hours, people will be more likely to stop by and pick something up. If someone is in pain, they are usually willing to travel at bedtime hours if they can get a healthcare product that stops symptoms.
But why would you especially need OTC medications in your evening inventory? You'll need these products because many people have symptoms that ruin sleep. For example, if a customer has a cold or the flu, it may be difficult for them to lie down since it's harder to clear their airways. During the night, a customer may continue to cough since mucus builds up, making it impossible to sleep. So keeping Ibuprofen, cough medicine, acetaminophen, allergy medications, etc. in your evening stock is vital since insomniacs may come in looking for relief.
These Products are Great for Travelers
OTC medications are perfect for out-of-town customers for quite a few reasons:
- People forget small items
- People want to save space in their luggage and buy what they need at convenience stores later
- People traveling are at risk for motion sickness (e.g. lengthy car rides, roller coasters),
- People traveling may have a hard time sleeping in an unfamiliar bed
Stocking up on both motion sickness pills and natural sleep aids will make your inventory look that much more enticing to this group of customers.
You Don't Need a Pharmacy to Have a Wide Selection of OTC Medications
Drugs.com says that there are over 80 classes of OTC drugs in the U.S. This wide array lets you sift out potentially problematic medications and provide ones that will best benefit your customers. So what's the catch? Keep in mind though that although cough and cold medications are generally safe, there have been cases of abuse, so you may need to keep certain medications behind the register and allot the appropriate amount to the customer.
You Can Offer Better Prices for OTC Medications Compared to Other Stores
Pharmacy chains may have OTC medication that is priced a little higher since their services also include things like 24-hour pharmacies and drive-through windows. But even though you don't have these services, you may still be able to price competitively. Some people never need to go through the drive-through if they don't have prescription medications, so that "service" is more of a hassle.
As you can see, there are many great reasons why OTC medications would be great for your convenience store's inventory. For more information, contact inventory services such as Instant Inventory Service.