Broadly speaking, there are two types of novelty stores:
- The specialized novelty stores that deal in one or two types of novelty products. Take for example and electronics store that deals with only innovative electronic products. Or novelty gift store that specializes in selling only gift articles such as soft toys, showpieces, wall clocks, greeting cards and other common gift items
- The general novelty stores stock up all kinds of novelty products that include clothes, telephones, electronic gadgets, cutlery, household appliances, lights, etc. They function as novelty departmental stores.
Today novelty stores are regarded as a prosperous business venture, as the products sold are in demand and the price in comparison to other products is less. This implies sales, irrespective of the items or number of items placed. However, the most important thing is to be aware of what is presently in demand. Some retailers wait to off load everything in their store before bringing in new stock and in the bargain they miss out on making hot sales when the product's demand is maximum.
When setting up novelty stores, one should be completely aware of the products they are stoking up. They must know how the product functions and should be able to explain anything that their customer needs to know. The retailer should also not attempt to go overboard in pricing just because there is a demand for the products, as another novelty storeowner could sell the same product cheaper and still earn reasonable profits. The main thing is that the novelty storeowner should be buyer customer-friendly.
Undoubtedly, branded items are preferred over novelties, and more so over wholesale novelties. This is because as far as branded manufacturers concerned, they are more quality and longer lifespan conscious, and one has to pay a heftier price. In the case of the latter, something new is created all the time and you can replace the old with new without feeling a pinch as such. For instance, if you are a person interested in the latest gadgets and gizmos, then surely you would like to upgrade them as and when something new appears in the market.
Well so to speak the electronic novelty manufacturers do produce gadgets and gizmos in keeping with times, but their components may not be of the same quality as the original devices.
This brings down the price. They do come with a minimum warrantee and guarantee period that is less than he original brands. But for a person whose hobby is to constantly upgrade his or her gadgets, electronic novelties is a preferred option.
If you are a dealer then you can avail wholesale novelties from the various markets. Most cities have separate markets for each novelty item. From there a retailer or trader can make his purchases and mark up the price in his shop accordingly. Wholesale novelties have no fixed prices and one can bargain in such markets.