A critical challenge in stocking a new pharmacy is balancing having enough inventory to attract clients and buying the right mix of products to limit losses. The impact of potential negative first impressions further compounds this task. Studies show that clients with negative experiences are more likely to share their perceptions than those with positive experiences. Customers with memorable experiences are likely to become loyal to your pharmacy. Aim to make the most of your target’s client’s first impression. Some pharmacies run ads to announce when they will open their new store. So, how do you decide what to stock and what quantities so that those who have seen your ad and visit your new pharmacy have a good first experience?

• Know Your Market: Take time to understand your market. How many of your target clients exist in your pharmacy’s catchment area? What products are they most likely to purchase? How many competitors do you have within your pharmacy’s catchment area? How will you meet the needs of your target clients in a way that differentiates you from the competition? Think of the answers both from a short-term & long-term view. You can use survey companies to discover what matters to your target client. Check out studies about the population and behavior of your pharmacy’s target client.

• Embrace OTC (Over-the-counter): Over-the-counter (OTC) products are less challenging to liquidate than prescription-based items. They also generally cover more conditions per product than prescription-only medicine (POM). Many patients are specific about the brands of prescription-only medicine (POM) they use. Many are for chronic conditions, which means they are more likely to be loyal to a particular brand. Some patients come with a photo of the pack of the brand of medicine they use. Convincing them to change to another brand can be an uphill task. Such products can expire if you do not get a particular client who needs them.

• Supplier Distance: Initially, work with suppliers closer to your pharmacy’s location. At the opening of your store, you are constantly adjusting to the information the market is giving you through your interaction with the initial clients. Customer satisfaction can be managed by how fast you can access products you don’t have on your pharmacy’s shelves. A client is more likely to wait for an item they can pick at the end of the day than one they can only get in more than a day. You may offer free initial deliveries for such clients if you can access the products quickly to give them a memorable first-time experience at your pharmacy.

First-time stocking is a delicate balance. Focus on flexible purchase frameworks as you adjust to market trends over time. Be open to the information the market is giving you. Consider it feedback instead of criticism. Strategies like free deliveries for the first order where items are out of stock can build your pharmacy’s reputation for being responsive. Push for letters of undertaking (LOU) from your suppliers to limit losses if you cannot sell some products. In the worst-case scenario, take advantage of redistribution platforms like Renew Rx that help pharmacies liquidate short-expiry and slow-moving items.