Supplement your pharmacy business with supplements

When managing an independent pharmacy business, it can be difficult to find new customers and boost sales. Fortunately, there is a solution: dietary supplements. Over two thirds of Americans report taking dietary supplements, and their market value in retail was nearly $7 billion in 2017. [1]

With the global supplement market value reaching new heights each year, there is plenty of incentive for pharmacists to stock their shelves with supplements. Selling supplements in your pharmacy is a great way to attract customers and raise profits. If you’re struggling to meet your business’s bottom line, stocking your pharmacy with the most popular supplements and vitamins can help get you back on track.

Getting started

When starting to incorporate supplements into your business, it is recommended that you buy supplements in bulk. Buying your supplements at a low bulk price allows you to keep your prices competitive and leaves you with plenty of product to use for samples. [2] Finding the right markup for resale is dependent on a variety of factors, but properly pricing your products is a key step towards turning a profit.

Knowing what products to sell and how to market them is crucial to the success of your business. Most people use supplements to promote health and wellness, so you can market the product strategically to people with an interest in personal wellness. For example, aggressively advertising your supplements during January allows you to capitalize on customers’ New Year’s resolutions for self improvement. [3]

Keep patients coming back

Once you’ve attracted some business, it’s time to figure out how to keep your customers coming back for more. Developing a loyal customer base can help you maintain sales. You need to know who your customers are and what they want. Some of the main demographics that frequently consume supplements are women, health conscious people, and people with particular diets.[4]

Keeping up with the most popular supplements on the market will show you where there is and isn’t demand. You can then capitalize on trends and promote supplements that are currently en vogue, such as vitamin B12.

Once you know what your customers want, you can confidently purchase wholesale supplements for resale. If you follow this simple guide, your independent pharmacy business will be well underway.