Over the past week, Corporate had a lot of calls/lives with Brand Partners. During these calls, the future of the Savvy Minerals line was discussed.
Young Living will be sunsetting the Savvy Minerals line. This was an amazing product line, but the numbers over the past few years have shown that we have used this line as personal use, but have never been able to effectively leverage it to help us build our businesses. They have decided to focus on products that help us grow moving forward. It’s time to focus on what we do BEST at … which is essential oils + the wellness space we excel in.
Young Living uses inventory optimization to improve our offerings.
What is inventory optimization? It’s when we take a deep dive into our extensive product portfolio and analyze our product offerings. As we do so, we pay special attention to market saturation and declining sales. From there, we create strategic plans to address products that are either redundant or simply aren’t performing well.
How does optimizing our inventory help Brand Partners like you? During our analysis, we discovered that 17 percent of our products generate 95 percent of our organization group volume (OGV). A more streamlined selection of products will allow us to focus on the products and technology that account for the bulk of your sales. This tighter focus will free us to create a stronger brand identity, improve our sustainability, enhance product stories through consolidated production and marketing efforts, and lead to fewer out-of-stock products and fewer stock-keeping units (SKUs) to maintain.
After carefully evaluating our products using this process, we’ve decided to bid a fond farewell to our complete Savvy Minerals lineup. Our analysis revealed that while our customers love us as an essential oils company, they prefer to purchase cosmetics from traditional retailers. We discovered that Savvy has averaged less than 1.5 percent of OGV in the past four years.
As we say goodbye to Savvy Minerals, here is what you can expect to happen:
· Savvy products will remain available while supplies last.
· Any Savvy products currently listed as out of stock will not be restocked.
· We anticipate that we will sell through our inventory of Savvy products by summer 2023.
· We’ll be sending a targeted message to all Brand Partners with Savvy products on their Loyalty Rewards and Essential Rewards orders.
Optimizing inventory will support your Young Living business stability as we focus on the products that matter most to you and your teams.
We were so lucky to have this line and in turn learn so much more about clean beauty along the way.
Sunsetting with love … 💕