Whether you sell clothes or flowers, mobile phones or comic books, your inventory is the beating heart of your business. Especially before and during the busy holiday season, it is vital that you have a handle on what you need and what is already in stock. By so doing, you can manage holiday sales to your advantage.
Harness the Power of Existing Data
The best predictor of future results is past behavior, and that maxim certainly applies to your business. Therefore, it makes sense to spend some time looking at trends from previous years.
If you have recently upgraded your point-of-sale system, it probably contains built-in tools to help you compile and analyze sales reports from past months or years. Using these reports, projecting what you should buy more of and what products you may want to reduce or totally drop will become much easier. Your POS likely also includes specific inventory management software tools to assist you.
Update Your Ecommerce Site
With every passing year, online sales are rising. If you have allowed your web page to go stagnant, take some time before the Christmas rush to give it a makeover. At the same time, ramp up your social media presence, and consider launching some promotions that will get your loyal customers to your website or through your door.
Make Streamlining a Priority
Things can quickly get crazy once the holiday rush starts. For that reason, it is in your best interest to maximize your efficiency when it comes to packing, shipping and tracking your products. Fortunately, there are online integrated solutions that will enable you to accomplish all of these tasks with ease. While they are not free, it is definitely an investment worth making.
Avoid Out of Stock Products
One of the crowning benefits of your POS’ inventory management software is its ability to track the items you are selling. Be sure to set it up so that it alerts you when items are running low. You don’t want customers to leave your store empty-handed or to click away from your website in favor of a more prepared competitor.
For many businesses, the weeks between Thanksgiving and Christmas represent a huge percentage of their annual overall sales. This is a time when you gain new patrons and cement your relationship with existing ones. Do everything you can to ensure that you are selling what the customers want and that the products are readily available in-store and on your website. Gather the resources you need, utilize the tools that are available, and you are sure to maximize your chances for success during this busiest season.