Fall is here, and the holidays are just around the corner. As a business owner, it the time of the year to maximize your profits. This is the season where consumers will be out in full force to prepare for Christmas. Shoppers are willing to spend on the holidays. Retailers sold over $5 billion on Black Friday alone. Once again the foot traffic in your store will increase a thousandfold. This is the chance to catch up on sales and move your inventory.
Here are some tips to make the most of the upcoming holiday rush.
Use Last Year’s Trend as Your Basis
They say that history repeats itself, and so do shopping trends every season. Depending on the holiday, this means that a particular product will be more in demand than your other products. The best way to gauge this is by looking at last year’s trend. Check the numbers and see what trend happened last year that is likely to occur again. This will give you an idea on how to prep and make the most of the coming holiday rush. Being prepared means you get to maximize any opportunity this season.
Prepare your Staff
The labor goes to your workers, and you need to brief them about the impending mayhem. Prepared employees mean you are ready for the chaotic but rewarding shopping season. This is the best time to hire temporary staff, it is better to have excessive workforce than inadequate support. Remind them to provide excellent customer service and impeccable product knowledge. This ensures that your customers will have a good impression of your store even in the busiest time of the year.
Offer Seasonal Promotions
Apart from your decorations and cheerful store music, offering a promotion for a particular product relevant to the season is the best way to entice shoppers. Effective marketing of your discounted products will surely increase the volume of shoppers in your store. Make sure to place them in the most accessible area of your store.
You can also place your promoted products in a designated area where shoppers can see other items to subtly increase up their impulse buying. In addition, add free or discounted shipping to your promotions. A study conducted by NRF, determined that 46.7 percent of shoppers said free shipping is a deciding factor for them.
Check Your Supply and Inventory
Specific items will surely sell out fast, so make sure they are well stocked and properly inventoried. The best way to estimate a proper stock is to check last year’s sales and other related records. Talk to your supplier and make an early adjustment if needed. It wouldn’t be a bad idea to look for an alternative dealer in case a related problem arises. Be sure to have a fast, efficient way to track inventory. The last thing you want is to run out of your most profitable product.
Make Use of Your Online Platform
Since this season is critical for your sales and branding, it is important that you have the presence to two kinds of shoppers, those who like to go to the store and those who like shopping in the comfort of their home. Gearing up your store for the season is important. You need to make sure that your online store displays an appropriate design for the season, price discounts, and promotions are in sync with the store and it is able to withstand the online traffic. E-commerce sales are steadily increasing annually, so you might want to reinforce your online strategy.