Whether you’re an online retailer or a local store with an overflow of inventory, chances are you’ve already invested in warehousing to cover holiday shopping demands. This is the biggest buying season of the year, and you need to be ready for whatever may come your way. The tips below will ensure that you stay ahead of holiday shopping demands so you can maximize your profits this time of year. The right planning early is sure to keep your customers happy and your bank account full.
Monitor Consumer Trends
In nearly every market, there are reports that come out throughout the year tracking and predicting consumer spending trends. How you go about accessing these will depend the industry you work in. Using these reports will help you gauge what products are likely to sell well during the holiday season so you can adjust your inventory accordingly. Toys and consumer electronics are two of the most popular categories this time of year, but there are plenty of other products that sell quite well during the holidays.
Learn from Last Year’s Numbers
If you were in business last year, look at your sales records from the holidays to see what people bought the most. Were there any products that you sold out of quickly and wished you had more of in stock? Even if the products themselves are no longer hot ticket items, you may be able to find similar products for this year’s holiday season to have hand. Being able to adjust your inventory is one of the most crucial components of running a successful business.
Reserve Warehouse Space Early on
Warehouses fill up in October, November, and December every year because all of the stores are stocking for the holidays. Because of that, you should try to book your warehousing space early to ensure you have enough room to meet your demands. You should still be able to find room for your products no matter what, but the space may come at a premium, or it may require part of your stock to be moved to another location. If you are an Overflo customer, contact us as soon as you know how much room you are going to need so we can get you in the system and ready to go.
Think about the Leftover Inventory
As important as it is to plan ahead for holiday shopping, it is also important to prepare for the surplus of products that you will have left over after the holidays are through. Is it logical to have an overflow of one item in particular if you are not going to be able to sell it once the season is finished? Weigh out the return investment for every product you store in your inventory, and use the other information above to determine what will be a good balance for the products that you have around. Hopefully this year turns out to be the best one yet!
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