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Stores all over Canada are gearing up for Black Friday. This Friday is well known as the busiest shopping day of the entire year. It’s a day that is notorious for offering customers significant discounts on highly-sought after items. As a result, Black Friday is also a day that is synonymous with huge crowds and long line ups. As a store owner, you’ll certainly want to put your efforts into inviting customers to your store all week long.
How can you increase sales this Black Friday? Meet the specific needs of your customers. No one should know your customer base better than you do. Consider the questions you’re asked the most often. Think about the products that are your strongest sellers. Remember the customer service practices that impress your customers the most. Focus on the things that make your customers the happiest and implement ideas based on them this Friday.
On Entrepreneur.com, Josh Felber explains the importance of researching your customers. “Like any other store sale, it’s important to research your customers and identify marketing tactics to research your target audience,” he writes, “If you have an email list full of loyal customers, give your customers a heads up and let them know of the sales that are coming up. Or you can build hype around Black Friday by offering special rewards and loyal customer discounts for certain items.”
How important is it to ensure that your inventory is organized? The last thing you want to do is run out of the items your customers will be coming into your store to buy. Check and double-check your inventory in order to make sure that you have enough products on hand. Felber highlights the importance of having an organized spreadsheet so that you can avoid selling out of items and disappointing your customers.
“While the goal of Black Friday may be to sell all of your products, you also want to make sure you keep track of all of your inventory,” he advises, “The holiday season is crazy hectic; it’s important to stay organized so you know exactly what you have in your stores at all times. When you organize your products in a spreadsheet format, you can identify which products you want to put on sale and also determine how much of a sale you can afford to discount your items.”
How mindful should you be of your competition? If you run out of product, expect that none of your customers are going to be pleased. They will likely head directly to your competition in order to get their hands on the specific items they’re looking for. You’d be wise to contact your suppliers in order to make sure that you have enough inventory to satisfy your Black Friday shoppers. This is a recommendation made by Corey Ferreira on Shopify.ca.
“If you rely on a supplier for your inventory, or your product is created or manufactured by you or your team, consider the increased demand you’ll experience during the holiday season,” we writes, “Work with your suppliers and ensure they’re prepared to handle your projected sales for the holiday season. One of the worst things that can happen during a sale is selling out faster than you wanted to and not meeting the demand of your customers.”
How can you ensure that you can afford the extra inventory you’ll need? Secure a merchant cash advance! At Synergy Merchants, we’re able to fund your business with the extra working capital it needs in as little as 24 hours! For more information on our innovative merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.