How Small Businesses Can Stock Up For Success This Summer

Yet another page of the calendar has turned. The month of May is officially here! You know what that means. In part, it spells growing excitement for the forthcoming summer. This year, the hottest season of the year gets underway on the 20^th of June. That gives your small business plenty of time to order inventory to ensure that your store’s shelves are fully-stocked with summer-based items.

So what steps should you to take to stock up for success this summer?

Plan your summer strategy.

Obviously, you shouldn’t just randomly order products. Analyze sales data from previous years to identify which products were popular during the summer months. Think about current trends, customer preferences and seasonal events that may impact your sales. It’s wise, of course, to plan ahead. That way, you’ll make informed decisions about which products to invest in. A huge part of your store’s summer success is having the right inventory mix to meet customer demand.

“Seasonality can greatly influence your inventory,” stresses BigCommerce.com, “A simple example of this would be purchasing a large shipment of swimsuits from a vendor in Winter. They’re unlikely to sell quickly, and these items would occupy storage space for an extended period of time…A thoughtful clothing merchant knows to buy swimsuits in the weeks or months leading up to summer, and heavy coats in the weeks/months leading up to winter.”

Consider your storage situation.

You may feel inclined to purchase large orders of products, especially if you’re being given discounts for buying in bulk. But do you have the space for everything you’ve ordered? Before investing in your new summer inventory, consider your storage space. How you will manage everything that is being shipped to you?

If you have limited storage space, you’ll need to invest in smaller, more compact items that can be easily stored. You may even want to explore off-site storage options.

Get up on all the new trends.

Are you looking to stay ahead of your competition? Of course you are. Therefore, it’s vital to be on top of the latest trendy products that are popular with your target demographic. Keep an eye on current fashion trends, popular colours and patterns. Invest in products that reflect these trends. Perhaps, you should partner up with local designers or artists to create exclusive, limited-edition products that appeal to your customers’ senses of style and uniqueness.

“It’s an unfortunate truth – when a product becomes unfashionable or becomes out of date, demand can quickly plummet,” warns BigCommerce.com, “Additionally, it’s not uncommon for a market’s tastes and preferences to shift and have an effect on demand for a given product. Persuasive advertising is designed to cause a change in tastes and preferences and thereby can create an increase in demand. Conduct market and customer research regularly to stay ahead of the curve.”

Could your company use some funding to secure larger inventory orders?

For many years, clients of Synergy Merchants have utilized our unique merchant cash advance program to help them order new inventory for their suppliers. If you need to stock up for summer, please don’t hesitate to call us at 1-877-718-2026 or email us at info@synergymerchants.com. You can also apply online for a free, no obligation quote!