Although it’s only the second week of November, it can be argued that it’s getting a bit late to start ordering inventory for the holiday rush. For all intents and purposes, the holiday shopping season has already started. Of course, it’s not too late to stock up on new inventory in preparation of the holidays. However, it is wise to follow a few steps to ensure you’re doing so properly.
Contact suppliers immediately.
Time is of the essence. This cannot be stressed enough. Your competitors have likely already stocked up with their most popular items in anticipation of greater foot traffic in the coming weeks. Don’t panic. But don’t delay either. As Giao Nguyen of Grit Global advises, you should contact all of your supply chain partners as early as possible. This is especially important during the pandemic.
“COVID-19 has presented suppliers with their own problems, like factories being closed down, deliveries taking much longer and less staff available,” alerts Nguyen, “Contact your suppliers as soon as possible to work out any possible issues in the supply chain. The earlier you start, the more you’ll be able to anticipate and head off any problems. So get started now!”
Review your sales analytics from previous holiday seasons.
Just how much new inventory will you need? Clearly, this will first depend on how much product you currently have on-hand. However, it’s also vital you take a look into your sales numbers from your last few holiday seasons. COVID-19 may have presented an anomaly last year. So, it’s a good idea to review that last two or three years to gauge the sales numbers you expect in the weeks to come. Based on both your current inventory and previous holiday sales, you should be able to order an adequate amount of new goods for this season.
“If your online store is using BigCommerce, you can get analytics reports made automatically and displayed directly on your dashboard,” Nguyen alerts, “Find out what your best-selling items and categories were, plus the products that provided the most profits, to guide you on what inventory to order more of.”
Come up with a sound return policy.
Part of ordering inventory correctly is estimating just how much inventory you may be left over with after the holiday rush. Although the objective is always to clear the shelves, you don’t want to take for granted that all of your products will be loved by their purchasers and/or recipients. In the event any of your goods are returned (a likelihood at this time of year), it’s important to create and publicize a holiday-specific return policy. Doing so will actually help to boost sales.
“Make it clear which items are returnable, under what circumstances, and for how long,” advises Samantha Novick on Nextdoor.com, “Process returns separately: Mixing sales and returns together often leads to inventory confusion. Keep these methods separate to maintain a smooth in-and-out process.”
Let us help!
For many years, Synergy Merchants’ clients have been taking advantage of our unique merchant cash advance program to purchase new inventory. Please don’t hesitate to call us at 1-877-718-2026 or email us at firstname.lastname@example.org to learn all about how our program can help you. You can also apply online for a free, no obligation quote!