The holiday shopping season is here! Traffic in your store is bound in steadily increase in the weeks to come. Satisfying each of your customers means ensuring that your store is fully stocked with all of its highly sought-after items. Without having enough inventory, you’ll surely lose out on what has the potential to be your most successful season of sales yet.
“For brick-and-mortar chains, one key to getting the holidays right is predicting as precisely as possible how many of each item the company will need in each retail location,” says InboundLogistics.com, “It is a complex calculation.” So how are you calculating how much inventory you need to order and stock to prepare for the holiday rush?
Order enough supply to meet the demand.
One of the absolute worst things you can tell a holiday shopper is the item he/she is looking for is “out of stock”. No shopper wants to hear those three words. If you are forced to utter this phrase at any point during the holiday shopping season, let it be known that you are likely sending the person who hears it away for good. You have competitors. And your customers know who they are.
On Business2Community.com, Paul Trujillo insists that you avoid stock outs. “The holiday season can make or break a business,” he informs, “That’s why you need to make sure you have enough items in stock, especially those hot items you know won’t stay on the shelves long. If you stock out and can’t fulfill orders in time for the big day, then your customers will find someone else to buy from.”
Highlight your hot sellers.
Not only should you have enough stock on hand, but you should have more than enough of the items that are known as your hot sellers. Especially if your store has been counted upon, in the past, for particular products, you’ll need to make sure you have plenty of them this holiday season. Trujillo encourages business owners to always stay on top of their best sellers and forecast their demand.
“If your organization tracks inventory well, then you should know what your top sellers have been through the years,” he writes, “A certain toy or trinket? A cozy sweater or holiday décor? Or perhaps you are lucky enough to stock a hot item for the season. A historical sales report will tell you what your repeat best sellers are, taking a lot of pressure off your purchasing decisions.”
Keep your warehouse tidy.
Organization is a key ingredient to a successful business. If you keep your warehouse in disarray, chances are you will not have an accurate account of what you do and what you don’t have in stock. If your warehouse is a mess, you may even end up ordering products you already have. Trujillo strongly champions the act of having a well-maintained warehouse.
“Designated areas for certain products as well as various warehouse functions will make a big difference in warehouse efficiency and productivity,” he notes, “When employees aren’t tripping over misplaced products, or each other for that matter, it’ll be much easier for them to pick, pack, and ship the influx of orders you’ll experience during the holidays.”
Do you need some extra working capital in order to help you afford your next inventory order? Please don’t hesitate to call Synergy Merchants to learn about how our unique merchant cash advance program can help you afford all that you need! Give us a call at 1-877-718-2026 or email us at firstname.lastname@example.org.