According to Merriam-Webster, “collateral” is defined as “property (such as securities) pledged by a borrower…
The holiday season is over but the winter season is technically only a few weeks old. Throughout Canada, that means that there are many frigid and snowy days ahead. Does your business cater to the needs of the winter-battling Canadian? Keep in mind that ordering inventory during the winter months can be a strategic challenge for retailers. It’s important to take a smart path towards ordering your winter inventory. Allow us to help you with that!
First things first – analyze past sales data.
Look at your shop’s historical sales trends for the same period in previous years. It will help you to identify patterns and predict demand for different products. Pay attention to any seasonal variations or spikes in sales related to holidays, weather changes or other factors specific to the winter season. This data will help you make informed decisions about which items to stock up on and which ones to scale back during the winter months.
“Data-driven insights are becoming increasingly essential in inventory management,” reports Portable Intelligence Inc., “By analyzing historical sales data, businesses can anticipate fluctuations in demand and adjust their inventory levels accordingly. Predictive analytics also aids in identifying seasonal trends and identifying slow-moving products, enabling companies to make informed decisions about replenishment and clearance strategies.”
Create some promotional events.
There is no real point in ordering new inventory if you don’t have a smart plan for how to sell your new stock. Remember that the winter season still has such celebrations as Valentine’s Day and Family Day ahead. Consider offering special promotions, discounts or themed collections to capitalize on the special occasions. By aligning your inventory with seasonal events and promotions, you can maximize your sales opportunities.
It’s a good idea to diversify your product mix as well. Promote a range of items that cater to different customer needs and preferences. This can help you to capture a broader audience. Do you offer seasonal products like winter apparel and cold-weather accessories? Highlight these in your promotions and think of some bundle packages that may help to drive your sales. A diverse product mix can attract new customers and encourage current ones to make additional purchases.
Monitor your current inventory levels.
Naturally, you don’t want to run out of stock too early or overstock any items, making it harder to clear your shelves. Keep a close eye on your best-selling items and reorder them in a timely manner to ensure you have enough stock to meet demand. Use inventory management software or tools to track sales in real-time and set up automated alerts for low stock levels. It’s important to becoming an expert in avoiding missed sales opportunities while minimizing carrying costs.
“A system to track your inventory is important so you know exactly what and how much you have, plus when to order additional items so you always have enough to meet demand,” informs the Business Development Bank of Canada, “Your system also should record when you bought each item, where it’s located in your facility and when you need to order more. All this information should be updated regularly.”
Could you use some additional funding to secure large inventory orders?
For many years, clients of Synergy Merchants have utilized our unique merchant cash advance program to help them order new inventory. If you need to stock up quickly, please don’t hesitate to call us at 1-877-718-2026 or email us at email@example.com. You can also apply online for a free, no obligation quote!