FOR RETAILERS, THE last two months of the year bring increased foot traffic. But there’s nothing worse than missing a sales opportunity because an item is out of stock. The best way to avoid this is to plan ahead. Here is a list of things you should do now to get your showcases ready for holiday shoppers.
Prepare Marketing Materials
Signage and flyers play important roles in any holiday campaign. If you’re planning to host an in-store event or offer holiday sales for Black Friday or Christmas, you’ll want to keep flyers on hand to distribute and let customers know to come back and shop. While flyers may seem like an outdated marketing strategy, they work! They serve as tangible reminders to clients. So, order enough to last you through the holiday shopping season.
Determine What You Need
Run reports from November and December of the previous year. Decide which inventory you are going to stock up on based on what sold well last year. Was it a certain price point or category that performed best? Determine what your average sales were in both fashion and bridal pieces. Use the information from your data to prepare a list of what you will need to order before the sales spike hits.
Once you know your numbers, reach out to your vendors and request a current list of their 10 top-selling styles within that price point. Don’t forget to include items that will be featured in your marketing flyers.
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Consider Adding Larger Pieces
Customers tend to spend a little more around the holidays. Consider asking vendors for a few larger pieces on memo that you wouldn’t typically buy on asset.
Associates can build interest and excitement by reaching out to customers in advance. Have them text photos and videos of these special pieces. Be sure to let customers know they will only be available in December.
Place Product Orders Early
You get the best turn on a product that you have in stock. It’s important to place orders now so you don’t get caught without your best-selling pieces during this busy sales season. If you wait too long to get your orders in, you will miss out on that coveted product turn.
While you’re placing your orders, let your partners know you will need your pieces no later than Nov. 1. Your inventory team will need time to enter each product so you can get them into your display cases and ready to sell.
Make a Restocking Plan
Vendors need enough time to pull and ship items so they can arrive to you by the next day. Put an associate in charge of placing orders by 1 p.m. during the month of December.
Set up your reporting tool with minimum and maximum levels for items in your sales flyer, as well as top-selling items. Run your regular sold report daily to ensure you can reorder anything that is at or below the minimum level.