‘Tis the season to be jolly if you’re a consumer, and ’tis the season panic if you’re a business owner. Well, perhaps that’s a bit too far. However, you must be ready for the final week of shopping in the run-up to Christmas and New Year. Preparing for the second wave that will come after the new year is also something you have to do right now.
So for business owners, what will be the actions of today that will save you tomorrow? First and foremost, your inventory will need to be increased, micro-managed and kept to a high standard in the rush. Inventory management is a priority at this time of year because you’re bound to make many more sales than you normally would. This means, finding extra space for storage, logistical improvements, and tactical stock increases.
Seasonal inventory control
A consumer surge is like a tidal wave. The first signs of it coming are faint. You don’t know exactly when or how forceful it’s going to be, but you know it’s coming. Thus, ordering various products to store in bulk becomes a large challenge. You don’t want to buy or produce too much stock so your inventory is bloated. This can lead to incredible losses due to the products not being sold to the capacity your estimated. Seasonal inventory control has to be done in conjunction with your marketing strategy and consumer trends. If you find that one product is selling more than another, then keep more stock of that rather than those that aren’t selling well. But don’t become too reactionary, keep a finger on the pulse regarding consumer trends and be adaptable to change your stock as and when needed.
Make more room for the Christmas Rush
The saddest thing about seasonal rushes are when businesses don’t keep up with the sheer amount of sales. It’s such a wasted opportunity and you may find you’ll be paying for it in the new year. Thus, increasing your storage space rapidly to accommodate the stock you have ordered is paramount to keeping customers happy. Using storage rentals is not just a practical and logistical option, but a financially prudent decision. All the units are kept to a high hygiene standard, you have full 7 days access, there’s
Think and act fast for the Christmas Rush
Seasonal rushes are hectic for both consumers and businesses. If you see one particular product is not selling, increase it’s marketing to help it. If you still don’t see it selling well, adapt and cut down the stock and marketing focus for it. Pour your energy into products that are selling well and don’t try to get too hung up on products that you hoped would sell well because of their price point.
Many people enjoy the Christmas and New Year Rush rush because it’s a time to make a lot of profit. However, done incorrectly, you’ll be one of the few that didn’t achieve the maximum profit potential.