Put down your Pina Colada and step away from the pool. If you’re a retailer, now is the time to start planning for holiday shopping success.
Last year 89 million consumers shopped both online and in stores over Black Friday weekend, an increase of nearly 40 percent from 2017, according to the National Retail Federation (NRF). With the economy in booming condition, sales are likely to be just as strong this year. But there’s plenty of competition—so take these steps this month to put your retail business out front during the holiday season.
Get a head start on inventory
- Review your best sellers from last year and use your inventory management software to plan ahead and forecast your inventory needs. Strike a balance—ordering too much or too little inventory is a profit-killer.
- To get the right mix of products, research what’s trending in your target market. Visit trade shows to see what products are being promoted; monitor the hot sellers on Amazon, eBay or Alibaba.com.
- It’s also important to keep your merchandise fresh, so plan to order different products you can highlight every couple of weeks.
- Focus on a mix of unique inventory that customers can’t get from big-box retailers or websites, as well as some popular items and small impulse buys you can use to get customers into your store.
- Place orders early and stay in contact with suppliers. Know how soon you need to order, any extra fees for rush delivery and the like.
- To hedge your bets in case one supplier is shut down by bad weather, order from multiple suppliers so you won’t get caught short.
Plan for marketing and advertising
- Revie last year’s marketing and advertising plan. What worked and what didn’t? Create a marketing plan, calendar and budget based off that information.
- Start by planning end-of-summer promotions to clear out stock and make room for holiday merchandise.
- Next, plan marketing for key dates like Black Friday, Cyber Monday, Free Shipping Day and Super Saturday.
- Online marketing is key, since shoppers go online to research products, compare prices and find stores. Capture consumers in these early stages with pay-per-click advertising and promoted social posts.
- If you’re a brick-and-mortar retailer, update your local search directory listings using keywords shoppers are likely to use.
- Your website needs some holiday spirit. Create gift guides. Plan to add a holiday design.
- Can your website handle a surge in holiday traffic? Make any major changes to your site well in advance.
- Email marketing is a key driver of holiday sales. Clean up your email lists; encourage customers to sign up for your emails; and plan your email campaigns adhead so you’re not trying to create them during the holiday rush!
- Don’t forget real-world marketing. Brainstorm ideas for in-store events or charitable campaigns now so you can start building excitement.
Promotions and deals
- More than four in 10 consumers say they can’t resist making a purchase when something is on sale. Use your sales forecasts to calculate what types of discounts you can offer without hurting your bottom line.
- Incentivize shoppers with deals such as BOGO, flash sales or VIP sales offers.
- Plan for post-holiday discounts. Last year, 68 percent of holiday shoppers and 80 percent of those aged 18-24 planned to keep shopping December 26-January 1, according to the NRF.
Get your systems ready
- Review last year’s holiday data to see what days, dates, and hours of the day were busiest. This will help you plan and budget for staffing needs.
- If you’ll need extra help, reach out to seasonal workers you hired last year to available.
- Bigger companies start holiday hiring as early as August, so if you want the best workers, prepare your job listings and start putting out feelers now. Remember, allow time to train seasonal staff well before the holidays.
- If you’re implementing new service offerings this season, such as “buy online, pick up in-store,” selling gift cards, or offering layaway, put the proper systems in place and work out any kinks now.
Get your groundwork done now, and you’ll boost your odds of “winning” the holiday shopping season.
About Rieva Lesonsky
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
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