Making Sure Your Online Inventory Is Ready for the Holidays

    October 25 2019  |  Best Practices , Marketing

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    The holiday season is quickly approaching and will be here before we know it. It's the busiest time of the year for shoppers to be logging on to buy gifts for loved ones, so NOW is the time to start making sure that you have everything squared away and ready for your holiday customers!According to a few statistics:"For the coming holiday season, year-over-year growth in sales is expected across the board, including a 27.9% increase on Thanksgiving, a 23.6% increase on Black Friday, and a 19.3% increase on Cyber Monday." - ConveycoAnd... "Total U.S. holiday online sales have increased from $80 billion in 2015 to $123 billion in 2018 (from November to December)." - ConveycoThat means a LOT of holiday shoppers! As a business owner, one of the most important things you can do before the holiday season kicks off is to make sure that your online inventory is ready for the months ahead. (Because no one wants a ba humbug situation, or to see someone's inner grinch come out!) The more you can do to prep your inventory beforehand, the better! With the anticipation of the season and high-demand in products, you want to be sure that all goes well with your holiday planning and that you're checking everything off your list of to-do's to better assist your customers and their shopping needs during the season.

    "Global shoppers said that at least 50% of their holiday shopping was completed by December 3rd." In hindsight, that's only five weeks away!! This shows that it's never too early to start planning your inventory strategy! On today's post, we're going to dive into a few steps that you can take to make sure that your online inventory is prepped and ready for the holidays. We want to help ensure your brand's success and your customer's happiness this holiday season.

    5 Steps To Make Sure Your Holiday Online Inventory is Ready

    • Make a List of Items Needed:

    The best way to prep for inventory needs is anticipating whether or not you need product replenishment in the months ahead. You can do this by keeping a running list of the items that you currently have on hand and the items that you're running low on. This will help you evaluate whether or not you need to schedule additional shipment dates for products during the holiday season.

    • Contact Your Suppliers:

    Get ahead! Contact your suppliers beforehand to set-up specific shipment days and replenishment days. The holiday season can be a hectic time for many, and you want to always stay on top of inventory needs. This can help both you and your suppliers stay on track of your inventory schedule during the holidays so you won't miss a beat!

    • Utilize our Content Calendars to Note Important Dates:

    Make use of our many content calendars available at your fingertips for tracking all of your holiday inventory needs. You can utilize them in any of the following ways:

      1. Holidays - track holidays that will be heavy inventory days (Black Friday & Cyber Monday) and take notes on products your customers are buying.
      2. Shipment Days - log days that you're planning to receive product shipment.
      3. Replenishment Days - log days that you anticipate needing replenishment on certain items.
    • Keep Track of Sales:

    Keeping track of this year's sales is the best way to stay ahead and prep for the new year! You can do this by creating a spreadsheet with insights into your inventory trends over the past few months. (i.e., what products were most popular among shoppers, which days had the most shopping activity, and which sales performed the highest.) Tracking those numbers and having an understanding of the way products performed this year will help you plan and strategize for the following year. Keeping you one step ahead!

    • Make a Plan for The Following Year:

    Use the information that you received from keeping track of your sales above, in order to try to predict and anticipate what might happen during the year ahead. This can help you set yourself up for future planning success and will ensure that you have everything ready for the new year when it comes to creating a strategy for your holiday planning.We hope you enjoyed today's post on getting your online inventory ready for the holidays!Stay tuned tothe blog for more tips + tricks.