How to Update Your Retail Inventory for the Holidays?

Holiday seasons usually mean the peak of sales for focused retailers.According to the National Retail Federation’s report, a good number of small to medium sized retailers makeup to 20 percent of their annual sales during the festive season.

And with everyone drafting a special shopping list for the holidays, you need a well thought out stock and proper merchandise planning to meet almost everybody’s needs? Here are planning tips to get you ready for successful holiday sales.

Select appropriate merchandise

By now you must have in mind your best selling merchandise. And as the festive season approaches, you want to have in bulk these items. Stock in large numbers whatever sells perfectly in September, October and November. You don’t want to run out of best sellers when the season is at its climax.

Also, do away with unpopular items to create space for top sellers on your shelves. You can easily clear this stock if you offer significant discounts on these goods. Begin this early enough so by holiday season your shelves are ready for top merchandise that will attract customers and trigger higher sales.

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Budget for the Festive Season

Draft a budget for the holiday season and seek for finances, even if it you have to go for a merchant loan.  Of course you will need extra funding to cater for seasonal employees, buy inventory or sort out marketing expenses. Be sure to seek a loan with fast approval from institutions like First American Merchant to avoid delays.

Plan your Purchases

Be sure to agree on specific delivery dates and quantities with your vendors for every product you want to have in your inventory during the holidays. Clearly communicate to all your supplierswhat you need for your special holiday inventory. Ask forany substitute products if whatever you want isn’t available. 

Utilize gift card sales

In 2016, an entire 67% of all the gifts bought were in form of gift cards. Most cards were for shoes, clothes and accessories. This data plainly shows how much profit gift cards can add to your retail sales and what impact they may have on your inventory.The objective behind these gift cards isusually toredeem them into full margin sales.

Online Advertising

Begin an online advertising campaign a few months to the holiday season. Utilize you official website to advertise upcoming products and special holiday offers to get your customers ready for holiday shopping. You can also make use of social media platforms like Facebook and Twitter to share images, make advertisements and start conversations about your unique holiday inventory.

The holidays are almost here, and a well thought out inventory and merchandise planning is the key to a prosperous 2017 festive season.

Author Bio

Business Funding expert, Nathan Hale, founded First American Merchant with his eyes set on helping the backbone of our country, small business owners. His passions include writing/producing music, and travel. First American Merchant is America’s Best merchant loan company, serving both traditional and high-risk Businesses.

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