As the end of the year approaches, so too does the holiday season. The end of year holidays present many opportunities for businesses to increase sales and prepare. These present golden opportunities for retailers to boost sales and attract new customers. However, success during this period heavily depends on strategic product sourcing.
Here’s how you can ensure your shelves are stocked with the right products, at the right time, with the right prices to maximize your profits.
Understand Market Trends
Before diving into product sourcing, it’s crucial to analyze current market trends. What are consumers excited about this year?
Are there any hot new gadgets, fashion trends, or toys that are dominating conversations? These can pop up anywhere. Many fads now come up from one or two viral TikTok videos. You can use tools like Google Trends, social media analytics, and industry reports to identify trending products that are likely to be in high demand during the holiday season to help you figure out what products are worth sourcing.
Use Inventory Data
Historical data is your best friend when it comes to predicting what will sell well. Look at your inventory data from previous Black Fridays and holiday seasons. Which products flew off the shelves? What times of the year did they sell better? This information will help you make informed decisions about what to stock up on, how much, what times of the year you will need them, and what to avoid. You don’t want to end up out of stock or be holding on to too much. Planning ahead will save you both time and money.
Diversify Your Products
While it’s important to stock up on your best selling products, it is prudent to not put all your eggs in one basket. Diversifying your product range can help attract a broader customer base and reduce the risk associated with over-relying on a few products. A healthy assortment of products would include a mix of trending items, evergreen products, and niche goods that cater to different segments of your audience.
Prepare for Supply Chain Disruptions
The holiday season can strain supply chains, leading to delays and shortages. Factories tend to be much busier during the holidays, leading to an increase in price and lead times. To mitigate risks, order your stock early and consider investing in additional warehousing space if needed. This will help you order at the best prices and not run out of stock.
Create a Marketing Plan
Once you’ve sourced the right products, the next step is to market them effectively. Create targeted marketing campaigns that highlight your best deals and exclusive offers. Use email marketing, social media, and paid advertising to reach your audience. Engaging visuals, clear messaging, and a sense of urgency can help drive conversions, and will help increase your sales. You can have the best product in the world but if no one knows about it, it won’t help you much.
Build Relationships with Reliable Suppliers
Having reliable suppliers is essential, especially during peak shopping periods. Establish strong relationships with your suppliers well in advance of Black Friday. Ensure that they can meet the increased demand and deliver on time.
At Global Trade Specialists we pride ourselves on working to ensure our customers get the product they need at the quality they deserve. If you need help figuring out how best get your product sourced around the holidays, feel free to contact or call us.