It may still feel like summer as we approach the end of August but if we peek at the calendar, you might be surprised to find that Black Friday is less than 100 days away!
As you may know, Black Friday is one of the biggest shopping days of the year and it’s especially true in the online retail world and this year it falls on November 29th.
In fact, Amazon sales account for over HALF of all online purchases in the US so if you’re selling on Amazon now would be a great time to plan for the busiest time of year for online sales.
So I’d like to share 4 quick tips to plan ahead and maximize your 4th quarter sales:
1. Perform an inventory forecast and place reorders of top sellers
How can you have a killer Q4 if you don’t have product in stock?
TIP: Inventory forecast your top sellers and place orders from your factory now to make sure you have them in stock during the busy holiday shopping season. You can base this on historical sales if you have them or make an adjustment based on your current sales.
You can also use product research tools to help you estimate sales.
BONUS TIP: Beware the trade war! There are $300 billion in products which will be privy to a 10% tariff effective December 15, 2019. So make sure you land your products before then so you don’t get stuck with this additional cost.
2. Cut the losers
If you’re like me and you have some slow moving inventory in stock consider ways to sell off these “dogs”.
If you’re like me and you have some slow moving inventory in stock consider ways to sell off these “dogs”.
A smart seller once said that the worst thing to do is to let products sit and not sell. Instead consider slashing prices and giveaways to sell-through the product.
This way it will also help free up your cash flow so you can invest it back in your business.
3. Consider adding holiday products or variations
Take for example Starbucks and their Christmas Coffee Blend. This is a variation of Starbucks coffee that is only available during the holidays and many of their customers look forward to it and gladly open up their wallets.
TIP: Consider what can you offer your customers in terms of a holiday edition?
4. Consider premium GIFT packaging
The holidays are the season of GIVING so make things easy on your customers. Consider packaging your products in a gift box which your customers can use to gift it to their friends and family.
This can increase your products’ perceived value and the price you can sell it for as well!
Now it’s your turn.
I’m curious what’s your #1 tip to maximize your online sales in Q4? Comment below and let me know.
-Gary
