The holiday season is where you should be thinking about how drive extra revenue to your bottom line!
October is here, and the retail holiday season is about to kick off. As a retail business owner, your sales are sure to increase as shopper’s prepare for the holidays. Now is the time to ensure that your business is ready to meet the needs of your shoppers. Here are 5 ways you can boost your sales during the holiday season.
Stock adequate inventory
When is the last time you did a physical inventory count? What are your top 15 SKUs? How often should your company be making purchase orders to stay adequately stocked?
If you can’t answer these questions, chances are you are not ready for the holiday season. Start preparing now by doing a full physical inventory count. Count every SKU and notate the numbers in a simple spreadsheet. If you use a Point of Sale System, run a report that show your top 15 sold SKUs. As a general rule, you should stock these top 15 sold SKUs 10% over the average amount sold in the period, and during sales times and busy seasons this threshold should increase to 25%.
If you currently don’t have enough cash to purchase additional inventory now is the time to explore a holiday inventory loan. Financing Your Way makes obtaining a holiday inventory loan easy. You simply fill out an application and your approval decision is made shortly after. After you are approved, you can use the loan to ensure your inventory is adequately stocked for the retail holiday season.
Offer flexible customer financing and payment options
During the Holiday Season your clients need flexible payment options beyond layaway. Giving customer financing options is essentially allowing them to buy now and pay later. This helps your business sell more products. Layaway is an outdated way to allow your customers to pay over time, because the customer may limit their purchase as they try to pay less over time. With flexible customer financing, the consumer is motivated by the idea of leaving your store with their items today, and therefore will purchase more from you.
Organize your store thoughtfully
Throughout the year your showroom can become cluttered and unorganized. Your customer’s retail experience is dependent on their ability to navigate your store with ease. Take the time to organize your store in a logical manner. Place complimentary items in close proximity so customers will easily find them. Add an upsell area near your register with small but popular items that can be added as your customers wait to check out.
Plan your sale dates in advance
If your plan to hold sales throughout the holiday, be sure to set these dates now. Planning in advance ensures your staff are prepared for the rush. Market your sales several days in advance to increase anticipation for the sale.
- Offer online purchasing and in-store pick up
Consumers love to shop online. Add your most popular items to your website and offer in store pick up during the busy holiday season. Your customers will love you for it!