This week, we wanted to discuss the current issues and give tips on how you can start preparing for the holidays now.
I know what you must be thinking: “You’re saying I should start preparing for holiday sales...in April?”
It may sound insane, but now is the right time! With the crazy supply chain issues right now, businesses need to order a lot sooner than they otherwise would. Additionally, preparing for holiday sales now will allow you to enjoy your summer!
That’s why, this week, we wanted to discuss the current issues and give tips on how you can start preparing for the holidays now.
First, we wanted to explain the current supply chain issues, so you’re aware of why prepping for the holidays now is necessary. As many sellers have experienced over the past year, there is a widespread container shortage affecting global trade. Container allocations and shipping slots are at a premium, and inventory must be planned more meticulously than ever before. A two to three week delay is not uncommon right now, and could mean the difference between being well stocked for holiday demand, and being too late and overstocked after the holiday rush. As a rule of thumb, we would suggest keeping in close contact with your suppliers and freight forwarders as we approach the summer months and try to remain conscious of the added lead times. Placing orders a few weeks earlier than you otherwise would could be a good idea.
In addition to shipping and logistics delays, many factories are producing more than ever to keep pace with the booms in demand for many products over the past year. It can be a great idea to communicate large holiday order expectations with your supplier to ensure that they are prepared, and that you have a slot in the production cycle.
Now, we are going to give you tips on preparing for holiday sales:
Determine your sales goals. The best way to set realistic sales goals for the holidays is to look at last year's reports and analyze what you did well, what you need to work on, and how you want to improve during the 2021 holiday season. After doing this, you can also decide if you need to promote your product more and, if so, when and where to promote it. Additionally, you could always order your holiday inventory ahead of time, so you don’t have to stress about it later!
Decide when you will make a push for your product. Figuring out when to promote your product for the holiday season is essential for getting the most holiday sales. By researching your target audience, you should be able to figure out when the perfect time to promote your product is and on what platforms it will reach the most people.
Make sure your website is up-to-date and safe. Since traffic on your website will increase during this time, you want to make sure everything is working and easy to navigate!
Increase your following. Being active and engaging consumers on social media and other digital platforms now will make it easier to promote and sell around the holidays. This will also help you with year-round sales.
Figure out how much inventory you need. You need to make sure your business will have enough money to stock the products you’re going to need. If you find that you need help with funding at any point during this process, Forever 8 is here for you! You can fill out an application here.
Begin budgeting for increased ad spend. As more customers are online and eager to shop during the holiday times, it can be a good idea to double your advertising spend. It can be a good idea to begin budgeting for this now in preparation for putting forward a great effort over the holidays.
Until next time, let us know if you have any questions or comments below!
Forever 8 recoups our investment (plus a small fee) as you sell. Take longer to sell than anticipated? No problem, we will work with you to ensure that we are both in alignment. Sell faster than anticipated? Great, our fees will be lower and we can order you more inventory to keep pace with your demand.
We are a partner. We aren’t here to offer quick bridge loans. Instead, we work together for at least a year, funding 100% of your inventory needs.