Ask @RetailPhil: How to Maximize Sales This Holiday Season
As you’re heading into the busy holiday season, there are some things to consider in order to maximize sales and ensure you finish your year with a bang.
Be prepared for the busiest time of the year
Whether you’re a brand or retailer, have a plan to keep your inventory flowing. Black Friday has lost its throne as the busiest shopping day of the year, instead, companies can expect the heaviest foot traffic to fall in the month of December.
Keep your inventory in check
Keep shelves fully stocked at all times! If you’re a brand, regularly check inventory and offer incentives for retailers who order extra product. Retailers won’t want to lose sales to empty shelf space, so this is especially important. If your place on their shelves is left empty, they’ll simply fill it with something else, and it’ll be hard to get that spot back!
E-commerce is your friend
Put your best foot forward and get ready to have a good e-commerce season. Get the right assets uploaded onto your website. Be sure to have lifestyle photos showcasing how much consumers love your product -‘tis the season for emotional purchases! Also, be prepared – if December is slated to be the busiest consumer month of the year, your e-commerce site needs to be ready for shoppers hoping to avoid in-store crowds.
Partner up with a similar brand
Find partnerships that will help to accelerate your growth and build your shopping basket. If you have complimentary items, bundle them to make sure you maximize each transaction. Find a brand with complimentary products and build a selling story. It can be as simple as:
- partnering up with another brand, so that you have two voices promoting your products, or;
- building a routine. If you’re a pet Brand, and Fido needs a new collar, perhaps a matching jacket, booties, and leash are also in order? This builds your credibility with Buyers and it gets you on display in stores.
Be aggressive with your selling techniques
It may be a good season to tempt new retailers with alternative forms of partnership such as consignment or out-of-section holiday buys. An out-of-section display generally drives 25 percent better sales than an in section one, and this year is a good year to offer consignment to a new retailer that you haven’t worked with before.
Start promoting early
Start early with your email marketing. Be vocal about deals and where consumers can find you. Leverage social media early to make sure your season is BIG!
Take these six approaches and finish out the year with the best sales in your company’s history.
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