Knock Knock, Customer lands on your page in search of a bestseller recommended by someone known but oops! “Out of stock” message pops and the customer returns disappointed. This isn’t what you’d want to experience this festive season. Take up the responsibility of maintaining your store updated and keeping up with your customer’s expectations. We’d like to share some tips regarding the same.
Demand forecasting is the foremost step in getting your inventory ready for the holiday shopping crowd. You need to ponder on your historical sales data and any current trends to predict what will sell during the festive season, how much stock you will need, and set your sales targets accordingly.
Once you’ve forecasted the quantity of stock you’re likely to need, we strongly suggest that you order it as early as possible ahead of the holiday season.
Reduce the amount of time you’ll need to spend tracking inventory by installing automated inventory control software before the holiday rush starts.
Prevent items from going out of stock by using barcode scanners in your point of sale system and integrating them with inventory control software. Use the inventory software to create and monitor alerts when an item is getting low, then you can reorder before it runs out. There are a lot of plugins such as Low Inventory Notification App (LINA) that can help alert you when the inventory levels dip below a specific threshold.
Stock up on your bestsellers and ensure you have an out-of-stock notification mechanism to help customers put in a request to be notified if something they want is sold out. There are apps that can help users sign up to be notified when something is back in stock.
Even the thought of managing festive stock can put retailers under stress, but it doesn’t have to be that way. By outlining in advance how you will maneuver your inventory throughout the festive season, you can have a hassle-free and enjoyable event equipped with rocket sales!