The holiday season is perhaps the most wonderful time of the year – especially for e-commerce retailers. It’s a perfect opportunity for your business to move into the next level of success. So, how can you ensure that your company is positioned for increased demand?
What initiatives should you take to make your clients happy? Here are some of the best practices to help your business flourish during the holidays.
Best Practices for Holiday Inventory Management
There is no one-size-fits-all approach for planning holidays, however, there are ways to minimize mistakes during peak season:
Reach out to Vendors & Suppliers
As demand increases significantly over the holiday season, it is important to notify your vendor and suppliers in advance. Share details on the estimated order volume to ensure you stock enough to avoid possible stock-outs. Like you, they still need time to execute orders successfully.
Place Orders In Advance
Using previous inventory data such as SKU performance, you are likely to have an idea of what your top sellers would be, which will help you in making accurate estimates before ordering more inventory. But if you’re a beginner, merely doing some internet analysis, including social media, will help you understand what products in your store are in high demand this season. From there, you can draw up a list of what to stock in.
Create Calendar Reminders
Slow down the holidays rolling up on you unannounced by simply creating calendar reminders. Keep your business in the loop, particularly your marketing and e-commerce holiday ad teams, so they’re ready to execute campaigns.
To prevent overstretching, you may also want to consider instilling a cut-off date for orders to be shipped on a certain holiday on the grounds of the carrier’s holiday shipping deadlines.
Set up Accurate Stock Levels
Perfect inventory planning places the company in a much more stable position to cope up with increased demand during busy shopping hours. Once you’ve got a gauge on what you want for the holiday season, there are simple ways to ensure your inventory never slips below that stage.
Innovative Packaging ideas
Holidays are an enjoyable, joyous occasion of each year. Your product ought to be, too. Look for something that will please the customers as they receive their package, and even better if the packaging is recyclable.
Have The Right Plan Layout
All successful plans only buffer for unpredictable variables. With this in mind, it is important to plan well in advance for the holidays. The holiday season is hectic for everybody, which means your shipments could take longer to meet your customers, your inventory could be late, and your audits may become more time-consuming.
Smart Inventory Management
Keeping track of your inventory, whether you run a single-channel or an omnichannel business, product catalog management is extremely important especially during holidays. Keep your businesses operating as usual and save yourself from the pressure to contend with inventory stock-out or over-ordering.
Scale-up shipment with Third-party logistics
Off late (Third-party logistics) offer a complete range of valuable services, including warehouse operations, packaging, and shipping. If your business is continuously expanding and you’re ready to graduate from shipment from home or anywhere, it may be necessary to switch to third-party logistics.
Close Monitoring of Inventory on Holidays
Keep an eye on your holiday inventory numbers as they appear to be the busiest days for your e-commerce business. Monitor how your inventory flows so that you really can make advancements for the next year.
Use your Inventory Management Tools
One of the strongest aspects of online inventory tracking software is the ability to predict. With the potential to accurately lookout at past inventory levels and revenue statistics, you can better sculpt your peak season inventory shelves.
Streamline your Warehouse
Once warehouses are structured and their workstreams make sense, everything is ready to fall into place. The organization part is incredibly necessary when it comes to attempting to execute requests. To keep the choice, bag, and shipment process streamlined, the warehouses need to be structured logically, rest assured that you’ll have a much more productive holiday season.
Last but Not the Least – Online Rating
E-commerce offers a forum for users to review their services and products. Good online reviews are the result of excellent customer service and customer satisfaction in the journey of purchase. Good feedback will follow by ensuring a perfect inventory management procedure.
At Infognana Solutions, we deliver online retail services to expand the scope of your e-commerce business to the next level. Contact us to enable you to do your best to minimize some of the biggest holiday errors that e-commerce firms tend to make.
For more information on our e-Commerce services, get in touch with our specialists or visit our website: Online Retail Services | Product Catalog Management | Product Catalog Enrichment