The end of the year is the time when most retail businesses move from operating in the red (at a loss) to the black (at a profit). Consumers are rushing out to get gifts and other great deals before those holidays are upon us.
There are ways to capitalize on this and take full advantage of what these holidays have to offer most businesses. One of the first things is to be prepared.
Offer deals both online and in store.
More and more consumers are shopping online these days than ever before. Neglecting or even discounting online business is often done at the peril of the business owner or manager. While it’s important to have incredible deals, especially for Black Friday, which is the day after Thanksgiving in the United States, it’s also crucial to remember to add those deals online as well.
It’s also a good idea to consider different types of deals for in-store and online, rather than just running same special at both places.
Analyze last year’s data.
If your business has been around for several years, you should have quantifiable data for not just last year, but years previous also. Look at what worked. Analyze the sales offers you ran at different years, positioning of merchandise, staffing on hand, etc.
By analyzing previous years’ data, you might even notice certain items were best sellers consistently year after year; you will certainly want to add these in quantity.
Make your store layout efficient.
You don’t want tight quarters or to force your consumers to squeeze around other shoppers because that only leads to frustration, tension, and anxiety. Instead, create a more efficient layout. Place your bestselling items towards the back of the store so your consumers who come in just for those will pass a number of other great deals on the way.
Shrinkage is a major concern for most retail businesses and that includes stolen items. You not only want to make sure your customers are happy and safe, you also want to minimize fights breaking out over discounted items and shoplifters slipping away with valuable, high ticket items.
When you boost security, it’s also a great idea to consider it for your online shop.
When you put some or all of these ideas to work, you will be able to better take full advantage of the end of the year holidays.