It's no secret that the months from October to December are the busiest of the year for both online and offline retailers. As a small retailer, one of the biggest challenges you'll face is making sure that you not only have the items customers are looking for, but also that you purchase enough of those items so that your inventory supply doesn’t dry out before customers are done shopping. To help you source the right inventory and enough of it, we've assembled a list of some smart sourcing tips that will help increase your sales during this all-important holiday season.
8 Smart Sourcing Tips for the Holidays
1. Buy complementary products that can be packaged as gift sets during the holiday season. For example, if you normally sell iPods, consider purchasing accessories and charge a bit more for a packaged set.
2. Make "Top Ten" lists on your web store and source products to fill them out. Some examples include: Top Ten Gifts for Moms and The Ten Best Gifts for a Gadget-Obsessed Dad.
3. Build your product line to include related items that appeal to a targeted customer base. This will provide you with chances to cross-sell and up-sell, instead of making one-off sales. As an example, if you sell children's toys, consider also selling children's clothing, thereby making your store a one-stop shop for mothers shopping for their little ones. You can use an app like Froo! Cross Sell to manage your cross promotions.
4. Stock up on one or two hot electronics products like iPads or iPods to get people in your store. Even if you mainly sell clothing or housewares, the latest and greatest technology will grab customers' attention and introduce them to your store.
5. Offer both low-end and high-end products to capture shoppers on a budget and those looking to spend a little more on their loved ones. Or, consider offering excellent use and moderate/heavy use iPads at different price points.
6. Start stocking up now on products that sell well in the months following December. After the holidays, you'll likely face less competition and gain traffic from eBay gift card holders and customers you acquired during the pre-holiday rush. Some products to consider for your post-holiday inventory selection include: bridal/wedding dresses, jeans, children's clothing, and sporting goods.
7. Use a research tool like Terapeak to gain additional insight into what products sell well during the holiday season and price your products competitively.
8. Keep a steady supply of the merchandise you usually sell and of discounted luxury items like handbags, men's dress shirts and watches. These items not only make great gifts, but they're also products that shoppers often want for themselves.
By stocking up on this season's essential items and employing some of the sourcing strategies above, you'll effectively prepare your online store for both pre-holiday and post-holiday shoppers. Your next step will be to optimize your product assortment, pricing and shipping strategies, and listing titles for your holiday customers. For some basic tips to maximize your sales on eBay and Amazon during this season, click here.
