Two of
the major challenges that retailers face each year are seasonal trends and the
consumer rush around holidays. When refreshing your inventory, you want to make
sure you are thinking about the calendar and planning ahead. Here are a few tips
on how to deal with seasonal and holiday
wholesale buying.
The Holidays
Sure, the
holidays are usually when retailers do their most brisk selling. This is true
for brick-and-mortar stores as well as online outlets. But holidays also bring
with them a set of unique challenges for retailers: how to keep their shelves
stocked with the right merchandise and how to keep all those holiday shoppers
happy.
- Stock up early: No matter whether you sell jewelry, clothing, home
products, party supplies, novelty items or general merchandise, make sure
you stock up on wholesale inventory well in advance of the upcoming
holiday. For the busiest shopping season of the year, between Thanksgiving
and Christmas, you'll need even more lead time than you do for other big shopping
holidays, such as Mother's Day and July 4th. Look back at your
sales records from the previous year to help predict what your volume will
be like during peak holiday traffic. Be sure to take note of what your top
sellers were the year before so you can better plan your holiday
wholesale buying for the current year. Also make sure to stock up on
impulse items, which tend to be big sellers when people are frantically
doing their holiday shopping. Remember that buying in bulk will help save
you money.
- Make sure you've got the "must-have" merchandise: Be sure you have all the
"must-have" hot products in stock for the holiday season, whether it's the
latest video game console or the trendiest new fashion. Stay ahead of the
curve by visiting merchandise trade shows, such as ASD/AMD; reading blogs
dedicated to discovering and reviewing new products; and keeping an eye on
the latest offerings from your wholesale supplier(s) by watching for new
products on product souring websites, such as ASD SourceBook.
- Don't overlook the little things: Things like gift wrap,
ribbon, gift cards and bags will all be in high-demand during the
holidays, so don't forget to make sure you have enough on hand. And
remember that staying neat and organized during these busy times is also
important, for you and your customers. You'll probably be overflowing with
wholesale holiday inventory and, if you have a brick-and-mortar store,
foot-traffic will also be high. Making sure that things are easy to find
and that your store looks well-maintained will help reduce stress levels
for everyone.
- Be prepared for returns: Brisk holiday sales often
also mean brisk returns in the period immediately following the holiday.
Make sure you've got the staff and supplies you need to deal with this final
holiday-induced rush.
- After the rush: Once the holiday has passed, evaluate your sales
and start thinking ahead to the next holiday on the calendar. What can you
do better? What worked well? Additionally, if you are left with overstock
or surplus merchandise, think about holding a post-holiday sale and
offering the products at a discount. You may even want to use an auction
site like eBay to try to liquidate inventory you no longer need or want.
The Seasons
The
changing of the seasons affects retailers for various reasons. First, as
seasons come and go, so do seasonal trends, especially if you're a fashion
retailer. Second, some seasons are tied to better shopping holidays than
others, and that can mean you have to fight harder for sales during off-peak
seasons.
- Review your sales records: As we mentioned in the
"Holidays" section above, being aware of how your sales went during a
certain time period the previous year can help you better tackle your seasonal
wholesale buying for the same time period in the current year. Find out
what your top sellers were last year, and focus on buying heavy in the
same category, but in this year's styles.
- Experiment with seasonal themes: Especially in off-peak
seasons, it's important to use creative marketing and presentation to get
customers into your store. Consider using themes that tie various products
together, like "Beach Party" in the summer or "Spring Break Spectacular"
in early spring. Holding special sales or acquiring new merchandise can
keep customers buying during seasonal down-times.
- Stay on top of the trends: Once again, you'll need to
know what the "must-have" products are for the current season -- and
you'll want to know as far in advance as possible so you can stock up. As
we mentioned above, stay ahead of the curve by visiting merchandise trade
shows, such as ASD/AMD; reading blogs dedicated to discovering and
reviewing new products; and keeping an eye on the latest offerings from
your wholesale supplier(s) by watching for new products on product souring
websites, such as ASD SourceBook. Keep in mind that you usually want
to buy wholesale merchandise at least two seasons ahead; for example,
start buying wholesale fall inventory in the spring, and start buying
summer inventory in the winter.
For both
seasonal and holiday wholesale buying,
keeping things fresh can be the most important step you can take to ensure you
never stop ringing up sales. Make use of the Internet to stay attuned to the
latest trends and stay plugged into product sourcing websites like ASD
SourceBook to make sure you're not missing out on great new products.
