Black Friday is approaching and after having the best turkey of your life, it's time to make some profit from one of the most special dates for online sellers. But a few preparations are needed in order to achieve a great performance and satisfy your customers.
In this article, we tailored three pieces that are important to use in your company.
1 - Define your priorities
Not only buyers, but also sellers need to define priorities for Black Friday. You need to consider that clients will have their eyes set on specific things and good deals. For example:if you are a 4Psite user, you can use our Daily Sales Report to offer actual discounts and get the bigger picture when it comes to your items. Set a roadmap right now: which items are interesting to your clients? And which ones are most likely to sell with a real discount? This is the time to act!
2 - Offer actual discounts
You already sold a good amount of money on Thanksgiving, so how can you sell more instead of gain more? I explain: instead of having a 20% income from one item sold, how about selling 10 items instead? Will the profit at the end be just as satisfying? To help you with that judgment, I recommend using the Inventory COGS Report (by SKU) on 4Psite. By comparing the values, you can better find a solution by looking at the margin percentage. And beware, your returning clients know the prices from before Black Friday, after all, when a buyer has their mind set on a specific item, they did their research beforehand.
3 - Clear your stock
Every company needs to have their annual counts on inventory. If you use our automated inventory, you know the actual availability of your stock on your local warehouse and on your external warehouses too. If your drop shipper is responsible for storing your inventory, we can also receive this information. This is a great opportunity to get rid of products that you have a bigger availability with an amusing discount. This is also a nice way to plan/get from your supplier the products that will have a bigger demand and the substitutes for the ones you intend to sell. Offer a nice deal, sell more, get items from your supplier to attend the demand and strategize your catalog for the next year. Again, with 4Psite you can rely on inventory, purchase management, warehouse management and also various reports to assist you from the beginning to the end of the loop.
Time is precious and the more you plan, the better are the results year by year. Do you think your business is ready to crush this Black Friday sales? 4Psite clients have all these tools and a customer service that is fast and attentive. If you have questions for us, visit our channels below. We'd love to hear from you and share some knowledge about e-commerce!
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