Black Friday? Cyber Monday? How wholesalers can prepare for Peak Demand
With Christmas now only a few weeks away, the countdown is on to one of the biggest discount shopping events: Black Friday.
Black Friday originated in the US, where retailers mark the start of the festive shopping season after Thanksgiving with big price cuts and promotions and now also holds a firm place in the UK’s retail calendar. As more and more retailers get involved in the event, wholesalers need to make sure that they too are prepared for increased demand during peak trading events.
Are you ready for Black Friday? Use these 5 tips to ensure smooth operations and maximised sales during peak demand.
- Analyse your data for optimal stock management
Create a report based on the previous peak season and analyse the figures. Ask questions such as: When did the peak season fall? Which products were sold the most? Which items were frequently ordered together? Use this data in your further preparation.
- Respond pro-actively to the wants and needs of your customers
Make sure you are aware of consumer trends and upcoming product trends. You can combine these with the analysis from step 1, so that you have as complete a picture as possible of what your customers will ask for. Make sure that your customers are ready for the season by running proactive campaigns. Consider offering:
- Unique product combinations for Black Friday and Cyber Monday
- Product selections that can work well for cross and up-selling
- Personalised offers
Remember to start your campaigns early on to leave your customers with enough time to place their orders.
- Make sure your own website and webshop are up-to-date
Make sure your website and online sales channels are properly updated to allow your customers to gain insight into inventory levels, trend articles and expected delivery times. You may also want to ensure that your customers have access to other relevant information, such as order history through your sales portal or webshop. Remember to stress test your website to ensure that it can handle increased volumes of traffic during peak seasons.
- Optimise the delivery process
Are you able to keep your delivery promise? Avoid unnecessary stress by being thoroughly prepared. Your customers cannot risk missing deliveries and keeping their customers waiting and neither can you. Anticipate additional demand and be flexible and agile in dealing with extra deliveries and increased pressure.
- Last but not least: check your stock levels (and employees!)
Being well prepared is half the victory but to be successful you must, of course, be able to ‘supply yourself’ sufficiently – not just in terms of physical stock but also in terms of your staff numbers! Ensuring you have enough staff on hand to cover peak time trading is critical!