For a small and mid-sized retailer the last two months of the year are often the most profitable – some will do as much as 40% of their annual sales just in November and December – which is why making sure this critical period is as busy as possible will help keep your business in the black. There will be people looking for deals this holiday season so you need to do everything you can to make sure they’re in your store buying your goods. Here are some way to make that happen.
Get Seasonal
Take the time to get your business in the holiday spirit. Put up decorations, throw on some seasonal music, and basically do everything you can to make your location is as visible and welcoming to holiday shoppers as you can. Big signs promising big savings are a plus as well. Also, if you’re a niche retailer, you’ll definitely want to consider offering gift certificates or gift cards so your more loyal customers can bring in brand new ones.
Market Wisely
Reach out through print ads and direct marketing for specific groups. Sponsoring holiday events for local groups can be a great way to get your name out there. Make sure that any holiday-specific ads not only focus on your brand – whether that is low prices, great quality, or something else – but on the things that people traditionally associate the holiday with, like family, friends, and getting together. Make sure to leverage your online presence as well with holiday themed email newsletters and social media focused around your great seasonal deals.
Understand Your Inventory
Inventory planning is crucial as you won’t want to run out of best sellers too early and end up losing important traffic as the season ends. You want to keep attracting customers with your inventory but you don’t want to have so much that you need to heavily markdown items at the end of the year. Some general tips include: focusing on your best-selling items in your marketing, mark down slow sellers to clear them off your shelves, and make sure to stay on top of your vendors to make sure you’re getting all the new deliveries you need to keep your customers happy.
This time of year can be stressful for a small or medium retail store but it can also be the most profitable by far. Take the above tips into consideration and you’ll be in on the way to having a terrific holiday season. If you have need of an additional cash infusion to pay for additional seasonal expenses or inventory a merchant cash advance from Capify might be right for you. Contact us today for more information.
Disclaimer: A merchant cash advance is the purchase of future credit card or debit card sales and is not a loan product.
