Make the Most of the Holidays: How to Avoid Some Common Mistakes

Make the Most of the Holidays: How to Avoid Some Common Mistakes

Do Not Let Simple Mistakes Trip You Up

To say the holiday shopping season is important for online sellers would be an understatement. Millions of people will be shopping online to get presents and take advantage of sales, so you have the potential to make big profits. This is why you must start preparing as soon as possible. 

You will be getting a lot of traffic, especially on Black Friday, and you are expected to keep your customers happy. A few simple miscalculations can make you miss out on a lot of profits. Use the following tips to avoid common mistakes, and make sure your sales go off without any hitches. 

 Focus on Inventory Management

Inventory Management Software Helps During Holidays

A common misstep that fledgling sellers make is not having enough stock for holiday shoppers. You could lose out on thousands of potential sales if you run out of stock while demand is high. It also makes your company look unprofessional, and could lead to your public image being damaged. 

You should be working on inventory management well before the shopping season begins. If you have inventory management software, use it to see what you need to restock now. Keep tabs on your highest selling products so you know what should take priority. If you know there are products that are not as popular, do not spend as much money stocking them. 

Never Underestimate the Importance of Keywords 

Optimize Your Content to Improve Traffic Pull

Another common mistake that online sellers make is not utilizing keywords. You should always take some time to update your product pages. Optimizing your content with fresh keywords will help your website stand out on search engines like Google. When you are competing with thousands of other companies online, this is crucial.

General phrases like “Black Friday deals” and “gifts under $30” can help you stand out to Black Friday shoppers. You should also opt for specific keywords tailored around your products and business. This will make it easier to attract the right customers to your website.

Without these keywords, you will have a hard time standing out amongst your competitors.

Do Not Wait to Develop Your Social Media Plan

Plan Your Social Media Schedule Well in Advance

You should never underestimate the power of a good social media marketing plan. With social media, you can let people know about your sales long before they go live. Make sure you develop your social media plan well in advance so you can launch it as soon as your sales are ready to go live.

Create your posts early so you have enough time to make them presentable and eye-catching. Take some time to make a schedule so you know exactly when each announcement should go out. Finally, determine which channels your posts should go on.

By planning early, you have time to tweak the content to perfection before the holiday shopping season begins.

Do Not Discount Products Too Much

Huge Discount You Should Not be Aiming For

On shopping days like Black Friday and Cyber Monday, it can be tempting to go for heavy discounts on your products. As the price goes down, however, you need to sell more items to make a profit. Try to be careful with how much you are discounting items during holiday sales.

Here is a helpful tip: do not put your heaviest discounts on your top sellers. People are already willing to pay for these items, so focus on smaller discounts to entice tempted customers. Save your biggest discounts for products that are not quite as popular.

Relying on heavy discounts could cost your company millions in profits.

Never Ignore the Competition

Do you set aside some time each year to see what your competitors are doing for the holidays? If not, you are missing out on information that could help your business stand out. Your competitors are trying to entice people away from your website, so it would be wise to see what they are up to.

Check competitors’ websites to see what products they are focusing on this year. See if you have any products that they are not offering. Also, take some time to browse their social media pages to see if they have any sales coming up.

With this information, you can develop a unique angle that will help your business stand out.

Need more help getting ready for the holiday shopping season?

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eTail 101: The Importance of Efficient Inventory Control & Management

Keeping Tabs on Your Inventory

As an online business owner, you should always be thinking about inventory control and management. Inventory control is the process of making sure you have the right amount of stock to keep up with demand. You have to supervise the flow of products so you know which products are selling better than others.

Knowing how to do this is crucial if you want your business to succeed. Continue reading and learn why tracking and managing your inventory is important.

Why You Need to Control & Manage Your Inventory

Perform Inventory Control With Your Warehouses

Controlling your inventory is important is because it keeps you from understocking. There is nothing more frustrating than losing a sale because you did not have enough stock to fulfill an order. Inventory control also keeps you from cluttering up your warehouses with products that no one is buying.

Evaluating the flow of your products will prevent these issues from occurring. Through inventory management, you can learn which products are selling better than others. This will show you which items should take priority. You will also learn which products are not as popular, so you know what does not need to be restocked as often.

By making smarter decisions, you can save a lot of money in the long run.

Tips for Inventory Management & Control

Having trouble controlling and managing your inventory? Use these tips to get back on track.

Use Inventory Management Software

Using an Inventory Management System Online

Using an online inventory management system is an efficient way to keep tabs on your stock. The more your company grows, the harder it gets to manage your inventory manually. By investing in inventory management software, you will get an easier way to track your products.

Inventory management programs allow you to keep tabs on your inventory in real time. They also provide analytics, so you can see how your products are performing. The software does the work for you, giving you time to focus on other aspects of your business.

Need some software to use? When you sign up for Logicblock’s 7cart system, high-end inventory management software will be included.

Develop a Product Forecast

Review Sales Data to Make a Product Forecast

If you have been in business for a long time, you should try to develop a product forecast. To keep yourself from overstocking, take some time and predict when you think certain products are going to be the most popular. Pull up your old sales data and spend some time reviewing it.

By reviewing your sales data, you can find sales patterns that will help you develop an effective business plan. With a plan in place, you will know which items you should stock during specific points of the year. Having a forecast is great for all companies, especially ones that sell seasonal items.

Sort Using the ABC Method

Another common tactic for inventory control is the ABC method, or the selective method. Some products need more focus than others, and you need to figure out which items should

be prioritized. With the ABC plan, you can split products up into three categories based on financial value.

Category A products are high value items that need your full attention. Products in Category B have moderate financial value that deserve a fair amount of control. Last, there are Category C products, which have low value and do not need your full attention.

This type of organization is helpful if you have a diverse catalog of items. Products in Category A need frequent restocks, since they are in high demand. It would be bad for business if these items went out of stock.

Set Par Levels

Setting par levels is another good way to manage your inventory more efficiently. A par level is the minimum quantity you must have for a product at any given time. Par levels can help you determine when you should resupply items in your inventory. When a product dips below the set amount, you have to order more so you do not run out.

Since certain products will be in higher demand, your par levels will be different for each product. Set your par levels based on an item’s demand and how long it takes to restock it. Market conditions will change, so you may need to make adjustments to these levels as time goes on.

Logicblock’s 7cart system offers more than just inventory management. Interested in learning more?

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