Holiday Season Insights Series: What’s hot this year?
One of the biggest decisions an online seller needs to make heading into the holiday season is of which items to stock up on and promote. After all, eCommerce experts recommend stocking up on hot items so you don’t run short on the best-selling products during your busiest season. But if you don’t know which items are going to be big sellers, how can you know which ones to promote?
Check out some of the top experts’ recommendations on which items you should be pushing for major profits this holiday season.
#1 Promote these across-the-board sizzlers
A retail consultant from Linio said this holiday season consumers will be focusing primarily on clothing and shoes. Think sneakers and branded running shoes, along with various clothing items. In the electronics department, Linio also suggests promoting hot items like TV screens, tablets, smartphones, computers, and laptops, as all of these are trending now. Finally, this consultant recommends home appliance dealers to target shoppers with deals on washers and dryers, space heaters, fridges, and the like.
#2 Consider regional differences
On the other hand, Lazada experts caution eSellers to remember that best selling products may vary in different countries. Take Malaysia for example – in this region, expect to sell programmable toys and 3D greeting cards, items that may not translate in terms of popularity over to the US or European markets.
The most important thing, explains Lazada, is to understand your target customer first, check what are they looking for, and position your product offerings based on your market. Of course, you can have a solid supply of basic products with low to medium price variance for mass markets with the biggest market base. But if you want to focus in on key, big ticket products with medium to high price for the highest profitability, pay attention to your own regional preferences.
#3 Don’t go niche during holidays
According to industry expert Tophatter, you should be selling everything: “Different products sell on different channels, and if there are products that don’t sell on any channel, they probably shouldn’t be in your inventory.” Tophatter uses real-time analytics software to predict which items are going to be profitable. This makes stocking up a lot easier and smarter. Tophatter does stress that eSellers need to start doing this type of research early, well before the busy season, so they have enough time to analyze the data and make the necessary inventory cataloging and reordering.
#4 Get in their heads
As per more Tophatter data, the highest-volume shoppers are looking to find gifts that are inexpensive and broadly appealing. “You might buy yourself an Apple Smart Watch,” explains the Tophatter sales expert, “but you probably cannot get everyone on your list the latest and greatest.” That’s why shoppers are looking for value in their gadgets, accessories, and decor purchases. Focus on items that you can get for under $5 and sell for $15-$25 is the sweet-spot for those high-volume shoppers.
#5 Don’t forget the kids
While adults are the ones swiping the credit cards, a large chunk of the holiday shopping budget is not being spent on adults. Particularly around Christmas time is when you have to remember the children. Online sellers should focus a lot of their inventory and marketing at electronics, toys and games, books, and apparel for young children as well. While toys and games sales will account for 40% of holiday sales, about 25% will go to department and apparel stores. Ecommerce experts Shopee and Lazada emphasize this. Lazada reminds eSellers to remember Children’s Day in Thailand, which occurs just after the December holiday season on January 18th.
#6 Capitalize on post-holiday dread
Directly after Christmas is when buyers stop indulging and start panicking, Tophatter explains. This is when most people start thinking about going back to work/school and being “better” in 2018 than they were in 2017. As such, self-improvement products like fitness gear and gadgets are extremely popular in late December and January. What’s more, consumers’ pockets aren’t left empty for too long after the holidays, so January can be a great month for sellers too if you focus properly.
#7 Don’t forget the obvious
And of course, during the Christmas season, Linio reminds eSellers to stay fully stocked on the obvious: decorations, costumes, video games, electronics and smart watches (particularly for men), and clothing, watches, perfume, sunglasses and other accessories (particularly for women) are always big sellers. And according to Joybuy, so are consumer electronics like mobile phones and tablets, home furnishing, and automotive accessories, so don’t skimp on these items either.
By focusing on the right products, eSellers can maximize their sales during the busy holiday season. Just watch your profits climb!