Adjusting your strategy during the holiday season is just as important as going into it with an effective plan. By monitoring sales data, you can re-position items that are not selling well to clear out excess inventory so you do not get stuck with it into the next year.
The following is an overview of some of the most helpful last-minute tips and adjustments that eSellers can make to optimize holiday success this year!
Historically, a lot of traditional and online sellers wait until after the holidays to take count of their successes. However, data is readily available for eSellers on what is selling well and what needs a refresh on a more regular basis. Evaluate your sales reports from your internal tracking, or through merchant partners, on a daily or weekly basis. This more consistent evaluation pattern allows for more rapid adjustments that enable you to take advantage of remaining opportunities during the peak holiday rush.
One way to re-position a low-selling product is by packaging it with other items. You could create a product landing page to promote bundled items or offer discounts to people who purchase certain items in combination. A popular promotional gimmick is to offer the less popular item for “half-price” or “$1” to people who pay regular price for a more expensive item.
This type of strategy allows you to unload some of the low-performing inventory with more in-demand products in a way that meets your needs while still offering value to customers.
Your front page is a high traffic area, so it makes sense to push under-performing items through it to attract attention. You could have a “featured products” or “product of the day” section, for instance, that highlights particular items on a rotation basis.
Alternatively, create a sliding feature on your homepage that allows you to rotate items that you want to clear out on a constant basis. Highlight these section as your “Deals of the Day” or “Popular Sale Items” feature.
Thanks to sites like Overstock.com, some shoppers are ingrained with the mindset of looking for overstocked items to get a good deal. You can set up your own “overstock” or “clearance” page to attract interest from bargain hunters.
While these types of shoppers may not become long-term loyal buyers, they are useful in clearing out inventory before the holiday season ends.
Consider re-positioning your excess by promoting it to wholesalers or off-price buyers. These companies thrive on buying up excess merchandise in bulk and then reselling it to their own customers. This strategy creates the potential for efficiently unloading a lot of products at once.
These strategies and tips are effective to help eSellers clear out excess inventory while the holiday season is still in progress. Plan ahead and execute these methods before the end of the season to avoid being stuck with expensive inventory. Your balance sheet will thank you for it.
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