Wednesday, 28th July 2021 | Marketing,Management
Start your holiday planning now: How to make the most of the 2021 season
After more than a year of uncertainty and hardship due to the pandemic, Canadian small businesses are gearing up for a prosperous holiday season. Here are three key areas small businesses should start planning for now for a stellar holiday season.
Even in the best of times, the winter holiday season is a key earning period for small businesses but this goes double in 2021. After more than a year of uncertainty and lost sales due to the COVID-19 pandemic, Canadian small businesses will need a prosperous holiday season this year to recoup some lost revenue. Take action towards your end-of-year success by putting the wheels in motion—now. With more than half the year gone by, now’s the time to trade your thoughts of sunscreen and sandals for stockings and snowmen and get your seasonal plans in place. Read on for three key areas small businesses should attend to now for a stellar holiday season.
Inventory
Inventory is a constant task for retailers. You’ve got to make sure you have enough stock (empty shelves are a terrible look) but not too much that you take a loss on clearance markdowns. This problem can be compounded with seasonal stock—ask anyone who’s tried to sell an Elf on the Shelf in April.
You can avoid the major inventory pitfalls by having a plan.
- Start an inventory document. You’ll have enough on your plate without trying to remember whether you ordered 100 or 1,000 units of tinsel.
- Review last year’s sales data to refresh yourself on the tactics that worked and those that didn’t, and use that data to anticipate your sales for the upcoming season. Take note of the hot items and remove slow sellers from the list.
- Survey existing inventory to avoid repurchasing items you’ve already got.
- Analyze the current year’s trends to prevent overbuying and overstock, then make a list of what you need. Remember: frequent re-ordering is a better strategy than massive one-time buys to keep your shelves full and your cash flow, well, flowing.
- Reach out to your suppliers as soon as possible to take advantage of early-order price incentives.
eCommerce vs bricks-and-mortar
Some stores that were originally bricks-and-mortar found new markets online during the pandemic and in the coming year it’s likely that many retailers will be offering an eCommerce and bricks-and-mortar hybrid model. Plan now for how your holiday online shopping and in-store experiences will work.
Consider the following:
- Will you provide the option to buy-online-pick-up-in-store (BOPUS), in addition to in-store shopping?
- Will you offer delivery or shipping?
- What about curbside pick-up?
- How will you handle exchanges and returns?
- What restrictions will be in place in-store, and how will you enforce them?
- Do you plan to offer your customers sanitizer and masks? And if so, you’ll need to order them, now!
Create a logistics plan far in advance to account for the eventualities of your 2021 holiday shopping experience.
Marketing
Marketing is always a key component for retailers going into the holidays and the 2021 season will be no different. One change, perhaps, is that social media will likely play an even greater role than in past years. During the pandemic, many retailers relied on social media to communicate with customers and sell merchandise. In fact, according to business consulting firm Grand View Research, the global social commerce market was valued at US$474.8 billion in 2020. If you plan on developing a social media content and advertising plan, consider what products or services you will be promoting on social media ahead of time.
Aside from your social media concerns, there are also countless other marketing tactics to consider:
- You could run ads in print or online.
- Direct mailings like flyers or brochures can attract new customers, as can digital mailings through email.
- A partnership with another company might allow you to tap into their customer base.
- Special offers, discounts, and coupons can bring in new leads.
- A contest or other special event is effective at raising brand awareness and stimulating sales.
- Use your data to create holiday-themed promotions.
- Branch out thematically and increase sales opportunities by keeping alternative holidays like Black Friday, Small Business Saturday, and Cyber Monday in mind.
There’s no shortage of holiday preparation tasks but advance prep in these three areas will get you off on the right foot and on the way to a prosperous 2021 season.
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