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How to Keep Sales Flowing During Sales Periods
With Black Friday and Cyber Monday now over (one of the biggest in Australian history with a whopping 87 percent uplift in retail expenditure on Black Friday compared with the average spend in the three weeks prior) it’s time for Aussie retailers to turn their attention to the upcoming Boxing Day and New Year sales.
While these types of sales events provide great opportunities for e-commerce vendors to stand out in an increasingly competitive market, brands are now faced with the pressure to provide unparalleled shopping experiences to consumers. One bad shopping experience during these sales events can be the difference between a return customer and one that never comes back. With this in mind, a big priority for Aussie brands should be to invest in their websites and back ends to ensure that stock is adequately managed.
How Can Technology Help?
It goes without saying that technology has drastically transformed the e-commerce experience for businesses and consumers alike. During these high traffic sales periods, technology should be viewed as a key facilitator to managing a successful sales period. While not often spoken about, it’s important for a business’ back end to be in top-notch shape to function appropriately during these types of sales events and keep customers coming back.
While how visually appealing an online retailer looks to a consumer is crucial, it’s also vital to make sure the website itself works seamlessly so that businesses can effectively make, manage and move their stock. Cloud-based inventory management tools are essential so Aussie businesses have complete visibility over what stock they have, and where it is, at any given time. Technology gives Aussie businesses increased transparency into the amount of stock available for customers as well as ensuring that when businesses are out of stock that they don’t oversell — particularly important for customer experience.
These types of inventory management solutions also help businesses ensure that their warehouses work symbiotically with what sales are being transacted online. This is particularly important as demand during the holiday sales period tends to be at an all-time high across channels. While consumers are busy shopping, online retailers should look to technology to ensure that the inventory displaying on one channel is syncing in real-time with the inventory on another — as well as what is available in warehouses.
Take Advantage of Insights from Technology
To simplify the value of inventory management, it means that online retailers gain great insight into their customers, what products are popular and more. Having access to this type of data during sales periods like Black Friday means that online retailers can adequately prepare and set themselves up for success.
For example, by identifying the exact time frames of high demand, Aussie businesses will be able to manage inventory flows more efficiently. Recognising what the busiest sales days are for retailers is also helpful as they are able to plan in ‘recovery’ days to ensure that administrative tasks like stock counts can be done without any interruptions.
Furthermore, retailers – particularly those that adopt an omnichannel selling strategy – can use insights derived from inventory management software to uncover trends like what products are more commonly purchased through each respective channel. Using these types of insights also means that vendors can tailor their marketing efforts and advertisements to specific channels, audiences and products to optimise and make the most of the busy period.
The Time is Now
Leveraging technology in order to have a smooth sales season is quickly becoming a necessity. We know that the holiday season can be an exciting and frantic period for retailers, but by adopting the right technologies they’ll be able to successfully navigate these busy times. As we edge closer to the Boxing Day sales, it’s clear that businesses need to plan ahead in order to have a profitable and efficient holiday season.
By utilising cloud-based inventory management solutions, Aussie retailers will have greater insight into the preferences of their customer base across a variety of sales touch points — helping them to smash their sales targets not only this year but for years to come.
Danielle Dadello is the Country Manager AU at Unleashed Software.
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