It is that time of year again. Autumn is in the air, leaves are turning colours, and pretty soon, the holiday season (Black Friday and Cyber Monday) will be upon us. With it comes a vast influx of customers into stores and businesses, looking to get the perfect gift. One of these important days is Black Friday. The one day a year when people stay awake all night long, just to be the first person in line to shop.
Officially, Black Friday is the day after Thanksgiving where retail stores all over the country provide discounts and deals to start the holiday shopping season. They often give away free merchandise, or heavily discounted items, and people will shop until they literally drop the next day.
For businesses, it is another story. They prepare months in advance in order to be able to have the merchandise they want and need to make it through the day with enough to satisfy every customer. There are many ways for retail businesses to prepare themselves for Black Friday, and it is extremely important that they do, and do it well, to have a profitable day on their hands.
Managing your stock levels on Black Friday
The most important objective for a business to aim towards Black Friday is stock. With a large influx in demand all in one day, it is vital that businesses prepare stock quantities wisely to accommodate for more purchases. This is where 3rd party logistics companies like ours shine, providing our retail customers with a flexible method of preparing for the big day. Many retail establishments choose to outsource part or even all of their logistics departments to companies like ours to prepare for both warehousing and delivering of goods to your customers. Having a 3rd party logistics solution to fall back on Black Friday will definitely make sure you won’t run out of stock 3 hours in. Black Friday only come once a year and usually is the most profitable day for businesses; you don’t want to miss that opportunity because you had nothing left to sell.
Careful stock management is another vital objective that many businesses need to prepare for Black Friday. This is usually accompanied by a back-up plan or easily accessible stock nearby, possibility from local warehousing solutions, which will enable the business to acquire additional stock at a short notice. This is a generally useful strategy that is usually handled with the help of 3rd party logistics company like ours.
Distribution and Haulage on Black Friday
Delivery in particular is a huge problem on Black Friday due to the number of sales. This become exponentially problematic if you offer online sales or sell exclusively digitally, the logistics of handling deliveries will quickly get out of control. Combined with naturally higher demands and enticing promotional offers, your business could quickly lose control of the logistics and fall behind on a massive queue. With a 3rd party logistics solution, you will have at your disposable a scalable and indispensable asset that will contribute to your company’s growth.
Another important method of how businesses can be prepared for this day is advertising. You have to get the word out that you are running a Black Friday sale, so your target customers are interested in stopping in and shopping at your place. You can advertise wherever you like, but it should be concise. There are plenty of ways you can find in internet, including free ones, of how can you run a successful targeted marketing campaign. Say only what you are promoting, and make it big and bold. Not to mention, the sale you run, depending on the size of your store, should be simple. Don’t get too caught up in the sales and run multiple small ones. Instead, pick a few large items, and run with it.
Another great preparation technique is to make sure your business team is ready for big day. Your employees must know what to expect. Everyone should be aware of how many people can come into the store, how they might act, and more importantly, where extra stock is. This is vital because if you have low displays, your customers have a lesser chance of buying; comparing to when you have a full display. Teams should be prepared to take on the role of any job in the store; cashier, stock person, customer service, etc. This helps fill in any role that is empty at any given time.
These are just a few of the important preparations your retail business can take in order to be fully prepared for Black Friday. While it is only one day, it can often be a day that is talked about for variety of reasons afterward. Your success or failure will depend on you getting your business and team fully prepared for what is about to happen. Setting a strong pattern for your holiday season of sales will be determined on just how well prepared you are on this day. Black Friday might seem like a daunting event, but take comfort in that it is only a day, a day for your business to succeed.