The festivities have almost ended and all the celebrations have wound down. The slack period is upon us and it is as crucial as the peak sales period. This time, when the sales have died down, must be used to recover and prepare for the next season.
To make sure you are ready to maximum income during the next sale, you need to settle down from the peak excitement and refocus. You can take some time off and come back with a fresh mind to understand where your business stands and where you want it to go. But before you start thinking it’s time to hibernate till the next sale, you might want to think again!
Unlike before, the sales lull doesn’t come once a year. There are sales every season, like summer sales, monsoon sales, winter sales, festive sales and so on. The period between these when sales are slow is termed as the slack period. These are short intervals of time which sellers must use to prepare for the next peak season rush.
We have put together a couple of tips to help you make the most of your time once the online retail sales boom is over.
Understand how sales have modernised
According to the experts at Browntape, the sales boom never ends completely when the sales’ end date is complete. A sale may be extended by one or two days. In case of the Diwali sales period, marketplaces held pre-Diwali sales and multiple rounds thereafter.
Marketplaces are under pressure to outdo each other. So, to get as many shoppers as possible they will try to extend their sales or host multiple sales during a season. To make sure you are not losing out, you must maintain sufficient stock and reserves to go on sale whenever one is announced. Every year the sales get bigger given the demand for ecommerce and etailer’s desire to be the best. Make a note of all the sales held to create a timeline of when you can expect them to begin again next year.
Replenish your inventory appropriately
After a sale is over, it’s time to take note of the remaining inventory. With the help of the Browntape software, this task should be easy for you as it helps you maintain centralised inventory. Look at the quantities of what’s left and what’s been sold out. If it was the seasonal products that sold out, do not rush to replenish these. Just because the item flew off the shelves when on discount does not guarantee the product will be in demand once the sale is over.
You must pay attention to the market trends to know if people are still interested. If you sell seasonal goods like umbrella’s, jackets, etc. do not stock up on these once the end of season sale is complete. Instead, try to get rid of them because they will not sell when their peak season is over.
In case of non-seasonal items like bags, electronics and so on replenish the stocks of your top selling items immediately. However, if an item was discounted to get rid of, and it sells, do not replenish stocks assuming you will get demand for these once the discounts are removed.
Attend to consumer queries
Be prepared to attend to consumer queries after the sales boom. The general questions consumers have are –
- When will the product reach me?
- Can I change my delivery address?
Other interactions involve claims regarding missing components, damaged goods, wrong products and quality issues.
Make sure you interact with the consumer on a timely basis to avoid escalations with the marketplace like A-Z claims. Try to solve issues in a minimum amount of time to avoid damage to your image on the marketplace.
Prepare for the next season
If you sell seasonal goods you will need to compare data from the previous seasons and the sales held then. See the numbers from that time and set your goals for the new season accordingly. Make it a point to prepare one season or at least one month in advance for the given season to make sure you do not lose out on early demand.
If you sell non-seasonal goods, you will be monitoring your progress regularly and not only after the end of season sales. In this case, you need to be a pro with your inventory management. Browntape can help ease the load with its multichannel inventory management software. Once you know what your daily stock needs are like you can effectively determine what you need during the peak periods.
Once you are done with these, you can use your free time to consider new approaches for your business, like joining a new marketplace, setting up an online store or any other project you’ve been waiting to get started on.
If you’d like to know more ways in which you can make the slack period a productive phase, click here! For help with your online retail get in touch with a Browntape expert. We are India’s leading ecommerce experts and we are always happy to help.
