Here we are! Your inventory is in order, operations is running smoothly, and now you’re ready to focus on increasing sales and raking in the dough. In this section, we’ll provide you with ways you can expand your reach, increase sales and keep customers coming back for more.
Are you a multichannel seller? You should be! Multichannel sellers, on average, make 190% more revenue than single channel sellers. How do you accomplish this on top of everything else necessary for a successful holiday season? We detailed the main benefits in our "Benefits of Selling on Marketplaces" business guide, including our latest data points explaining the importance of this. But if you're looking for a few quick tips, check them out below.
As more small-to-medium-sized retailers sell through ecommerce platforms, point-of-sale (POS) applications and other technologies, data unification will be key to increasing profits and staying organized through the holidays. For example, knowing which products are best-sellers or which are low in stock could be critical to making additional sales. Instituting a multichannel selling and inventory management platform, like Stitch, helps retailers centralize their order and sales data across multiple channels and devices, keeping inventory and their teams in sync.
One of the best places to branch out when beginning to sell on multiple channels is a marketplace, like Amazon, eBay, and Etsy. Retailers who sell on two marketplaces see 190% more in revenue than those who only sell only on a single marketplace. And retailers who have a branded website and also have a single marketplace make 38% more revenue than those with no marketplaces.
Amazon is a heavy-hitter during the holidays, especially with features for customers and sellers alike like Prime and FBA. Leveraging Amazon’s expansive network and services would be a great solution to explore. Spoiler: we have several updates coming to our Stitch app in August and September, so stay tuned for announcements on those!
Still not sure about marketplaces? Check out how you can make more money in this guide.
Not many people realize how savvy inventory management can actually increase sales. By having a full understanding of what your inventory looks like and what has been selling well, you’ll have a greater chance of continuing the success. Here are just a few ways inventory management can help increase sales.
With all the new eyeballs on your business, the holiday season could be a great time for you to launch new items to your product line. Once you’ve reviewed your reports and forecasted what your predicted best sellers will be, take a deeper dive and find patterns among them. To increase your product line, start with ordering another variant of your best-selling products to give customer more options when shopping.
During the holidays, you need to do everything you can to upsell and encourage customers to buy more. One great way of doing this is to bundle products together, providing a greater value to customers and increasing sales for your business. Check out our full blog post on the top five benefits of bundling during the holidays.
Once your inventory and operations are in order, it’s time to focus on amplifying your marketing strategies! The holidays are a great time to test different tactics and see what works best for your business. First, let’s start with the basics.