How to Maximize Revenue for Black Friday
Did you know that Shopify is the third-largest retailer in the United States after Amazon and eBay?
With #BlackFriday just around the corner, many online stores are preparing for the busiest time of the year. Are you and your team ready? Here are a few tips for how to navigate the holiday shopping season ahead:
1. WATCH YOUR MARGINS
You might be tempted to offer steep discounts and promotions to incentivize potential customers, but make sure to keep your margins top of mind. If you want this season to be a success, you still have to have enough room in your finances. Especially if you’re expecting to use early sales revenue to fuel future ad spend or marketing efforts, you’ll want to budget accordingly.
2. MANAGE YOUR INVENTORY
We’re all about being optimistic! But beware of potential pitfalls when it comes to overbuying. Getting stuck with too much inventory after the holiday shopping season has concluded can put you and your company at risk. Especially if you are selling larger items, it can become costly to store any excess.
3. BUDGET FOR GROWTH
Especially for those retailers who may be relying on apps or plugins that are volume based, make sure you have funds set aside for potentially rapid growth during the holiday season. If sales volume exceeds a certain threshold, you might need to upgrade certain tools you’re already using in order to fulfill or process orders. It’s a good idea to check in on your apps early to see how much of a “buffer” you have before needing to upgrade. That way, you won’t be caught off-guard with frozen features or surprise fees.
