maximum profits after the holiday rush

How to Achieve Maximum Profits After the Holiday Rush

The holiday rush is just the beginning for retail businesses. If you only plan for the holidays, then you are missing out on a huge opportunity to capitalize on the post-holiday rush. Giftcards and a desire to return a not-so-perfect gift will bring an influx of people to your store after the holidays. All of this traffic presents an opportunity to engage customers and capitalize on the aftermath of the holiday rush. 

Plan Ahead for Returns 

If you do not plan ahead for returns and exchanges they can create many issues. Set a cutoff date for returns and exchanges, and make sure the message is clear and visible. Remind employees of the return policies as well as any other policies, and streamline the process for customers. eCommerce businesses need to make sure it is clear who pays for return shipping and how to complete a return. 

Turn Returns Into Exchanges

Returns are actually a prime opportunity to make a sale. Focus on converting returns to sales. Focus on the customer experience for the return (both in-person or online) and try to help the person find an item that is a better fit. Ask the customer if they would like to exchange the product for something else, and suggest similar items or special sales. Deals may help seal the deal while the person has the refunded money or store credit. 

 

Offer Smart Discounts

Clearances are a great opportunity to move out the inventory from the past season/year and to upsell to the high volume of customers visiting your store. Immediately after the holidays, you will not need to offer huge discounts, because customers with gift cards will spend their money more freely. Come January, you can start with a decent markdown and spread the word to customers. From there, you continue to aggressively lower your prices until the items sell. Use these sales to target items you know will not sell later or are slow-moving. 

Appeal to New Years’ Resolutions 

After a November and December filled with food, drinking, and spending money, many people are ready to start fresh in the New Year. New Years’ resolutions are about self-improvement and often focused on healthier lifestyles. Tap into peoples’ desire to live a healthier lifestyle by promoting your products that help these goals. Promote products related to healthy eating, exercise, or wellness. Considering offering small promotions on such items or creating some New Year’s bundles. 

 

New Year, New Product

Customers are looking for something new for the new year. Post-holiday is a great time to launch a new product to entice new customers who are visiting your store for returns or gift cards. Launching a product around the New Year helps give your brand a facelift and fresh start for the new year. 

Analyze Holiday Sales Data 

After the holiday rush, you should analyze all of the data from your POS system. Review the best-selling products and which marketing strategies were most effective. Watch trends for product demand and how the demand for different items changed throughout the course of the season. Note the busiest and least busy times for your eCommerce or brick-and-mortar store. Calculate all of your sales and the cost of carrying an inventory. These analytics all help you plan better for the following year and make data-driven business decisions. 

Review your eCommerce Store

After the holidays, you should evaluate your eCommerce store and channels. If you sell online and in a physical store, analyze where more of your customers were purchasing. Evaluate if your eCommerce channels provided a high-quality customer experience and if your inventory management system kept up with the high holiday demand. 

 

Sell More. Work Less. 

The post-holiday rush provides opportunities for more sales, and also for analyzing your business to improve for the next year. A top multichannel listing software like Listing Mirror will help you improve your eCommerce store and provide a platform to manage your business workflows. Sell more and work less with listing management, order fulfillment, inventory syncing, and warehouse management features. With Listing Mirror, you will have an efficient inventory management system that allows you to easily keep up with holiday (and post-holiday) rush for the next season. Learn more and get started today by calling 855-218-5469 or visiting our website HERE