How to Prepare Your Inventory for BFCM 2021Sridhar
Hurray, the Super Bowl of shopping is here!!!
Well, not quite yet, but it is almost around the corner. Nevertheless, let’s be ready for it.
BFCM, also known as Black Friday and Cyber Monday, is a unique opportunity for e-commerce businesses to attract a massive number of customers. But it requires careful planning and execution from your side, as any small mistake could affect the sale and take your customers away. And to make matters worse, the pandemic is still around, which adds a whole new dimension to it.
But the pandemic is not going to stop the sales madness from peaking up during the holiday season. To an extent, customers will stick to online buying, and it will reach the threshold during the sales event of BFCM.
To cope up with the frenzy of the biggest shopping weekend, you must consider several elements. And one of the most crucial factors that will decide the success of your BFCM sales is your inventory. It is usual for your inventory to go a little haywire during BFCM as the demand is at an all-time high, but the key is in managing it. Here are the different steps to manage the same.
1) Stock up the popular products
Before the BFCM weekend, identify the items that will be popular among the customers and stock up on them. This process will help you earn more sales and keep a large number of customers happy. Once the sales weekend kickstarts, everything will happen in a flash, and by the time you figure out which are the in-demand products, they would be sold out, leaving you with a bunch of unhappy customers to deal with.
2) Streamline the product launches during BFCM
Managing the inventory for products is always tricky. When the launch is on a grand shopping event like BFCM, it’s going to be trickier. However, by adding signup forms, you can manage the chaos and ensure a seamless customer experience. You can prompt the customer to subscribe to the upcoming product before the launch while keeping your inventory ready as per the demand. Don’t forget; you must also make sure to send the message out to your customers about the product launch through pre-planned marketing campaigns and by using social media.
3) Monitor the inventory constantly
It is absolutely vital to monitor the inventory frequently as BFCM sales are often dynamic. Suddenly, an unpopular product that might not sell much on other days might start getting picked up by customers rapidly during the sales weekend. Chances are there that you might not have anticipated it, and now you are running the risk of being stocked out of an in-demand product. To overcome this tricky scenario, you need to monitor your inventory, understand which unanticipated product is going low in stock, and re-order it on priority.
4) Highlight low stock items with product labels
BFCM sales are highly competitive. You must capture the customers’ attention who are just quickly glancing through the catalog of products. And adding product labels is the perfect strategy for that. While monitoring your inventory, you can identify the in-demand products that are going low on stock. Highlight the same in your mobile app or website, thereby catching the customers’ attention and creating a sense of urgency among them at the same time.
There are four types of product labels that you can use:
- Only “X” left: Inform the customer how much stock of the product is left. It will increase the demand. If only a few numbers of the product are left, then the customer will make the purchase then and there, rather than contemplating it.
- Low stock: This type of product label indicates that the product is low in stock and might run out at any time. By not revealing the actual numbers, it can persuade the customer for immediate purchase.
- Running out: Like a low stock product label, running out indicates that the product is in high demand and that more customers are buying it. It creates a sense of urgency and highlights the high demand for the product, both of which will work positively for you.
- Out of stock: Customers don’t like to waste their time purchasing products that are not in stock, especially on a sale weekend like BFCM. Use an out-of-stock product label to inform the customer that the product is not available so that they can move on to other products.
5) Sync the inventory for back in stock alerts
It is quite natural for your customers to miss out on their favorite deals during the BFCM weekend as you might run out of products mid-sale. By creating subscription forms, you can set up back-in-stock automation with your inventory and inform the customer about the product’s availability. It will help you win back the customers who might otherwise go for the competitor’s products and deals.
6) Add ‘similar products’ widget
Similar products widget is extremely important. Shoppers might not be willing to wait for out-of-stock products to be back in stock. It is entirely up to you to give them the next best option. A similar products widget needs to be integrated with your inventory to display products or items that are similar to what the customers searched for.
We know the past year was tough for sellers in many aspects. The pandemic-hit market gave many new challenges for them to overcome. And one of them was coping with the surge in online traffic that came along with the BFCM sale. Many online sellers faced extreme pressure, and some folded under it. But, gearing up for the BFCM weekend is different this time. You know what is coming at you, and all it takes is a proactive approach and better preparation.
By following our guidelines and strategies, you can prepare your inventory for the shopping frenzy that is about to hit us next month. Also, once the sale is over, remember to take stock of your inventory and remove any mention of BFCM. These will help you keep the inventory cost lean while maximizing your profits.
Lastly, In this mobile-dominated world, it is also important to have your own mobile app to stay ahead of your competitors. And this is where Vajro can help. We enable you to build intuitive and powerful apps instantly for your business so that you can be ready for the upcoming BFCM weekend. To start your free 60-day trial of Vajro, write to us at [email protected].