Before e-commerce, Black Friday meant braving heavy traffic, crowds, and short tempers. Today, Black Friday is a multi-channel experience. Virtually all retailers complement in-person Black Friday sales with online blowouts, blurring the lines between Black Friday and Cyber Mondaywhich falls just three days later. Sure, once-in-a-season sales are hard to resist, but your wallet will thank you later if you show restraint now.
November 18, by Paul Trujillo 1 Comment For many retailers, Black Friday is a hectic mess of organizing, planning, and logistics. Prepping the Store A large amount of Black Friday preparation — last minute inventory modifications, setting up, coaching the sales team — must actually be completed on Thursday.
Ensuring staff are aware of deals and fast moving merchandise.
Scheduling the best staff to avoid backed up lines and customer service issues. Training staff to handle potential emergencies: Moving store racks, shelving, end caps or other displays to facilitate easier shopping.
Checking and double-checking inventory to ensure deals and promotions are accounted for and all new items are included. However, even with significant prep work, inventory may cause problems for the retailer.
A larger inventory volume will be received with many items classified as specialty and be discount priced or part of special promotions. The easiest way to manage this additional inventory is with a reliable scanning solution; allowing seasonal inventory items to be quickly and easily added and tracked.
Instead, many manufacturers create specific items for Black Friday sales, with most items geared for the holiday season. Inventory solutions that utilize barcodes and barcode scanners make this process easier and with less margin of error.
For many stores, handling this volume can be intimidating. Employees need to be well-trained and the inventory system used must be streamlined; the moment an employee falls behind, it may be impossible to recover. Floating employees should be available to help others who are struggling. Managerial staff should be available to resolve any significant customer issues that arise, freeing employees to continuously make sales.
The goal of Black Friday is, of course, to bring in as much money in as little time as possible.
Recovering from Black Friday Once Black Friday is over, a retailer will need to replenish the sold stock — not a trivial task. A reliable and robust inventory solution will keep up with the Black Friday rush and immediately give a count of all items sold and all items needing replacement.
Legacy solutions — older inventory systems — would, instead, need to be manually updated, a process that is time consuming, may require multiple inventory counts, and potentially full of error. Transactions begin immediately upon open and do not stop until the end of the day. Retailers who are conscious of their inventory management and performance need a solution that removes the burden of manual inventory management and guarantees accurate and timely information before, during, and after the event.Black Friday.
How should stores approach inventory planning for Black Friday? How should retailers plan the process of opening the doors and getting excited customers through checkout?
Such an approach offers retailers the best of both worlds: they get the improved brand perception that comes with giving associates a day off, while giving dedicated shoppers access to the kind of deals they expect during Black Friday week.
Nov 12, · Prepare for the busy Black Friday shopping weekend. Promote the right type of promotions to boost sales.
How To Prepare Your Store For Black Friday And Small Business Saturday. 6 min read. 6 min read. business owners don’t believe they can compete with the larger stores that can offer deep discounts and scores of inventory /5(3). Part 1: For inventory planning most important decisions are: Which items to store for the coming events?
Applying forecasting and researching capabilities to known the .
Retailers should look for advanced technology that integrates with the rest of their retail planning solutions. This will help them both effectively plan and execute their markdowns, as well as constantly monitor how they are doing against the plan using real-time data.
Approaches should retailers use for black friday 1) How should stores approach inventory planning for Black Friday? 2) How should retailers plan the process of opening the doors and getting excited customers through checkout?/5(K).