Checklist for Marketplace Sellers and Online Store Owners
Non-Stop Sales
Sales events are often triggered by seasonal changes or specific holidays, but sometimes they are launched without any particular occasion. Over the course of a year, a seller can run numerous promotions, and when executed well, each sale can result in a significant spike in demand, with sales multiplying during peak periods.
The key thing to remember about sales events is that preparation is an ongoing process. From the moment the last order of the current sale is processed, planning for the next one should begin. To ensure your sale is successful, include these key tasks in your preparation list:
Update Your Product Catalog
Your product listings should accurately reflect what customers will receive. This means regularly updating your catalog, even if your assortment hasn’t changed. Consider refreshing product photos and descriptions to align with upcoming seasons or holidays.
For example, a bakery could offer heart-shaped cakes for Valentine’s Day, while a florist might create special teacher-themed bouquets for back-to-school season. Tailoring your products to holidays draws attention and helps differentiate you from competitors.
Successful sellers often update their content every three months, and this regular refresh has been proven to boost sales.
Expand Your Assortment with Complementary Products
Complementary products are typically small, inexpensive items that customers can easily add to their cart without much thought. For example, a phone case or adapter can be bundled with a smartphone purchase, or a greeting card and box of chocolates can be added to a flower order. These little extras, like tea paired with a cake, are items customers might buy elsewhere but can conveniently purchase from you.
Offering complementary products increases the average order value, benefiting both the customer, who finds everything in one place, and your business by driving up revenue.
Plan for Potential Crises
Map out all key processes in your store during sales events and identify potential issues with your team. Assign responsibilities for each area to minimize disruptions.
It’s common during sales periods for staff from other departments to help handle customer requests. Consider conducting a survey to see which colleagues are willing to lend a hand during peak sales. While it may not be in their job description, teamwork during busy times is essential for smooth operations.
Strengthen Relationships with Partners and Suppliers
Attend industry conferences, join specialized chat groups, and network with colleagues in your field to stay informed about market trends. Knowing which products are in demand, where to source them at a good price, and how to save on costs can give you a competitive edge.
Networking helps you find business partners, secure bulk purchase discounts, and gain insights into new sales tools.
Maintain Order in Your Documents
During peak sales periods, businesses often focus solely on fulfilling orders, leaving little time for reviewing contracts or managing accounting. To avoid unnecessary headaches, it’s crucial to keep your paperwork in order. This means checking for outstanding payments, completing required transactions ahead of time, and staying on top of your financial obligations.
How to Calculate Inventory Levels
Proper inventory management before a sale can determine the success of your peak season. Here are a few methods for planning your stock:
Analyze Previous Peak Sales
Compare sales data from the past year to the present. If sales have increased, it's likely that you’ll experience a similar rise during the next peak period.
For example, if your sales from January to March 2024 grew by 10% compared to the same period in 2023, it’s safe to assume a similar increase for the upcoming sale. Thus, your inventory should be adjusted accordingly.
Use Available Analytics
Whether you sell on your own online store or through marketplaces, it's essential to regularly monitor open sales statistics in your niche. This will provide insights on demand, top categories from the previous year, and advice from sellers who have successfully navigated major sales events.
Study Market Trends
"Steal like an artist" by observing what your competitors are selling, what prices they set, and how they present their products. While this doesn’t mean copying their strategy blindly, you can draw inspiration from their successes. Read customer reviews, adapt what resonates with your business values, and apply it to your own strategy.
Gather Feedback from Loyal Customers
Another way to estimate inventory needs before a sale is to gather pre-orders. This helps assess how many people plan to make a purchase during your sale event. Many companies use SMS and email campaigns to collect this data, often including promotional codes to encourage participation.
Don’t Forget About Your Team
Ensure that your staff is well-rested and ready for the busy period ahead. Monitor employee vacation schedules early to prevent burnout, so that everyone approaches peak season energized and focused.
Involve your team in risk assessment. Host brainstorming sessions to discuss challenges encountered during previous sales events and develop solutions for each potential problem. Hearing insights from those on the ground is invaluable, and employees will appreciate the care and attention.
Organize Post-Sale Team Building
Nothing brings a team closer than getting through a busy sales period together. After the peak, consider organizing a team meeting where everyone can share their experiences. For instance, in some companies, post-sale meetings are held where employees can vent, receive support from their colleagues, and get recognition from leadership.
Of course, be sure to compensate your staff for any overtime work. Ideally, you could offer additional time off after the sales period to help them recharge. Knowing that a well-deserved break is on the horizon motivates employees to give their best during challenging times.
Conclusion
Preparing for sales events may seem daunting, but by creating a detailed checklist and reviewing each process in advance, the preparation will feel much more manageable. And knowing that both your company and your team are ready for the sale will bring peace of mind, allowing you to tackle the peak season with confidence and minimal stress.