Posted by Alex Jackson on 12th Jul 2019
We are now in the heart of summer, and it is a great time to dust off that old to-do list for your business and start checking off a few of those tasks you have meant to get to over the last few months. If your list is looking a bit bare right now that's ok that's why Foxliquidation is here with a few helpful suggestions to get you started. Now is a great time to tackle projects you may have been putting off for a while like managing your inventory. Summer is also when you want to start prepping for the fall and fourth quarter, remember the more time you invest now, the better your 4th quarter sales. Last, the summer months also offer some unique sales opportunities that you simply do not have at any other time of the year, so it's a great time to try your hand in another lucrative sales channel.
Get your store in order- Physical or virtual it's always a good idea to periodically review your business to check on its health and performance. There are a few key points that you should be considering, but certainly, inventory should be on the top of your list. First, make sure it's accurate, and if you don't currently have a system for tracking your inventory now is the time to put one into place. Next identity inventory that is aging, 60 days or older and then make a plan of action for selling these items. Internet retailers, there is usually a simple reason for this aging inventory that can be corrected with relative ease. Review your listings and be sure to check off these 5 points
1. Is the item still listed for sale?
2. Is the description accurate?
3. Are the pictures clear and appealing?
4. Are all of the items specs listed? (UPC, model number, measurements, etc.)
5. Is the pricing appropriate?
So often a minor oversight can cause your inventory to sit longer than it should have, and with some minor alterations, you can get that aging inventory into the hands of your customers instead.
Cash in on those seasonal opportunities- Now that you have cleaned up the physical or virtual store, let's get on with those unique seasonal opportunities. Summer is a time when your customers are out and about doing outdoor activities, so why not meet them there? The summer months are loaded with outdoor events like festivals and flea markets, why not give one of these a try? Take some of that aging inventory out to a local festival or flea and sell it there! You can move out a bunch of those unwanted items in a matter of hours. Doing these types of events can also be a great way to market your brick and mortar business, sales, and free advertising a win-win in any book. Want more pointers on doing your first festival or flea market sales? Just watch this video.
Plan and prep for your 4th quarter- While it may seem like a long way off for some, experienced resellers know the benefit of planning ahead and getting an early start. Sellers of categories like children's clothing, Bedding and Bath, General Merchandise, Holiday Décor, and Ladies Accessories have simply no time to waste. You need to be stocking up right now and selling those early fall staples before supplies run out. Also, think about making a smooth transition into the winter 4th quarter. You can accomplish this by transitioning your merchandise gradually over to fall and winter wear while reducing your spring-summer goods to a bare minimum. Obviously, you have a few more week's worth of summer sales, but you also don't want to carry too much of this merchandise into the last quarter so start that gradual transition.
Summer is the best time of year to update that to do list and Foxliquidation is here to help you cross some of those tasks off your list.