Holiday seasons are an important window of opportunity for businesses to boost their sales and rake up maximum profit. Whether you conduct business through retail stores or eCommerce sites or both, you need a viable sales strategy to stay ahead of your competitors. Giving discounts alone can’t help you win the race, what you need is a master plan that makes your business operations ‘holiday ready’ across the board. Therefore, to nail the holiday sales businesses need to understand the key factors that influence sales and the right strategy for that begins with data analytics solutions.
Pricing Strategy
When you sell a product at a discount it should neither be too less, which could pour the profit down the drain nor should it be too much, which could drive the customers to your competitors. With the help of advanced data analytics solutions, businesses can factor in the demand for a product, the competitor’s pricing, and profit margins to decide the optimum pricing for every product in the sale. By leveraging data-driven pricing, businesses can find the sweet spot between profit & the ideal discount.
Know What to Sell
The demand for products may vary according to the holiday season, therefore, businesses need to have a clear forecast on the product demand, customer behavior and focus their efforts on the products and services that are predicted to be clear winners. Data analytics solutions are assured to aid businesses in analyzing past data and buying patterns to stock up best-selling products. This will be also critical in managing the inventory and operations to prioritize popular products and avoid redundant stock.
Supply Chain & Logistics
The challenges that you are going to face as a business owner during the holiday season are shortage of staff, movement restriction, a spike in online orders, etc. Managing logistics and inventory is bound to become a difficult task, especially when you run an eCommerce site. In order to avoid glitches that could hamper your holiday sales such as shipping delays and out-of-stock scenarios, you should be prepared in advance. Data analytics solutions will enable you to ascertain what to order, how much to order, and when to order precisely. With a clear and efficient strategy for logistics and inventory needs, you could reduce supply chain wastage and deliver a great shopping experience to your customers.
Holiday Marketing Campaigns
A well-planned and enticing holiday sale is only going to succeed when it is complemented with methodical marketing. Data-driven insights on market trends, customer behavior and competitor analysis can help you to design a compelling holiday sales marketing campaign that is assured to swell your sales and brand image. Follow this link to read about 5 successful, data-driven marketing campaigns.
Are you eyeing an upcoming holiday season to deplete your inventory and escalate the sales? Site Lantern’s unrivaled expertise in Data Analytics Solutions will help you to augment your business operations and record unprecedented profit from your next holiday sales. Head over to our website and read about our data analytics services to discern how we can provide comprehensive growth to your business