Top items to sell on 2021 Black Friday
In such great shopping events that happen yearly as Black Friday, every hot product sold runs out pretty quickly. Therefore, researching and preparing a large amount of inventory for 2021 Black Friday (Starting on 26 November 2021) will be a money-making tactic for any retailer. First, look at the list of the most searched products in 2020 Black Friday globally, by Statista: Based on the data, do you recognize what kind of products can retailers expect during Black Friday 2021? Our blog will help your business prepare for this event better! The most popular Black Friday items to sell 1. Tech products for sure! The chance of tech products entering the list of the top most-searched items on Black Friday is undeniably high. For example, Apple iPhone, with the premiere of iPhone 13 currently, Black Friday will be one of the most considerable things to be in a warehouse with huge quantities. Others can be Apple Airpods and iPads, even Nintendo and Sony gaming consoles! They should continue running out of stock in minutes during Black Friday this year! 2. Jewelry We are now talking about Pandora jewelry, which is known for being expensive. This is the reason why the release of Black Friday deals with 20-30% price off, it will be a good occasion for people to buy. A ring for other jewelry companies! 3. Household appliances might not be as hot as in 2020 Dyson – a company that specializes in household appliances was mentioned a lot in 2020 Black Friday. The hottest Dyson items in this period were air purifiers and vacuum cleaners. During the COVID-19 era, people stay more at home and some experts claim that air purifiers can prevent COVID-19. Alleviate this concern, as well as the fact that the product is expensive, this was the point that Dyson’s air purifier was on the list of most popular Black Friday items due to promotional offers. The same situation occurred with their vacuum cleaner. In 2021, the COVID-19 situation has changed, resulting in the percentage of people working and staying at home reducing, household appliances demand might decrease quantity of selling in this event. 4. Shoes will be one of considerable category Like other basic items that stick with you every day and emphasize your lifestyle, the demand for shoes is very high. That’s why shoes are the category retailers should consider inventing large quantities in stock. Vans is the most mentioned shoe brand in 2020 Black Friday thanks to its simple but trending look from time to time. Other brands like Adidas, Nike, Converse… should be in the list of more inventory than normal. Get customer purchases even while your products are “out of stock” To avoid products running out of stock before the high demand is still there, we already listed for you a few items fields that you should prepare more to sell. Though, in some cases, it’s hard to avoid being out of stock. With unexpectedly high demand, your business might not have enough financial resources to import goods in large quantities, or even manufacturers don’t have enough goods in quick response. Good news! If you are a Bigcommerce merchant, the BackOrder app on the platform can help your business without worrying about inventory. It works by allowing you to set the backorder status for products. Customers can purchase items as normal, and items will be dispatched to customers when in stock. Your business will not worry about sold-out items anymore! Conclusion It is very important to have enough products Black Friday items in stock to prepare for this large shopping festival or to have a backup plan in case of a goods shortage. We hope our blog will help your business boost profit and customer satisfaction in this shopping event!
Ultimate Guide To Optimize Ecommerce Inventory Management
The nature of selling is to supply what customers demand. To sufficiently meet the customers’ demand, the quality and quality of products need to be taken into careful consideration. That’s why we need effective eCommerce inventory management. Our article today will help you to take some steps to optimize the productivity of eCommerce inventory management. Approaches To Optimize Inventory Management Predict The Demand Of Products As we usually buy products from distributors and wholesalers before selling them again to final customers. To avoid goods surplus or shortages which can lead to considerable loss, we need to consider the quantities of products to optimize the inventory system. Forecasting the demand for products is usually based on selling records, tracking customers’ behaviors, and new trends. Moreover, the demand for products varies from season to season. To ensure accurate predictions, we need to use some automatic application to track and follow up our eCommerce business activities, then analyze and detect. Seasonality Inventory And Promotions Products demand can dramatically surge in a particular season like Christmas, Black Friday, or product-favored season. To prepare for rush hours, besides fulfilled warehouses, you may take advantage of Backorder. It is inevitable to face out-of-stock status, and Backorder will allow customers to purchase products even if they are unavailable at that time. Customers can buy as a pre-order and receive the shipment on a particular day like normal. If you are a BigCommerce merchant, be sure to try out the BackOrder App! Your promotion campaign will directly affect the product demand as it can drive customers’ choices. Therefore, promotion is also a crucial element that you need to pay attention to when forecasting upcoming demand and thus optimize inventory management. Restock Plan Whenever all the products are sold out, you need to make a restocking plan. In front of large numbers of customers, you may think the more stocks, the better. However, the highest profit is gained at a certain level of reserves. That is why there are some concepts you need to interpret to optimize inventory before establishing a restock plan. They are service level, lead time, safety stock, reorder point, and optimum order quality. The graph below illustrates their relationship: Consider What Product Need To Be Priority Depending on different seasons, customers’ tastes, and other factors, not all products are stored in the exact quantities. Therefore, you need to consider what products should be a priority over others. To have an accurate detection, you need to use some cost-benefits models. For instance, ABC Inventory Analysis classifies inventory in terms of the extent of importance and allocates control accordingly. There are three categories to evaluate the level of products’ priority: A group item: 15% to 20% of items account for 75% to 80% of annual inventory value. This group is the most important one to optimize inventory. B group items: 30% to 40% of items that account for 15% of annual inventory value C group items: 40% to 50% of items that account for 10% to 15% of annual inventory value Conclusion We have suggested some steps that you need to go through to optimize inventory management. When you can adopt them into reality, you can gain the expected revenue and desirable profits.
