Black Friday and Cyber Monday (BFCM) are among the most lucrative opportunities for e-commerce brands. To capitalize on the surge in consumer demand, thorough preparation is essential. From maximising sales to efficiently clearing out inventory, this guide will help ensure your business is ready for BFCM success.
Start by defining your revenue goals for the BFCM season. Having a specific sales target will guide your inventory planning. Assess how much product you’ll need to meet demand, ensuring you don’t run short on your best-sellers or overstock items that may not move as quickly.
Pro tip: Look at previous years' sales data to make more accurate forecasts and adjust your inventory accordingly.
Your marketing team plays a vital role in your BFCM success, so make sure you're aligned. If they are planning special promotions such as gift-with-purchase offers or bundling holiday products, ensure you have enough stock to meet the expected demand. Special promotions may also require custom packaging, so plan for these details well in advance.
The increased volume during BFCM gives you leverage with your suppliers. Use this opportunity to negotiate better pricing on bulk orders. Securing lower costs per unit can directly impact your profit margins, leaving more room for aggressive discounting while maintaining profitability.
Pro tip: Reach out to suppliers early to avoid any potential delays caused by high demand.
BFCM is the perfect time to clear out slow-moving or older inventory. Use this high-traffic period to push C and D-grade stock, products that don't sell well at full price, at a discounted rate. Another idea is to bundle them with your best sellers to move the stock. Clearing this space in your warehouse can free up cash flow and storage for more profitable items.
Your logistics network is crucial to BFCM success, so give your freight partners a heads-up. Whether you’re using air or sea freight, ensure there’s space for your shipments and that your stock arrives in time for the sales event. Delays in freight can cause lost sales and customer dissatisfaction.
Pro tip: Build a buffer into your lead times to account for unexpected shipping delays.
If you work with a third-party logistics (3PL) provider or in-house warehouse team, now is the time to communicate. Provide them with accurate forecasts on the volume of incoming stock and anticipated order volume. This ensures they can scale up their operations, such as bringing on temporary staff to handle the spike in orders smoothly.
Unexpected issues can arise during peak sales periods, so be prepared with contingency plans. What happens if your top-selling product sells out earlier than expected? How will you pivot your marketing efforts? Plan for overselling, product shortages, or shipment delays, and ensure your customer service team is equipped to handle inquiries quickly and effectively.
Pro tip: Create a detailed emergency action plan to mitigate risks and keep operations running smoothly.
With BFCM just around the corner, the time to prepare is now. By setting clear goals, collaborating with your marketing team, negotiating with suppliers, and aligning your logistics partners, you can ensure a smooth, profitable sales event. If you need assistance with audits, inventory management, or overall strategy, our team is here to help you succeed.
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