Why is Stock Control Software going to be important for Black Friday 2016?
We think the stock control software you use this year will be crucial in determining your Black Friday results.
Black Friday, Schmack Friday, I can hear you say! I’m not going to be discounting myself to the bottom of the market! Why should I care about what Amazon, Currys, John Lewis and their ilk are up to?
I can see where you’re coming from. Especially if you haven’t got a physical shop it may not, at first, be obvious as to why you need to worry about Black Friday, or why the way in which you control your stock is going to have an impact.
But think about the figures for a moment.
In 2015, Black Friday saw consumers in the UK spend more than £1.3bn.
Traditionally online retailers have looked to cash in on Cyber Monday, the Monday following Black Friday. However, 2015 was the first Black Friday where online sales outstripped instore purchases.
Projections for Black Friday in 2016 are for spending to continue to grow and for the Black Friday event to evolve into a five day spending spree that could rake in as much as £5bn for retailers.
So as a retailer, if there’s that much consuming going on, then you want to have a slice of the action? Right?
How should I prepare?
The big-wigs will have had Black Friday Teams and Stakeholders in place for months. Established retailers will have been planning how they’re going to approach this key trading period since they started to plan their purchasing earlier in the year.
But if you’ve been busy growing your business and working on the here and now, what can you do?
Take a moment
Think about your business and your brand and how you want to take part in Black Friday. You don’t need to spend days researching, but if you’ve got some sales figures from November last year, then it’s worth taking a gander. Likewise with your Marketplace and Website Analytics.
If data’s not something you can rely on, then think about your typical sale and your typical customer(s). Is the frenzied, bargain-seeking environment of Black Friday relevant?
If it is, what – if anything – can you afford to do? Could you run a promotion or offer that will be enticing without eating up too much margin? Or can your stock control system tell you what slow moving items are sat in your warehouse that could be shifted more easily during this golden period?
Finally, what will your competition be up to?
So, you’ve had 60 seconds
Do you have the answers?
Whatever you’ve decided have you taken a moment to think about the operational fallout?
Have you got a robust stock control software in place that will allow you to weather the forecast retail frenzy?
Even if you do nothing for Black Friday you can guarantee that traffic, calls and orders will go up.
How quickly they go up and what people are ordering from you – and the margins you make – will all depend on how you want to take part in Black Friday. However, if your stock levels aren’t right, then you will let customers down.
Control your stock and you are in control of your destiny.
Online shoppers are demanding people. Especially during peak trading periods like Black Friday. If you tell them that you can sell them Y at £X.XX and then, once they’ve ordered it from you and paid for it, you have to go back and tell them that it’s out of stock, your best case scenario is that the customer merely grumbles and waits.
But the worst case is one we can all envisage. The customer will vent across their social media channel(s) of choice and instead of working on growing your business, you’re in damage control mode.
With an accurate stock control in place you don’t need to worry about over-selling. Stock levels will be updated as orders are placed and fulfilled.
When the stock control software you use is in the Cloud – you can probably see where I’m going with this – then those benefits increase ten-fold. At a stroke your inventory management data is available to everyone in the business, wherever they are, and is accurate to the second.
Great I’m in control of my stock and I’m not overselling, is that it?
Well no. The beauty of an accurate, up to the minute stock control software package, like Khaos Control Cloud, is that when running your business during a promotional period like Black Friday you can make rapid decisions, based on evidence. For example:
- You can see sales spikes as they happen and get ahead of the curve in terms of pricing, availability and reordering.
- Where products aren’t shifting as you’d expected you can make decisions on how to market them during the period.
- The data you’re building up will allow you to reorder more accurately going forward, both for the coming weeks and months, but also for this time next year.
Not to mention all of the operational benefits that come from having you and your team working on fulfilling orders, sourcing products and everything else that needs to happen in order for the business to continue to grow.
Let us help with your stock control
Khaos Control Cloud is the online stock control software system that will enable you to take your business to the next level. Our Free Month gives you up to 30 days to try our software and see for yourself. We are sure that you’ll see the benefits and that your business will enjoy an awesome Black Friday as a result, however you decide to take part.
Please Note: This article was edited on 21/02/2018 to reflect Khaos Control Cloud's updated process re: trials.