Permanent Jewelry Business: Buying For The Holiday Season!
The holiday season is one of the busiest times of the year for retail, and being unprepared can lead to missed sales opportunities. Starting early is the best way to prepare for a busy time! Begin by analyzing past holiday sales data to identify trends and best-selling items. Stock up on inventory and ensure you have a variety of permanent jewelry chains & charms as well as ready-to-wear jewelry. Lastly, create a marketing plan that includes social media promotions, email campaigns, and special holiday offers to attract more shoppers.
Look back at this time last year
If you've been in business for more than one year, you should know what you sold during that time. Review your November - December 2023 sales, and see what you sold most during that month based on the number of events you did. Use those numbers to purchase and prepare for the holidays. Every year, you will be able to gather more information about what sold best and prepare accordingly.
What if I don't track my sales?
Start doing it now! Tracking sales data is crucial because it allows you to understand customer preferences and purchasing patterns. By analyzing this data, you can make informed decisions about inventory management and marketing strategies. This insight helps you optimize your stock levels, reduce waste, and maximize profits, especially during the busy holiday season. At Essbe and Essbe Jewelry Supply, we use Shopify for all of our payment processing. Since Essbe (the retail business) started in 2017, I have data that tracks back so I can compare and prepare.
Monthly inventory
I have said this before but taking a monthly inventory of everything you have on hand is such a crucial aspect of your business. Business ownership is not without its responsibilities, and this is one of the least fun aspects. The importance of checking your inventory goes beyond chains and charms. This includes clasps, jump rings, packaging supplies, and finances. It's a regular check-in where you compare your system with what you actually have on hand. If you buy without checking, you can quickly have too much or too little of the product you need.
Be sure to purchase at least 4 weeks prior to the holiday or busy season
By purchasing early, you can avoid expensive expedited shipping, possible shipping issues, and missing out on products that are no longer available. With a four-week buffer, you can avoid expensive shipping, buy in bulk, and receive the product you want. Additionally, you'll be able to take promotional pictures of the product before the time you need it!
Establish a list of trusted suppliers for quick shipping
I cannot emphasize this enough! The importance of having a reliable supplier list is vital for delivering your products in a timely manner. Essbe Jewelry Supply usually processes orders within 1-3 business days, but we always strive for faster. If you need an order by a certain date, please email us before placing your order. We will be happy to help you if we can!
Taking these proactive steps will help ensure a successful holiday season! It will be a stressful time of year. However, taking the time to understand your customers and their needs can help you to better plan for busy seasons. This will enable you to maximize your profits and utilize your resources effectively. It is important to invest in preparation in order to avoid costly mistakes and build a successful business!