The holidays are on the way whether we like it or not. Even people who don’t celebrate certain holidays find themselves getting swept up in the ant-like frenzy that sweeps through society after October 31st. This is especially true for business owners and anyone wanting to make some currency by selling your wares. Finishing out the year with a financial boom is a key goal for vendors. A huge part of this is being able to understand how sales velocity can help you shift gears and accelerate your sales for the last quarter of the year.
First, we need to discuss why sales velocity is so important. Knowing how quickly you’re pulling sales determines what you’re doing right and where you need to make changes. The faster you sell, the faster you make money and hit your quotas. Luckily, the winter holidays provide perfect grease for your retail wheels.
Mostly it depends on knowing your shipping costs, what your margins are and costs of returns, fees, software etc. eBay’s Seller Hub tab displays trending prices, popular items of the season, and you can compare your prices to other sellers’. Basically, it automates tedious tasks and takes some of the guesswork out of your sales metrics. Most of the top sellers use the seller hub which means you can view what they are selling and compare their listings with your own.
The eBay Seller Hub has some helpful tools that are beneficial. If you want to compare your listing prices to other sellers, the optimal method for comparison and repricing is using an eBay repricer. Programs like StreetPricer include a variety of settings and search methods to scan and track down sellers who list items with the same GTINs or keywords. StreetPricer helps limit the amount of time spent clicking, typing, and reading through endless listings, which in turn helps limit the amount of headaches you experience. You save time therefore, you make money faster.
What actually what drives sales is demand. You can offer remarkable deals on every item in your inventory but, if you aren’t selling what people are looking for you won’t sell anything. It comes down to demand. Of course, you want to know who is buying what so keep in mind who your customers are and base your sales off of their needs and wants. Thankfully, the eBay Seller Hub offers tools for that and you can simply go to the eBay Trending page to check out what your fellow Interneters are buying in general. As we get closer to the winter holidays, you’ll see Christmas decorations and lights trending as well as watches and jewelry along with clothing, shoes, and electronics. This will become obvious when you consider what big corporations are advertising or if you already have experience selling during the holidays. Toys are a hot commodity at the end of the year therefore, getting ahead by offering the popular toys that sell out quickly will amp up your sales.
You know what to sell and for how much, but are you ready to get them shipped out quickly and efficiently? During the holidays, shipping slows down and buyer demand speeds up so you need to be ready. Purchasing your shipping supplies ahead of time is a must and stick with priority or First Class shipping to avoid sluggish wait times and irritated customers. If you want to avoid the hassle and headache of storing, packing and shipping orders, drop shipping is the way to go. Even though it can be nerve wracking to trust another company to take care of your business, using shipping services like Shipstation saves you from experiencing inventory woes. You can manage your inventory and fulfillment easily without having to overstock or deal with angry messages and bad reviews. You have enough to do without fretting and stressing about order fulfillment.
In summary, you have sales to make and sellers to attend to. Being prepared by doing your research and keeping up with trends will aid you on your retail journey to success. Don’t be afraid to ask for help or use the tools available to you. You can end the year with extra money in the bank along with new and loyal buyers.