InStore Magazine published a story yesterday written by contributor and jewelry industry consultant, Angie Crabtree, that highlighted some key tactics retailers should be employing to be prepared for the busy holiday shopping season. You can read the entirety of the article here, but here are a few key takeaways:
- Marketing Material: While she admits they seem a little outdated, Angie suggests making sure your store is stocked with ample flyers to get through the holiday season. She noted that flyers can serve as a reminder to get customers back in the store. Say customers come in for a trunk show or special event in early November. Walking away with a flyer will serve as a physical reminder to those clients, who are already invested in your store, to come back in to pick out that special item for holiday gifting. We suggest working with a professional graphic designer or engage with the in-house design services offered by many printers to make sure your marketing materials look polished and professional; it’s worth the small investment to put your best foot forward.
- Take Stock of Your Inventory: Running a report from November and December of last year should give you some insight into what might be popular in terms of both style and price point. Once you’ve gathered that information, make a list of items you anticipate will be hot sellers. The JA New York Fall Show, which is coming up in just a couple of weeks (October 23-25) is a fantastic opportunity to meet with vendors in-person to pick out holiday merchandise. Be sure to ask them to identify some of their current best sellers which may inform your purchasing decisions.
- Go Big: Here’s where we get to my favorite piece of advice! Angie reports that it’s a good idea to add bigger pieces for the holiday season; people tend to get more generous during the holidays and often spend more money! While working with your vendors at the upcoming JA New York Show, you can discuss with them possibilities of adding a few key, higher end pieces. If you have a good relationships with your vendors, they’re likely to be open to letting you hold pieces on memo for a limited period of time.
- Be the Early Bird: Don’t wait until Black Friday to start stocking your cases! Get ahead of the holiday rush and start planning now. While placing orders with exhibitors at the upcoming JA New York Fall Show, be very clear about delivery dates. A November 1 delivery may not be possible in some cases, but working closely with your partners you can get fresh merchandise in your case in advance of the holiday rush.
- Proper Planning Prevents Poor Performance: A little corny, I know, but it’s true! Have a plan for restocking throughout the season! According to Angie, “Vendors need enough time to pull and ship items so they can arrive to you by the next day. Put an associate in charge of placing orders by 1 p.m. during the month of December.”
We look forward to welcoming you to the JA New York Fall Show, October 23-25. Secure your badge now using this link.
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