How To Prepare Your Small Business For Cyber Monday
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What products do you want to feature and move off your shelves?
Meet with your staff and decide not only what products, but also what price points and offers you want to extend to customers. Cyber Monday is all about deals, so it is important to offer customers some sort of sale promotion.
According to the U. Economynearly 90 percent of retailers offer Cyber Monday sales, while 50 percent offer coupons or percentage off deals. More than one-third of retailers have limited time only promotions and 15 percent offer a gift with purchase.
Free shipping is offered by half of all retailers and some 36 percent of online shoppers said they would purchase more with a free shipping offer. Holiday sales can clear your shelves quickly, so it is important to track sales and inventory to project quantities needed. Further, PriceWaterhouseCopper sites that the biggest problem retailers faced during the holiday season was their mismanagement of inventory tracking. These two business practices open your small business up to human error and lost revenue.
In fact, the lack of tracking inventory or tracking incorrectly is one of the top reasons small businesses fail. The best inventory management system will vary by business needs, but is imperative to success. Utilizing data from inventory tracking allows you to estimate holiday inventory and be prepared for the season. Once that is completed, stock up.
And do so with the knowledge that you are prepared for the holiday rush, most importantly the Cyber Monday rush. Not what you had planned? Now is the time. First, design an easy-to-use website with a simple and fast navigation system with clear access to customer support. User friendly websites ensure a painless experience and retain customers long after Cyber Monday has ended. Secondly, enlist the assistance of an IT specialist to structure your website so it has a scale-out, fault-tolerant database with increased bandwidth, which has the ability to grow and accommodate traffic and online transaction volumes.
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