Use a forecast to prepare for the christmas season
Retail is a seasonal business, vulnerable to sudden changes in customer demand, competitive price-cutting and major swings in the global economy. All this uncertainty makes forecasting an absolute essential – and the holiday season should be no exception. To really make the most of Christmas, you should begin with a thorough forecast.
If you’re launching new product lines this Christmas, ask your wholesaler for sales trends data or compare against a similar product you’ve previously sold. Look through historic data to see how and when sales spiked in previous years, and consider wider economic developments, consumer trends and notable occasions (such as Black Friday or Cyber Monday), that could affect sales patterns this festive season. Use this to estimate how much of your existing, new and seasonal lines will sell, and use this to inform the rest of your festive planning.