Calculated Purchasing Decision for the Fourth Quarter of 2022
The last quarter of the year is the busiest yet most profitable time of the year. Especially with all the economic adversities—the COVID-19 pandemic, supply chain issues, and inflation, you have to be brilliant at managing the final quarter concerning your budget and the things you need to purchase.
To guide you on your purchasing decisions, we created a list of the products best suited to include in your inventory for the final four months of the year.
Numerous deals await this month as the Halloween season approaches on the 31st. Top of the list are candies, a must-have during trick-or-treating. Also, as the winter season begins, prepare winter clothes in stock.
November is a month to remember. Black Friday takes place on the 25th of the month this year, which entails the start of the Christmas shopping season. Technological products like gadgets, home appliances, and home improvement tools are in trend as part of Black Friday offerings. Aside from that, holiday gifts have to be in-store. If you are a fashion retailer, this is your moment to show great new products, and also to create great deals to liquidate older inventory. If you are in a mall, you have to do something. If not, you might wait for Small Business Saturday to create a promotion for your customers.
As a continuation of the November holiday deals, toys, as a popular gift, and Christmas decorations are the month of December’s top sales. Make sure not to forget these essential items. As you put together your plans, remember that the best thing to do is to pick a single category or vendor to promote, even weekly. We do not recommend putting the whole store on sale, ever!
With this, one of the best strategies in dealing with the fourth quarter is having a calculated timing! The right time to purchase products for your inventory and when to put them out on the market.
Lucky you, reading this article is also perfect timing to know how we, at Retail Smart Guys, can help you in this process.
Through our inventory planning service, we can analyze your inventory and give you the industry’s best information, to help you be more profitable and have better cash flow.
Your business concerns will be our priority as we create a comprehensive monthly open-to-buy plan for each class (by location for multi-store retailers). In this way, you can avoid excess inventory and reduce storage costs, obsolescence, damages, and taxes that can hurt your budget. And, since we have direct links to 15 different POS products, it will be created for you, automatically, without you having to lift a finger!
When you add RSG’s inventory planning service, you divide your workload to subtract your business worries.
Use this formula to multiply profits.
Undoubtedly, your odds of having a great year are calculated high!