Festive Season Inventory Management: A Practical Guide for Independent Retailers

In this article, our experts share their tips and tricks to help you manage your inventory effectively in the run-up to the festive season. Whether you’re analysing past years, organising storage space, or adapting to current  trends… Our best advice is to stay zen and follow the guide!

The best way to prepare for the festive season is to look at trends from previous years. Take stock of past years, dive into your data and define the following:

• Seasonal Trends
• Unique needs
• Holiday demand flows

This will give you an indication of what to expect in 2023.

Don’t get so overwhelmed by planning for the future that you forget to focus on what is in front of you: Simply start by taking stock of your current inventory and listing: 

• What do you have?
• What you don’t have?
• What do you need to restock?

Identify the flagship products that absolutely must be available on your shelves in the run-up to Christmas. In addition, identify which products are less successful during the festive season and can therefore be put on hold while your best-sellers take centre stage.

Sort your products according to their relevance to the holiday season. Focus your stock management and sourcing efforts on these categories. In this way, you can make sure that you’re stocked-up with all your best-sellers.

Next, create themed bundles to encourage complementary sales. And lastly, be strategic in introducing targeted discounts on certain categories.

If you decide to add new products to your assortment, decide in advance how to integrate them into your existing categories, while promoting them to your customers. 

To make sure you don’t get overwhelmed, we advise you to plan your calendar carefully, starting now until the end of the holiday season. For example, draw up a detailed ordering schedule according to your suppliers’ delivery times, to avoid stock-outs. 

By meticulously planning your day-to-day schedule, you’ll be ready for the unexpected since everything else is perfectly in place.

Once you’ve filled in your order calendar, it’s also a good idea to schedule regular reminders to check your stock levels during the holiday season. During this very busy period, with a million things requiring your attention, this will ensure you stay on top of everything.  

It doesn’t matter how prepared you are, there’s sure to be a few curve balls coming your way. The most important thing is to adapt. If some of your products don’t meet your expectations or don’t keep up with your sales predictions, don’t get stuck! For example, think about offering discounts or adjustment to your prices to avoid unsold or leftover stock.

Your store might be subject to seasonal trends. Follow your plan, of course, but also keep an eye on your competitors and what is happening in the industry. Don’t hesitate to make the necessary adjustments to your stock if it means you can benefit in the long run.

Ankorstore best practice
Throughout the year, we offer you brand selections based on current trade events. From now, you can discover our special holiday selections including “Gifts ideas“, “Decorations” and “Festive meals” until December. We’ve carefully curated these collections so you have access to all the products perfectly suited to the season and your unique needs.

In the midst of the mad rush that comes with holiday craziness, your storage space can quickly become a nightmare to navigate. This year, get organised ahead of time! Make sure every product is easily accessible (and easy to find) for smooth inventory management. Here are a few techniques you can implement: 

• Create a special holiday zone: This makes it easier to find products and saves precious time when your shop is busy.
• Be precise when labelling your products.
• Organise your products according to demand (the most popular brands and best sellers should be the most accessible).
• Set up a well-organised order-collection area to minimise errors during the rush.
• Use transparent containers for small items or accessories. (Genius, right?) 
• Take a few minutes (either after closing or before opening) at regular intervals to maintain the space and keep it optimally organised.

In the run-up to the festive season, organise moments of reflection and sharing with your team. Clarify your strategy, explain the actions to be taken as you approach Christmas, and make sure that your staff understand your ordering and stocking organisation.

Remember, your suppliers are also entering their most important (and busiest) time of the year. So be sure to contact them proactively and discuss the following: 

• Your upcoming needs
• Changes in the volume and frequency of orders
• Adjustments or changes in their delivery times, so that you can prepare accordingly

Ankorstore best practice
Did you know that you can contact brands directly from the platform? Just go to their store page and click on “Contact brand” – it’s as easy as that!

Utilise the technological tools available to retailers today to automate and simplify your inventory and order tracking. This software provides a great way to analyse your data in real-time, so you can forecast demand and optimise your ordering strategy. Investigate which options are available, and pick the one most suitable for your specific needs. 

If your business offers products with expiry dates (like groceries or beauty products), keep a close eye on your perishable products before and during the holiday season. This will help you avoid losses. To do this, consider using the “FIFO” (First In, First Out) technique to ensure that the oldest products are sold first.

For more tips on preparing your store for Christmas, check out these blog posts: 

• How to optimise your time during the busy festive season
• Five ways to thank your customers this festive season – and why it matters
• How to master social media this festive season