Provisional forecasts by the Australian Retailers Association (ARA), in conjunction with Roy Morgan
These predict $66.8 billion will be spent in the November to December 24 Christmas trading period- broadly in line with last year (up slightly by 0.1% or $74,000). Here is the estimate by retail category
The full report is here.
So get Your Retail Business Holiday-Ready.
Here is an updated checklist to help you prepare for the coming holiday season. This holiday season is most of my clients' busiest time of the year. Many of you will do half of your trade in the next few months. To get the most out of it, you need planning.
This guide covers points you need to review and prepare your retail business for this holiday season.
Step 1: Get Your POS System Holiday-Ready
The point of sale (POS) system is the heart of your retail operation. A glitchy or overloaded POS can ruin the holiday shopping experience, lose your sales, and damage your reputation.
Here are tips to ensure your POS is ready for the holiday rush:
Test Backup Registers and other Hardware
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If you are bringing old POS computers out of storage, test these well in advance to confirm they work. Computers not used frequently have problems.
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Verify where these computers will have proper cabling, the network connections work, and it works with our POS system.
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Test these extra computers by processing a few sample transactions.
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Make sure you have adequate printer paper, receipt rolls, printer ink, and other POS consumables. I suggest shopping early.
Step 2: Review Your Finances
This proved to be a problem last year, so I decided to add this point this year. The coming holiday season strains finances as it requires increased inventory expenses and seasonal staffing. Here are some tips to keep your finances under control. Make sure you have enough.
Step 3: Plan and Stock Products
Smart inventory planning prevents out-of-stock that can sink holiday sales.
Analyse Past Sales Trends
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Run sales reports from prior holiday seasons. Identify your top-selling products at this time of year.
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Look for trends on seasonal best-sellers, big-ticket items, and gift purchases.
Order Seasonal and Holiday Products
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Make sure to order enough holiday decorations, gift sets, appropriate greeting cards, etc.
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Make sure you have enough top-selling products and proven items. Shortages can be devastating.
Communicate Early with Suppliers
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It is a good idea now to discuss orders and delivery logistics with your suppliers.
Step 4: Prepare Your Team for the Holiday Rush
A great staff is crucial for executing a smooth and prosperous holiday season.
Start to schedule Staffing Levels
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I suggest reviewing last year to prepare.
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It is not too early to start to prepare a roster.
Step 5: Market and Advertise for the Holidays
Promotions, offers, and campaigns tailored for the holidays can drive significant traffic and sales.
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If you are into Social Media, I would recommend starting to tell your customers that you have some good things for them.
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Even a simple sign can do wonders. Make sure you have it.
Holiday Preparation Checklist
Here is a checklist summarizing the key tasks for getting your retail store holiday-ready:
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[ ] Test and update POS software and hardware
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[ ] Review inventory levels and sales histories
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[ ] Order seasonal and holiday-specific merchandise
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[ ] Communicate expected order volumes with suppliers
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[ ] Check your shelves and plan where to put the holiday goods.
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[ ] Check your financing
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[ ] Review your coming staff roster
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[ ] Confirm staffing arrangements for store opening event
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[ ] Consider a holiday-themed marketing campaigns
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[ ] Make sure you have signs to decorate your shop
Conclusion
Your retail store can thrive this holiday season with proper planning across your POS systems, finances, inventory, staffing, and marketing. Leverage the checklist above and the recommendations in this guide as you prepare for a busy holiday sales season. Let us know if you need any assistance getting your retail business holiday-ready!
