Amazon Seller’s Guide: Preparing for a great holiday season
Hi guys! Hope you are excited about the holiday selling season coming to Amazon, meaning more sales and fun! In today’s blog post I am going to talk about how to try and forecast what your sales might be based on several factors. So if you are new to a selling space with private label products, this can be an exciting time, because lots of things change this time of year: sales usually start ramping up.
There are several ways to project what your sales may be. Number one, if you were selling last year you should already have a good idea, you can look back at what your sales were during November and December last year, and look at how much growth you experienced during some other months. So let’s say you started last September, then look at this September and your last September for concrete product. Compare the results for the same product for December month. This will give you an estimate of how much sales increase you can expect on that product.
But let’s say this is a new product for you that just launched, you don’t have any data to go off of, and it’s little bit trickier. But there are a few things that you can do. Try to find a similar product and see what that seller did last holiday season, or even season before that. For this you can use tools like CamelCamelCamel to try to look on how they did in terms of pricing and their sales rank change during the holiday period last year.
The other thing that you can do is talk to your supplier. There so many people out there thinking that their supplier only sells to them, in fact it’s just the opposite. Even if you have some product modifications or variations, your suppliers supplies the same or a very similar product to other sellers, regardless of whether they sell on Amazon. The point is that they have in fact a good idea of how this product does during the holidays, and what quantities are usually ordered. You should simply ask them: ‘’Hey, with your other customers, how much do they usually increase their order during this time of year?’’ That can be a great way to estimate Q4 sales for a particular product. Most suppliers are gonna be pretty honest and give you accurate info for that type of question.
The other idea is to ask around. You may not know a lot of sellers who do the product that you sell, but if you do some networking, participate in relevant Facebook groups, go to some of the events, you will gain some acquaintances that you could reach out to, especially if they sell similar products or at least products from the same category. Ask them what type of increase they see during the holiday season.
Using these methods try to come up with an educated guess of how much inventory you would require, and order! And while ordering, remember, that it’s best to have a little leftovers in late Jan – early Feb, because you didn’t quite sell all that you thought you might, than to run out of stock in mid December. There is nothing worse than running out of a product 10-20 days before Christmas.
General tips for Q4:
- Have fun
- Get into the holiday spirit
- Engage with your customers
- Run promotions
- Change your images
- Do something fun around the holidays (it will be contagious, your customers will notice)