How to Maximize Profits & Retail Execution for Holiday Weekends
Shoppers aren’t the only ones that appreciate the luxury and free time that accompany holiday weekends. Retailers and retail brands recognize the importance of long weekends because the day or two off work gives consumers an extra day to spend. Despite a likely increase in profit for retailers and brands, holiday weekends also require strategic planning to efficiently maximize the revenue the weekends bring in.
Stock The Store
The first step to guaranteeing a successful, profitable long weekend is having shelves properly stocked. All products should be available and shelved correctly so customers can find them. Additionally, make sure each store has extra inventory available for products that might sell out, and employees who know the procedure should sales go as planned. Ensuring everything is in store and in the right place will result in the highest sales possible.
As you prepare for a long holiday weekend, be sure you know what’s going on in the community. Know when to expect customers, as well as what to expect them to be shopping for. Examine local demographics and analyze consumer behavior. Then, ensure that each store in your region has the appropriate products in stock.
During a long holiday weekend, stores can be slammed with customers. Regional CPG reps should go through stores to make sure retailers have done their jobs, and products match up with planograms. Even seemingly little tasks, like double-checking product placement on end-caps, are of paramount importance. Each component of retail execution is vital to maximizing revenue. Also, before long holiday weekends, retailers should decide whether stores need extra employees, or employees need additional training, to handle the expected business.
Collect Real-Time Data
Holiday weekends can be extremely profitable; depend on real-time data collection to ensure you’re maximizing your product’s potential. One of the best ways to collect data and increase market share is by using robust mobile data collection software, like GoSpotCheck, to gather real-time intelligence throughout the weekend. Actionable data enables smart decisions in the field as quickly as customers enter and exit the store.