These are the five things retailers need to remember as they ready for the holiday season.
Retailers call the day after Thanksgiving Black Friday because it is one of the most profitable days of the year . But planning for Black Friday — which marks the start of holiday shopping season and the biggest opportunity of the year — can also cause extreme stress.
Forecasting also includes determining supplies. Here’s a common pitfall: you get an influx of orders and all of a sudden you’re out of shipping labels, boxes, tape and tissue paper to fulfill them. The last thing you want to do is stop shipping because you’ve run out of packaging. Order for enough inventory to handle your forecasts. I recommend a safety stock of 15 to 20 percent in case you beat your projections .
Another tip is to work with carriers to get later pull times so you can get more orders out the same day. If your typical pull time is 5 p.m., some carriers will extend to 6 p.m. so you get an hour or more of productivity to ship more same-day orders. If you have 50 packing stations and each packing station can do 100 orders an hour, that’s another 5,000 orders you can get out that day. But beware: sometimes carriers miss their own service levels.
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