End of Financial Year sales: Three sure-fire strategies for retailers

End of the financial year (EOFY) sales are fast approaching, and many retail businesses will experience peak demand. However, with Deloitte predicting “retailers will struggle to hang on to the market share gains they enjoyed in 2020”, there has never been a more important time to ensure that your business is ready to make the most of EOFY sales, writes Jason Toshack, General Manager ANZ Oracle NetSuite.

Here are three strategies to help prepare your business to meet sales demand

Prepare inventory for crunch time

Maintaining the right level of inventory at one of the most financially critical times of the year can be challenging. While this may seem like a given, ensuring that your inventory is conveniently organised and easily identifiable is keyb to sales success. A robust business management system will give business leaders real-time visibility into stock levels, allowing them to adjust as needed.

An “ABC” system is an effective strategy, as this can help identify stock that is obsolete or expired. Those ‘A’ items are of high value or velocity, ‘B’ items are less frequently needed and may have a shorter reorder time, and finally, ‘C’ represents slow-moving or rarely restocked items. Limiting the ordering and storing of ‘C’ items can allow the business to reduce waste and increase the volume of those items which offer a higher yield to the business.

Optimise eCommerce channels

Many consumers favour online shopping thanks to its ease and convenience. An Australia Post report found that “online shopping growth for the 12 months to 31 December topped 57 per cent YoY”. This led to Australian consumers spending a record $50.46 billion on online shopping, a nearly 100 per cent increase from the A$28.6 billion spent in 2019.

Shopping online is simple and can be done from home, hence why – nine million Australian households made a purchase online in 2020.  To further capitalise on this market, it would be in the interest of retail businesses to ensure their eCommerce platforms can maintain a seamless customer experience before the bargain hunters descend during sales season.

Optimising your online shopping experience involves taking an overarching view of your website to make sure visitors can easily find the products they want, add to cart and checkout with minimal friction. With nearly 70 per cent of online store visitors abandoning items in their cart for reasons like website issues or confusing checkout processes, an optimised platform should be a priority.

Here are some points to think about when optimising your eCommerce experience:

• Is your site easy to navigate with a search function so visitors can easily find what they’re looking for?
• Are your product images optimised so that they are high quality and load quickly?
• Are product descriptions accurate and do they present your goods in the best light?
• Do you provide suggestions on complementary purchases for items in the visitor’s cart for add-on sales?
• Is the checkout experience seamless with multiple ways to pay and varied delivery options, especially for people who need their items in a rush?

Let your tech do the heavy lifting

There was a time when teams had to make do with pen and paper for inventory counts, reconciliation and more. Luckily, business leaders now have a wealth of digital business management tools to choose from, including eCommerce platforms, inventory management and finance reconciliation.

But not all tools are created equal and having too many solutions can lead to a situation where disparate systems do not talk to each other, resulting in data inaccuracies and a lack of visibility across the business. Investing in software that manages all aspects of your business – and is easily customisable as your business grows or changes – will reduce complexity and boost agility during times like your EOFY sales period.

When getting your business ready for EOFY sales, the old adage “failing to prepare is preparing to fail” certainly rings true. Taking the time to manage inventory, bolster eCommerce and invest in technology will help ensure your business is ready for showtime.

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