While much of 2020 has been disruptive for businesses, consumer demand remains strong. Year-over-year, e-commerce has been gaining ground, and with the COVID-19 pandemic, businesses should expect online sales to be higher than ever in the fourth quarter. While fewer people will be hitting brick-and-mortar stores during the holiday season, businesses should be preparing for high-volume online sales in the last three months of the year. Maximizing year-end sales take a sound but simple strategy so businesses can start off 2021 in a strong financial position.
Planning Your Year-End Sales Strategy
To maximize year-end sales, businesses need to figure out how they are going to reach potential customers. Direct mail flyers, social media ads, short videos, referral advertisements on podcasts, and more can all be leveraged to build excitement and get people primed to make purchases from your business. Flyers and print media will give you a wide reach, but digital marketing will allow you to gain traction with targeted demographics by interest, age, geographic location, and more.
In addition to marketing, businesses need to prepare for sales on the back-end. If your business previously depended on foot traffic, you need to make sure you have a basic online storefront, so people can make purchases from their computers, tablets, and smartphones. Also, businesses need to pay close attention to inventory. Your business cannot afford to run out of a particular item during the busiest season of the year. Ensuring your business is well-stocked ahead of time can help you maximize your sales.
Financing for the Fourth-Quarter Rush
After an unpredictable summer, businesses across all sectors need accessible working capital to prepare for the year-end sales rush. However, traditional lenders have been tightening their requirements on credit and collateral while lowering the amounts they offer to business clients. In order to avoid turndowns, business owners are turning to alternative solutions that are faster, more flexible, and more accessible than traditional loans. Merchant cash advances, for example, provide an infusion of working capital to businesses without placing debt on the books. Additionally, merchant cash advances offer flexible payments by taking a small percentage from the total credit card sales receipts instead of large, fixed, monthly payments. This allows businesses to prepare for the fourth-quarter and maximize year-end sales to carry them into 2021.
If you want to get a jump start on the big sales season, contact the team at Web Finance Direct today.