The 2021 holiday reselling season is unlike any other. Supply chain shortages are negatively impacting large retailers, however, the silver lining is that more consumers are shopping small to find top gifts this holiday season that they can’t buy anywhere else. But as the end of the year approaches, it’s important for resellers like yourself to track yearly performance and get your business in a healthy place before saying goodbye to 2021.
So, how do you close out the Q4 holiday reselling season strong and start Q1 on the right foot? Check out these end of Q4 tips to get your business ready to ring in the new year!
Make a list, check it twice
The busy holiday reselling season is here, and typically during this time of year, your customers’ demands change or increase. Their primary focus is on holiday gifts, Big Friday savings, free shipping, and holiday sales. As you receive incoming inventory for holiday selling, trying to get orders out the door quickly to avoid shipping delays, adjusting your sales process, and organizing your end-of-year finances can all be a bit overwhelming.
To keep yourself out of a HAULiday pickle, make a checklist (or download BULQ’s!) to help you stay on track, especially during November and December. This can help ensure nothing falls through the cracks during this hectic season.
Oh, what fun it is…to conquer your death pile
The infamous death pile of items you just can’t seem to sell follows most resellers throughout the year. You’ve probably looked at this pile and thought to yourself, “No one will buy this,” or “I’ll get to it next weekend.”
But, defeating those seemingly immovable items could be as simple as putting them in front of new buyers. Gather that inventory and cross-list on multiple platforms to get your products in front of fresh eyes. Also, take a look at the pricing of these items to make sure they’re competitive with the current market. These tasks should help you avoid a death pile at the start of the new year Remember to always list, sell, and repeat!
Dashing through the competition
As online reselling grows in popularity, your competition is likely to grow with it. So, it’s more important than ever to attract buyers and market your business.
Do your due diligence and analyze your inventory to see if it matches the wants and needs of prospective buyers. Conduct product research and join reselling groups like the BULQ Community Group to learn what works for other sellers, too. Once you’ve determined the right inventory mix, ensure your marketing plan is designed to reach the people most likely to buy those items.
New year, New goals
Resellers of all levels occasionally find themselves second-guessing their strategies and reflecting on past performances. Though likely meant to be constructive, these “wishes” often undermine the successes they DID achieve and can hurt more than help:
“I wish I would have made more money.”
“I wish I would have done it this way instead of the other way.”
Don’t spend January lamenting over what you could’ve done better last year or in Q4 – YOU’VE DONE GREAT! Instead, change those “I wish” statements into actionable and feasible new year goals.
If you’ve been selling for more than a year, review your overall profits and determine which items were most popular or brought in the most revenue. If that was consumer electronics for example, consider sourcing more of that category in the year ahead. If you’re newer to reselling, use the experience you’ve gained to set attainable goals. That could mean you start holiday liquidation sourcing earlier next year. It’s best to start small, stay organized, and remain committed.
Planning is vital to setting your business up for success in the new year and closing out the holiday season. By staying organized, moving your current inventory, managing your competition, and proactively setting goals, you’ll be ready to close out Q4 strong and start a few steps ahead in the new year.
Check out these posts for more holiday reselling tips and tutorials:
- BULQ Breakdown: Holiday Marketing Secrets
- 2021 Holiday Reselling Prep: November To-Do List
- Why BULQ is Your One-Stop-Shop this Holiday
- How to Cross-List Across Reselling Platforms & Drive Sales
Follow BULQ on social media for additional tips, reseller stories, and more: