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5 Tips for Managing Spikes in Demand

11th January '19

In the quiet aftermath of the holiday rush it’s time for retailers to think about grabbing what extra business spikes are available.

If used effectively, January can make for the perfect opportunity to prepare for upcoming spikes in demand. Despite how interminable January may seem, remember that Valentines, Superbowl and St Patrick’s Day all fall within the first three months of the year.

If you’re still reeling from the peak demand during the holiday season and wondering where to start with preparing for the next spike, here are 5 tips for managing your approach –

 

  1. Increased storage for stock

In addition to increasing stock it’s important to ensure that you have the appropriate storage space for surplus chilled, frozen or room temperature products.

Lowe’s flat pack cold rooms are a flexible storage solution for retailers as their flat pack functionality means they can be assembled and installed anywhere they are required. This helps retailers achieve an easily accessible storage facility, expediting stock replenishment by staff during busy times in store. Check out the 5 tips for getting the most out of your cold storage.

 

  1. Industry trends

According to Retail Dive “Brick-and-mortar stores continue to evolve in many ways, and more and more retailers are using physical space to experiment with technology, location size or customer services.”

The run up to seasonal spikes in demand is the opportune time to be looking at industry trends. Through a bit of research, you can garner a better understanding of what is valuable to customers in 2019. This will help in considering how your store can respond and individually adopt trends to ultimately strive in improving the overall in-store customer experience.

 

  1. Planning product promotions

Researching industry trends should tie-in and give an idea of how your store plans on running in-store promotions. Lowe have a wide range of promotional refrigeration units designed for merchandising and turning heads during product promotions.

The plug-in functionality of Lowe’s refrigeration range lends itself seamlessly to a quick, easy and fuss-free delivery and installation of temporary promotional displays – an added bonus for busy retail teams.

 

  1. Use historical sales data

The success of a stores response to seasonal demand will rely in large part on how well prepared the store and its staff are for the brief but sizable (and profitable) spike in footfall.

Historical sales data affords retailers the luxury of better understanding what to expect in terms of specific product demand. By utilizing historical sales data retailers prepare efficiently through smart stock ordering. Smart means making informed decisions on stock backed by insightful sales data and placing stock orders on those high demand products well in advance.

Additionally, it can be worthwhile to put provisions in place with suppliers for stock replenishment arrangements in case your store’s demand is even higher than expected.

 

  1. Preparing an action plan for staff

With stock orders placed, promotional change-overs plotted into calendars and additional storage provisions ordered; it’s time to get your action plan ready for staff.

Preparing your teams of staff for increased footfall during peak season is the final frontier in yielding a profitable seasonal spike. Traditional face-to-face customer service will always be top of the list when it comes cultivating a high standard of customer experience and customer retention. And as all retailers know, staff are your most valuable assets in achieving this with success.

Whether it’s notifying customers of product sampling on offer or helping them to the car with their bags, it’s crucial to brief staff on the small things that can be done to improve customer service during peak demand.

 

Does your store need additional storage provisions for seasonal spikes? Or top-of-the-range promotional refrigeration units for a product promotion? Contact the Lowe team today to discuss your retail requirements.

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