Are you ready for Valentine's Day!
This year, IBISWorld forecast predicts Australians will spend $1.09 billion on Valentine's Day, the average Australian consumers are expected to spend $43.61 on someone special. If so to give you a feel of its size, that is about 40% of Boxing Day.
I believe it as when I look in google trends and put in Valentine's Day, for Australia over the past five years, you will see this graph which shows that there is a lot of interest, comparable to previous years.
So I hope you have some plans to take advantage of this interest.
One point I can assure you is that you don’t have to be in the chocolate or flower industry to win some of that business. We have a client that sells a lot of mobile phones on that day so try to find an angle.
Start off here and see in your point of sale software, how your existing stock goes for Valentine's Day and ask yourself do you have this stock?
The report I recommend you look at is the Top N stock report which gives you among many other details the top-selling items.
Go to Register Reports marked in green.
Select stock and now you will see two reports, click the one on green first. The purple you should hold in memory as you may need it before placing an order.
Now select last year, for this date until Valentine's day (see yellow arrow)
Here I would suggest looking at the top 40 items, which for most shops should be plenty.
Now you will get a report with your current stock on hand figures to see how your shop looks stock wise for Valentine's day. You also have supplier's details too which you can investigate with the Top N stock report by suppliers that I spoke about above.
Another idea to consider is I did this report for last year, it's a good idea to do it for other years as well.
Now gather the items together as Valentine’s Day is known for having plenty of last-minute shoppers. So you need to make easy for them to find appropriate goods in your retail store. If possible make it a spot in the shop with plenty of red.
Happy Valentine’s Day retailers! And happy selling!