As the books start to close for 2019 and we look ahead to 2020, all Amazon sellers want the same things. You want to be able to have a strong Q4, which will set you up for success in the new year. There are a few different things you can do to ensure both these things happen. Here are four tips on how to end the year with strong sales and how to prepare for 2020.
1.Create a Cohesive December/January Plan
Amazon’s Q4 actually runs from November to January. This is because December and January are both huge months for Amazon. Even though the calendar flips and your business’s quarter may change does not mean you should look at these two months as entirely spate entities. Planning for these two months together will make for a much smoother transition into the new year. Looking at overall inventory for both months, your two-month growth plan, and how to cycle your marketing during this period will help you max out your profitability during Amazon’s busy season.
2. Adjust Your Repricing Strategy
During December and January, people are not only buying more but paying more for items as well. This is because of the holiday rush in December and because many people in January are shopping with gift cards they received for the holiday. To make sure you are making the highest margins possible. Adjust your repricing min and max upwards during this season to keep up with inflated prices across the board.
3. Increase Your Working Capital
Having more working capital for your business is always a great thing. It will allow you to meet demand, grow, and invest in the tools you need to maximize your business’s potential. In Q4, it can help you diversify your offerings or add extra inventory to be able to have a huge quarter. If you project the beginning of 2020 to be a little slower, you will have the cash on hand to get through the lean times. For Amazon sellers, it can be hard to get working capital from traditional lenders so working with an eCommerce lending specialist is something you definitely want to look into. That influx of cash will help you have a booming Q4 and really set you up for 2020!
4. Manage Your Reputation
With an uptick in sales, should come an uptick in reviews and feedback as well. This is something you need to be prepared for and be ready to encourage in December and January so these customer interactions will help drive business well into 2020. You may want to look into investing in review and feedback management software to increase the percentage of customers who leave their feedback. Also, as busy as you may be, you want to make sure your customer service is on point during this time so you do not incur any negative reviews if you can help it.
The end of 2019 and the start of 2020 should be a great time for Amazon sellers. With these few helpful tips, you should be able to end the year strong and power forward into 2020 and beyond.