How to optimize stock management during Black Friday?
Do you sell online? Christmas is just around the corner, and with it peak sales on your e-commerce site. Black Friday, which falls on November 25 this year, is the first event not to be missed. But what exactly is it? And how can you make the most of it for your business? Read on for all our e-commerce tips and advice.
What is Black Friday?
Black Friday kicks off the last shopping period before the holiday season. It takes place every year on the fourth Friday of November. Retailers take advantage of the occasion to offer promotional offers and encourage purchases with bargains, discounts and coupon codes. The tradition of Black Friday originated in the United States, where it takes place the day after Thanksgiving - the Thanksgiving holiday featuring turkey and celebrating the harvest.
The term Black Friday is said to have been coined by Philadelphia police officers in the 1960s, alluding to the crowded streets on this day of widespread shopping. Another interpretation is based on the change in color of retailers' accounts, which, previously "in the red", turn positive - i.e. black - thanks to the increase in Black Friday revenues.
Black Friday in France
This North American phenomenon, which attracts crowds of shoppers and crowds of shoppers to shopping malls, has gradually caught on in Europe, and particularly in France. While some physical stores are gradually adopting it - such as Auchan, Fnac, Darty, La Redoute and Géant Casino - it's on the web that the phenomenon is most present and generates the most buzz. Driven by major e-commerce brands such as Amazon, Cdiscount and Rueducommerce, it is also being deployed by eagerly-awaited brands such as Apple, as Christmas gifts featuring high-tech products are a big hit at this time of year.
Following the Paris attacks in November 2015, an initiative was launched by the Fédération du e-commerce et de la vente à distance (FEVAD) to rename "Black Friday" as " XXL Day ", out of respect for the victims and their families.
A major e-commerce challenge
Like the summer sales, winter sales and Cyber Monday, Black Friday and the weeks leading up to Christmas are good times for commerce in general and e-commerce in particular, but they also represent a complex time in terms of stock management:
- purchasing intentions are voluminous, but remain random
- the buying period is short and concentrated.
As an e-tailer, you may have your own online sales site. But to be content with this as your only sales space on the web would be to squander many opportunities. With the various existing marketplaces , it's in your interest to relay your product catalog via other channels: web users accustomed to surfing Cdiscount should be able to find you on this platform, for example.
But how do you satisfy as many consumers as possible at the same time? And how do you organize the best possible stock management? There are a number of levers available to you.
E-commerce: backstage management
Multiplying distribution channels
Does multiplying sales interfaces mean multiplying inventories and the associated management? Not necessarily. Especially since it would be almost impossible to offer the same lot simultaneously in different locations. Your stock must therefore be adjusted in real time. The aim is to avoid selling the same product twice and not being able to fill orders that have already been validated. As the number of channels increases, it's impossible to do this manually!
Facilitate cross-channel sales
Tools exist to continuously update your stock across the different points of entry where you offer it for sale. Iziflux software enables you to distribute your products across all e-commerce media, while synchronizing your catalog in real time. Alerts concerning out-of-stock situations or minimum thresholds can be configured to anticipate your stock management needs as effectively as possible.
Unify and manage inventory
When the stock offered online coincides with that available in-store, the update must also cover the flows from your physical points of sale in real time. Synchronization is made possible by a tool such as TCBia (Terminal Code Barre), an application offered by Archipelia's horizontal ERP. Connected to your warehouse, TCBia unifies data between your web and in-store distribution, facilitating inventories, preparations and supplies. And it's all omnichannel!
Black Friday, or XXL Day, is becoming an increasingly popular event in France. It has become a key event in the e-commerce calendar, and is particularly popular with consumers. As a seller, equipping yourself with a sufficiently advanced inventory management solution such as Iziflux or Archipelia will enable you to take strategic advantage of this tremendous opportunity to boost your sales.
Article translated from French