Optimize Your BFCM Inventory with Genie: Identifying Which Products to Discount
Welcome to Genie, the simplest inventory management platform designed for rapidly growing Shopify merchants.
With Black Friday and Cyber Monday just around the corner, it's crucial to manage your inventory effectively. Even if it seems late, Genie can help you prepare in just a few minutes, significantly contributing to your Black Friday success.
This guide will provide a quick tip on finding and promoting the right products for maximum profit this BFCM.
Identifying the right products
The first step is to identify areas where you could make some improvements. This can easily be identified by looking at your dashboard. Here you will see where your capital is tied up and with what products.
"Overstocked" or "No Sales" products are the best places to start as these are often slower-moving products that could use a bit of help getting off the shelf.
In this case, we can see that this customer has over eight million dollars of capital tied up in their overstocked products. This means they have more than they can sell in a short time frame.
These items, along with dead stock (No sales products), are perfect for promotions. Genie even makes it easy for you to understand why a product is overstocked, its usual selling rate, and its cost value.
Selecting the products to market
Now that you've been able to identify some areas of improvement you can begin selecting the products you'd like to run promotions on.
It's important to understand that not all products are winners, which means you should choose products that you know will have a better chance of moving first. Then work your way back.
With the help of Genie and its abundance of performance insights, you can easily leverage the inventory table and metrics like average daily sales, cost value, retail value, and gross margin to help you plan and decide which products will be discounted and how much.
Why take a shot in the dark and hope you are correct when you can analyze performance data and make accurate and more informed decisions?
Tagging Products
After everything is said and done and you've identified and chosen the products you'd like to promote you can use Genie's tagging feature to tag the products you want included in these promotions.
Tagging these products will allow you to easily track the performance of these products while promotions are running so you can see how well they do. You can also leverage the "Sales Velocity" report that is built into Genie to track sales changes and see how big of an impact these promotional efforts have.
We also recommend doing this with your dead stock (No sales) items as well so you can keep tabs on their performance and make adjustments as needed.
If you have any questions feel free to reach out to our team or check out other guides in our help center.
Happy Inventorying, and we wish you the best of luck this busy season!
