Hi bournent,
Great to see you here! And thanks for your comments about WhatDoISell!
There are a couple of things to think about when determining quantities for the holidays - because you're right, it's difficult to assess how much product you'll need if it is a product you haven't sold before.
If you under order, you run the risk of trying to re-order in October and finding that your supplier is out of stock.
If you over-order, you run the risk of having excess inventory at the end of the season.
It is challenge for all online retailers!
Here are a couple things you can do -
If you have any order history from the previous year, look at those sales reports and get an idea of what your past sales volume was.
If you didn't keep that information you'll want to track it
this year so you'll have some guidance for next year.
Calling your suppliers and asking them about which products will sell is also a great idea. They will be able to tell you which product lines they anticipate to be hot sellers, which they have sufficient inventory on, and which they expect to be back ordered on.
Also, find out where their inventory is coming from.
If they have a hot product and they are re-ordering inventory for delivery in October. Chances are in reality, it will never make it to the supplier in time.
If the warehouse is in the US and they are building products in the US, you have a better chance of re-ordering - so that is an important question to ask them.
The other thing you can do is start "seeding" products early in the season as we talked about above in the workshop content.
If you start listing products now that you anticipate will be popular and they start moving quickly here in July, you have a pretty good idea that the volume will pick up for the holidays.
Then you can reorder more stock earlier.
Ultimately there is always a bit of guesswork involved in determining inventory volumes - no one - even the most experienced buyers for big department stores hits it right on!
But using the process I described above will enable you do make the best and most informed product sourcing decision possible.
Lisa
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