gift and apparel market tips for 2024
As Christmas ramps up and you’re about to dive head first into holiday sales, insane long work days and employee chaos, there’s a MAJOR focus that you may overlook…YOUR 2024 INVENTORY! Knowing what to buy, when to receive it and how much inventory to anticipate is key to a successful start to the new year.
Here are my inventory tips to making 2024 the best year yet.
Take off your holiday hat and focus on 2024 NOW. Get out of the weeds and spend some time working ON your business today. Make notes of top selling items in 2023 and cut your emotional ties to the items that didn’t do so hot. You must know this information before you head to market in January. Print out sales sheets so you have your inventory with you to refer back to.
Create a well crafted buying strategy complete with a calendar of ship dates so your cash flow doesn’t get sucked away. Understand the importance of timely ship dates which can impact your boutique’s success. Tell your vendors the date you want your items to ship and spread these dates out. Never get everything all at once. Not only is this an unpacking nightmare, but your cost of goods sold budget will be in the toilet! Make sure you give your vendors cancel dates along with information on shipping items “complete” rather than ship when they want to.
Inventory that you want to receive in January through March should be carefully planned out NOW. As the weather may not change as quickly as you hope or your customer’s wallets may not be as fat as you’d like. Buy smart! Focus on lightweight clothing, Mardi Gras decor, and stay clear of super vibrant prints that may not be considered until the weather gets warmer. Your Spring collection should sprinkle in between January and March. Resist having it come all at once! Make notes in your shipping calendar of Easter and other important dates as you’ll want your inventory to reflect those holidays.
Inventory that arrives April through June should be your Summer collections. Again, ship dates are key to a successful profit margin. Look for breezy fabrics, beachwear, and trendy Summer accessories that are great for vacations and outdoor activities. Any inventory that is still sitting from January through March can be boxed up, labeled and pulled out for a huge sale or put out next year at full price. Only you know your customer and how trendy they truly are.
July through September inventory is a Fall and Holiday focus. Keep in mind if your boutique is in the south it is still warm well into the Fall, so be careful about receiving inventory that is heavy or thick. Your customers may want to see holiday inventory early, but know your clients. If they don’t buy early, neither should you! Keep in mind that back to school time is a generally slow time for boutiques unless you have a back to school audience. I think it’s best to keep a thin inventory until closer to September.
Any buying after October should be focused on top selling reorders. Your goal should be to sell down your inventory (not out) to end the year with low inventory. You should shift your focus to preparing for the new year. If you have a Mardi Gras audience, bring in your Mardi Gras by November 1st.
November and December are extremely busy months for you, and it is the perfect time to focus your attention to preparing for the new year, making your market plans and sourcing items that reflect upcoming trends which will set your shop up for a fresh new look. While these tips provide some structure, it’s essential to monitor market trends, consumer preferences, and industry dynamics throughout the year. Stay adaptable!
If you need help setting revenue or market goals, outlining employee roles, creating a leadership team or any other essential moves to give you freedom in your business, let’s make an appointment to discuss your goals. Book one here!
xoxo, Kristi
