Know Your Data During Sales Season

You can’t argue data. Let’s be honest.  Sometimes it’s not what we want but what we need to see. As a business owner or manager, you should know the financial data of your business.

Here are just a few data points that can’t be argued and that you may find critical when thinking about consumer traffic this holiday season:

• According to the National Retail Federation, the US holiday season sales have been growing on average by 4.9% each year from 2011 to 2021.
• 154.5 million Americans shopped on Black Friday last year, both in person and online (moneytransfers.com)
• Overall, 93.3% of those retailers studied offered Black Friday deals on their websites (Forrester Research)
• According to Adobe, Black Friday discounts in 2021 averaged 24% off retail prices.

The above data tells us a few critical notes.

1. Consumers are expecting holiday sales between November and December.
2. Although customers love and appreciate a sale, a considerable discount is unnecessary.

Much attention should go into determining what sales you will offer this holiday season.  Ensuring you are generating revenue is vital to your store's success.  A deal is more of a psychological concept than anything.  For example, people want to feel like they are saving rather than spending money.  Sales also create a sense of fear that a customer will miss out on the once-in-a-lifetime deal.  Another psychological aspect of a sale is competition.  Customers want a company to stay supplied with the item when they only have a certain amount of time to purchase it at a specified price.

With many years of bookkeeping experience, our team is trained to be able to apply the success associated with seasonal sales to a company through bookkeeping.  Professional bookkeeping is a way for you to create accurate and detailed data about your sales, not only during the seasonal sale period but all year long to grow the success of your business.

Are you interested in learning more about ShoreSource Business Solutions, LLC?  
Feel free to reach us at 843.729.2961 or info@shoresourcebiz.com.