Thrive by Shopventory

The only thing that’s on our mind right now? 🤔 End-of-year inventory counts of course! We recommend you complete your count at the end of December or the beginning of January before you start building up your product assortment again for the new year. When making your physical inventory count plan, this is what you need to keep in mind 👇 1. Schedule a training to go over the procedures, divvy up responsibilities, and answer any questions from your staff. 2. Set up an inventory cycle count report using a spreadsheet or an inventory management system to track which products you need to account for. 3. Integrate barcode scanners to speed up your count compared to pen and paper counts, saving your team hours. 4. Determine your inventory count method (we recommend location or category-based). 5. Pick a date and a time that your store is closed and your staff is available.

Let’s talk about end-of-year sales. Everyone’s doing it, so if you’re not, you’re going to be losing extra 💰💰💰 Why end-of-year sales matter👇 1. Consumers are expected to spend $901 billion by the end of 2024 2. Attract new customers during the peak shopping season 3. Clear out excess inventory strategically 4. Maximize your tax deductions Marketing strategies to amplify your sale 👇 1. Social media promotions 2. Targeted email campaigns 3. Influencer partnerships 4. Limited-time urgency ⭐️ Pro tip: Use charm pricing (e.g., $39.99 instead of $40) to pyschologically catch the eyes of more buyers!

BFCM numbers are in….. 🥁🥁🥁 Square just released their Black Friday Cyber Monday report for 2024. This is what we found most interesting: • Most people shopped on Saturday, November 30th • 17% growth of in-person shopping year over year • 21% growth of online shopping year over year • 19% average discount offered Check out the full report here!

Better workflows + bigger opportunities = happier small business owners Check out Stone’s Beer & Beverage Market's full success story here: https://hubs.ly/Q02Zc96d0

🎉Congrats, you survived BFCM 🎉

The 5 days between Christmas and New Year’s is stressful if you don’t have a plan 😰 Here’s everything you need to get organized going into the new year: Inventory checklist ✅ Update vendor information ✅ Review your vendor contracts ✅ Prepare your year-end sale ✅ Complete an end-of-year inventory count Financial checklist ✅ Generate income statements and balance sheets ✅ Review your cash flow statements ✅ Check payroll and employee information ✅ Organize tax paperwork Employee checklist ✅ Verify employee information ✅ Give out bonuses or end-of-year awards ✅ Gather feedback IT checklist ✅ Back up your computers and phones ✅ Run a security checkup ✅ Review your file naming practices Marketing checklist ✅ Audit your website ✅ Evaluate your marketing plan ✅ Review your marketing budget Business goals checklist ✅ Review your progress toward this year’s goals ✅ Evaluate your KPIs ✅ Set goals for the coming year Want a printable? Access your copy here!

How is everyone's in-store engagement going? We're loving stores that are putting product interactions at the forefront. Giving customers a chance to interact with your products before they buy allows shoppers to feel more confident about their decisions 💥 Let's talk through all the benefits of memorable in-store experiences: 1. When customers have the chance to test a product’s quality, size, or functionality beforehand, this hands-on trial sets clear expectations. 2. Whether staff are conducting in-store demos, explaining product features, or answering questions, these interactions position your team as a knowledgeable, helpful resource. 3. While other retail stores stick to standard displays, interactions showcase the products’ features front and center, providing shoppers with a far more memorable experience. 4. Experiential retail, which blends shopping with immersive interactions, has become a key driver in consumer behavior. 5. Encouraging shareable moments increases visibility, especially among online communities, where word-of-mouth increases your brand recognition and attracts new customers. 6. When customers interact directly with your products, they provide real-time feedback that helps you refine and improve your offerings. Want 7 of our favorite product interaction ideas? Read our full blog 👇

You might want to sit down for this… Black Friday is in 🔟 days! Use the next few days well by creating a marketing strategy worth the hype. Here are four ideas you still have time for: 1. Email out major deals 2. Maximize online conversion by adding pop-ups or a banner 3. Promote holiday gift guides 4. Create a retailtainment experience like a gift wrapping station or live holiday music

Want your shoppers to buy more each time they reach the checkout counter? 🙋 Of course you do, that's why you should be curating multiple products together for your customers to make it easy for them to buy more. This is called product Bundling 💥 Still not convinced? Here's how your store can benefit from Bundles: • By grouping related products, you gently nudge customers toward trying new things that complement their initial purchase. • Bundles encourage customers to spend more in a single transaction. • When you’re launching a new item, bundling it with a best-seller puts it in the hands of more customers. • Pairing slow-moving products with bestsellers clears out old stock, prevents inventory waste, and makes room for new stock, ensuring your product lineup stays fresh and appealing to customers. • Shoppers love getting a good deal, so bundling products for a lower price enhances their experience with you. • This approach appeals to bargain hunters looking for deals and fence-sitters who need a little extra incentive to buy.

Have you used our free tools yet? Thrive has a bunch of free templates, kits, training webinars, and downloadable guides for small business owners. Here's what we've got for you: ✅ Stock counting resource kit ✅ Inventory 101 kit ✅ Holiday readiness kit ✅ End of year kit ✅ Inventory formulas template ✅ Stock count checklist ✅ Stock count worksheet ✅ Vendor contact list ✅ End of year checklist ✅ Inventory management email course ✅ Product assortment strategy webinar ✅ SKU & barcode generator Access Thrive's free tools here 🎉