Managing Preorders to Boost e-commerce Sales
Are you getting ready to bring in a new product that you’re hoping will boost your business’s e-commerce sales? Consider using preorders to grab attention and stir up excitement for your product — while bringing in some early cash flow.
When it comes to preorder marketing, the right strategy is key to a successful product launch and boosted sales, so make sure you have a plan that works optimally with your business goals.
What Does Preorder Mean?
Preorder is a sales approach that offers a good before it’s officially available and on your shelves. When you provide products for preorder, you can get the word out that your new item is on its way and start making sales before the product has even reached you. Whether it’s still in production or in transit to your store, your preorder product can be a great tool to build interest.
How Does a Preorder Work?
If you’re a small or medium-sized business (SMB), having a preorder inventory offers various benefits. It lets you test the waters to see if the product will be successful and can generate early interest and attention for the product launch.
Developing a successful preorder marketing strategy can also help boost e-commerce sales, bringing in revenue before the product is even officially out. This early cash flow reduces your financial risk and may even be a resource you can use to cover the remainder of your manufacturing costs.
How to Start a Preorder Online
Are you interested in using a preorder marketing strategy for your new product? Follow a few helpful steps below to get off to a successful start:
1. Think Through Operational Workflows
Plan the logistics of when your product will get to your store, how long customers will have to wait, what quantities you can have available and how you’re going to analyze your preorder sales beforehand.
2. Generate Hype Around Your Product
Work with media channels to let people know what’s coming in advance and engage your client base. Once the news starts circulating, customers will anticipate the chance to preorder.
3. Make an Exclusive Offer
If you offer a unique preorder package or make preordering a one-time opportunity, its exclusivity will attract customers. One valuable approach is to provide a set quantity of preorders for a limited time to get people eager to buy. Whatever method you use, help your customers feel like trendsetters for being some of the first individuals to buy the product.
4. Use the Right Inventory Management Software
Find an inventory management software that integrates with your operations and automates your processes. For a seamless preorder process, you need the technological capabilities to manage all aspects of your workflow in one place with optimal efficiency.
Create an Efficient Preorder Process With Finale Inventory
At Finale Inventory, we can give you the tools and platforms you need to create a powerful preorder strategy that will have consumers flocking to buy your product. Our integrations cover everything from accounting to order and inventory management to help you succeed.