As CEO of Wayflyer, I get to speak to hundreds of eCommerce businesses. Over the years, I've seen when these businesses get Black Friday right. When they do, it can bring in millions of dollars in sales in a single weekend.
I've also seen businesses get it badly wrong.
One thing I know for sure, is that Black Friday is the most important time of year for any eCommerce company.
I wanted to share my advice on what you need to do to prepare and how funding from Wayflyer can help you do it.
To be ready for Black Friday, you need to start preparing now - most companies already are...
Let’s start with the challenge.
Your single biggest challenge in preparing for Black Friday is in your supply chain.
Here are some of the things we've seen impact eCommerce companies this year.
- Massive shipping delays, caused by container shortages, covid outbreaks and the blockage of the Suez canal
- Shipping costs at an all time high
- Brexit causing goods to be held at customs all across Europe
These challenges all lead to one thing. Increased risk in your supply chain.
Now more than ever, there is a risk that your shipments will get delayed and that your inventory won't arrive in time for Black Friday.
Not having enough inventory for this period would be a terrible mistake.
That’s why you need to place your inventory orders now. Most of the companies we work with have already placed their orders and you should too.
I know it's easy for me to say this.
But I also know it’s much harder to actually do.
Why? Because it’s hard to have the cash you need to pay for these orders.
July and August are low periods for many eCommerce businesses and this can make cash tight. With most suppliers demanding 30% payment upfront and 70% on shipment, that’s a lot of cash to try pull together.
So, what are your options?
1. Use the cash you have on hand to make the orders.
The downside is that it puts a big strain on your cashflow. You also won’t be able to order as much stock as you need. Running out of stock early in the holiday season is a nightmare for eCommerce companies. You risk leaving hundreds of thousands of dollars on the table if you do. Avoid this!
2. Wait a few months before making your orders.
You shouldn’t do this either. Because of the shipping times and supply chain risks, if you wait until September or later to order, it’s going to be too late.
3. Use Wayflyer to fund your inventory orders.
We will give you the cash you need to buy inventory now. You can get peace of mind that all the stock you need is paid for and that it will be here in time for Black Friday. The best thing is that you can pay back our funding using a percentage of your sales over the coming months.
Using Wayflyer funding is the single best way to get the inventory you need whilst keeping your cash flow healthy.
As of today (June 30th) there are only 21 weeks until Black Friday. Do not wait around.
Get funding, make your orders and be ready for Black Friday.
We are already helping hundreds of eCommerce companies make their inventory orders for Black Friday. If you would like to chat about how we can help you do the same, just sign up or send an email to firstname.lastname@example.org.
Co-Founder & CEO of Wayflyer