Buy less inventory? Corona virus

[Trevor Kuntz]

I'm not sure anyone here can really answer that question for you. We probably all have similar questions about our own businesses and there are a lot of unknowns, particularly that we have no idea how long the financial downside will last.

How many units are you ordering and what percentage of your cash-on-hand will be invested in the inventory? If the number of units is like 5000 or the percentage of your cash-on-hand that will be invested in inventory is really high, then maybe.

If the number of units is only a couple hundred or the order is, say, 10% of your cash-on-hand, then you can probably find creative ways to sell off the inventory or just sell it off as normal, just at a slower rate.

I'm not sure what the "novelty" aspect of the table lamp is, but you are selling a product that someone can use in their home and more people are going to be staying at home, so you have that going for you. Better than if it were like a party/event product.

Worst-case scenario, you could sell the inventory at cost and get your money back out of the inventory.

All things to think about.

 

[Matt_2190]

I read something enlightening last week, after I also had a drop in sales and visits on the e-commerce site.

From what they said, in this period of crisis some products will sell more, others less.

The ones that will sell the most will probably be those to defeat boredom or that you need to stay at home anyway: for example books, video games, streaming movies, electric razors, etc.

The ones that will sell the least are the most "superficial" ones: furniture, gadgets, appliances, etc.

In the analysis I red, they showed that people when they are afraid tend not to make "adventurous" choices (try new things) but rather tend to "hide" in their routine waiting for the difficult period to pass.

Their advice was that if you saw a drop in sales, the ideal was to focus on creating marketing materials to make brand awareness, not to forget your customers when you have better moments and are ready to buy again.

I hope it is useful.

 

[LPPC]

Hi all,

Since the past few weeks I have experienced a huge dip in my sales for this novelty tablelamp I'm selling (fully functional as a tablelamp). This might be because of the Coronavirus.

Currently my order is being manufactured in China and I am afraid that I ordered way too much (sea shipping).

Would you agree that the economy might dip because of the virus and people will buy less and thus I should have ordered less? How long would such a dip/crisis last?

Thanks in advance.

 

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[Mattie]

Sorry wrong thread.

 

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