Are you looking for any solution to help predict demand for your product before its official launch? Or finding a way to optimize your inventory level? Or searching for a new method to launch your product?
Offering pre-order items could be a good fit for you! If you have no idea what this strategy means, read this article and you will learn how powerful it is for your online business.
Table Of Content
What Does A Pre-order Mean?
In simple words, a pre-order is an act of selling a product before its official release in a market. Customers might need to pay a full amount to make a reservation for the item, and will immediately receive it upon its launch on a specific date.
Since you are required to take a great effort to make a successful pre-order event, you are recommended to use this strategy mainly for key product launches, including:
- Launching a flagship product
- Releasing a new brand or business
- Selling a limited edition product
Pros & Cons Of A Pre-order Event
As an effective pre-order strategy works by giving potential customers a sense of excitement and urgency to order your product, this could be useful in growing and optimizing your business. However, detrimental effects could result if you cannot manage potential risks probably. Before using this selling strategy, you should take the following factors into consideration.
- Predict Your Product Demand
This selling strategy can help you evaluate your product demand based on its sales performance. If it doesn’t perform well, it shows that your customers are not interested in it. Then, you don’t need to order a large quantity of the product which could eventually become dead stock.
- Maximize Your Revenue
On the contrary, if you can achieve an impressive number of pre-orders, you can increase the number of your product in stock so that you can generate more sales and revenue when it is officially launched.
- Reputation Risk
It is crucial to show your estimated delivery date on your pre-order product page in order to gain customers confidence and let them feel safe to buy the product. However, if your manufacturers or suppliers cannot deliver the product on time, you have to encounter the risk of losing customers and your credibility.
- Misleading Figures
Please note that the pre-order cannot guarantee a stable sales performance when your product is officially launched. It really depends on customer feedback and your marketing strategies.
How To Start A Pre-order in Your Store?
If you are running your business with an online store builder, please check if a pre-order feature has already been available on the platform. For example, if you are running your store on Boutir, please refer to the following article to learn how to use our related feature:
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