Black Friday, Cyber Monday is often referred to the official start of holiday shopping. Retailers like ourselves typically take delivery on their holiday inventory sometime in October to prepare for the season and ensure they have enough goods to meet the demand of the holiday shopping season, but unfortunately this holiday season will be far from typical. However, don’t fret as we are here to help you navigate through this tumultuous time!
Inflation is currently at a 13 year high due to the ongoing pandemic and a broken supply chain thus making the products people want and need in short supply, NYC souvenirs are no exception. The main cause of inflation is container shortages, logjammed ports, and shipping times. Due to container shortages importers who we buy our products from are paying as much as 8 times as much for the same container they shipped this time last year.
Let me put that into perspective as far as numbers are concerned. A typical container in 2020 costs around $3,000 USD to ship from overseas to New York, now that same container costs around $20,000 to ship. These shipping costs are often passed onto the retailers in the form of price increases for products. In addition to the rising costs of shipping, the shipping times are almost doubling from the usual 30 days to 60 or more days meaning a lot of shipping containers intended for sale of holiday merchandise won’t even make it to us in time for the season. This holiday shopping season the demand for merchandise will far outweigh the supply in-turn causing massive price increases.
Let me tell you a little bit about myself. Although the above sounds all doom and gloom, I believe in thinking outside the box and making the best out of any given situation. When I look at things, I look at the big picture and want to be as transparent as I possibly can with you and layout my plan for a successful 2021 holiday season.
1. I am paying more for goods from all my vendors, sometimes as much as 30% more than I paid in 2020. However, I will NOT raise my prices and pass along my price increases to you. This is one holiday season out of who knows how many, and if I must take the hit for one year to build long-term relationships with my customers then it is well worth it to me.
2. Many retailers will be forgoing promotions and special holiday discounted shipping rates. I will be keeping both through the end of the holiday season. I believe that promotions not only save you money, but they also make shopping fun. I will also continue to offer FREE SHIPPING on all orders within the US as well as $10 Flat Rate Shipping on all orders over $40 shipped internationally. I get questioned a lot, why do you offer free shipping? The answer is simple, I am an online shopper as well and I don’t like any surprises at checkout. I like things as straightforward as possible.
3. What is the state of your current inventory? Currently, my inventory is at levels typically seen the week before Black Friday. I’m well invested in inventory, however with more and more people shopping early and often my inventory goes down every day. You may be asking; well, why don’t you just buy more inventory, and the answer is many vendors have already started to run out of goods and don’t have estimates of when more goods are coming.
In closing, I will leave you with some advice that not only applies to Lovenycsouvenirs.com but to all online retailers or brick and mortars. Start your holiday shopping now or it will most likely be too late if you wait until December. This holiday season will be crazy, and it is just getting started!
Love NYC Souvenirs