Top 7 Tips for Retailers this Holiday Season
Despite some dishevel on Trade with China, experts believe that this Holiday Season is going to be stronger. NRF President and CEO, Matt Shay mentions that US consumers are in very good shape and retailers can expect a strong holiday season. The National Retail Federation predicted retail sales to increase between 4% and 5%, to a total of $727.9 billion — $730.7 billion. Last year, it was $701.2 billion. As a retailer, it’s time to Gear Up and Get Going.
#1. Clothing and Accessories — Top Spending Category
According to a consumer survey by Deloitte, consumers are predicted to spend an average of $1,105 during this holiday season. On top of the retail category is Clothing and Accessories with a 26% share of total holiday spend, followed by Food and Beverage and Health and Wellness categories.
#2. Go with the Demand, Go Digital
Online Retailers have a higher chance of beating sales than their counterparts, non-online retailers. Almost 65% of the consumers plan to research online for their shopping gifts, and close to 60% will make a purchase online. As a retailer, you want to enhance and optimize your Online Product Catalog.
#3. Be Smart, Think Smartphones
Smartphone shopping sales are predicted to increase by 6% this year. Almost 70% of smartphone users plan to purchase from their device as it’s quick, convenient, and portable. As a retailer, make sure your digital exposure is mobile compatible. Otherwise, your customers can easily switch to your competitors.
#4. Promotions Trigger Prompt Purchase
As per the survey from Deloitte, 81% of consumers preferred promotions and 74% considered Price Discounts as a top promotional offer. So, don’t forget to offer OFFERS.
#5. Free Shipping is a Winner
Free Shipping option can be your catalyst for sales this season as 85% of shoppers want their product to be shipped free. Consumers know that fast shipping is too much to ask during Holiday Peak Season. So, they are willing to wait for their products to arrive a couple of days late, but for free shipping.
#6. Convenience is Key
The focus must be on Product, but do not discount outstanding customer service experience. Consumers’ priority is, of course, Product Quality, followed by price. However, be wary of providing a good online shopping experience for consumers.
#7. Timing is King
It is extremely important to understand when your customer is likely to shop. This helps plan your promotional offers and have a positive ROI. Although Holiday Shopping has already started, online shopping is predicted to peak starting from the week of November 3rd, December 2nd, with around 70% of sales occurring during this period.
We at GrowByData help retailers stay competitive and on top of the game during the holiday season with Pricing Intelligence, Dynamic Repricing, MAP Violations, and frequent Price and Inventory product catalog updates.
