While economic uncertainty has cast a shadow throughout the year, there is a bit of light on the horizon. According to Deloitte’s annual holiday retail forecast, sales are anticipated to increase between 3.5% and 4.6%. However, shoppers are still being cautious when it comes to spending. A report by Celigo, a Redwood, California-based software company, reveals that 69% of shoppers expect retailers to provide “more personalized offers in addition to good deals and cost savings this year.” A recent article from the U.S. Chamber of Commerce offers five strategies for retailers to ensure holiday sales success in the competitive marketplace.
1. Emphasize price/value propositions.
For consumers looking to spend less, retailers can capture their attention by highlighting discounts or offering retail bundles. For items with higher price points, focus messaging on the value and quality to convince a customer on the fence.
2. Rethink the calendar.
Even though plenty of consumers still participate in Black Friday and Cyber Monday, holiday sales aren’t as limited to short timeframes. Consider stretching out deals and sales well before the actual date.
3. Capitalize on loyal customers.
Access your existing customer database to generate personalized offers, exclusive discounts or allow customers to access special perks, like an exclusive shopping day.
4. Offer human customer service.
Despite the proliferation of artificial intelligence chatbots, customers still prefer humans when resolving issues. Providing it as a primary option can help keep customers happier.
5. Consider more sustainable fulfillment options.
Minimize packaging where possible and communicate any changes or reductions to consumers, who are increasingly looking for eco-friendly companies. Also, take steps in-store or online to make sure consumers understand the product they’re buying to reduce returns and in turn, reduce waste.
