The current uncertain economy presents new challenges for retailers this holiday season. Although it is hard to predict internet sales and marketing this holiday, for online retailers the best strategy is to be prepared for everything and anything. Although it’s hard to predict what will happen online, “retail ecommerce experts are optimistic about the prospects for online holiday sales this year” says Jeffrey Grau, eMarketer senior analyst.
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According to the recent eMarketer article “What Retailers Need to Know About Online Holiday Shopping”, retailers should be optimistic about online holiday sales this year because overall online sales have been growing in the months leading up to the holidays. Indeed, recent statistics seem to support this optimism. In July 2010 sales grew 10.9% compared to results from July 2009, according to a MasterCard Advisors “SpendingPulse”
Despite this optimism, online retailers must be prepared for a number of challenges, including how to manage their inventory. If you are an online retailer who is trying to prepare for the holiday shopping season, you should consider these recommendations:
Work closely with supply partners so that you are able to deal with different consumer demand scenarios
Stay up to date on search engine changes and explore the best ways to capitalize on these changes
Test your website performance for large traffic volumes
Set up gift centres to help consumers create purchase ideas
Develop new email marketing strategies by analyzing your consumers’ purchase behaviour in past holiday seasons
It’s also a good idea for online retailers to know how potential consumers are planning on approaching their holiday shopping this year. A BIGresearch July 2010 survey says that consumers will be careful with their money this year and plan to save money over the holidays by:
Spending less money on everyone
Only buying gifts on sale
Doing more comparison shopping
Buying for fewer relatives
Buying for fewer friends
Buying fewer gift cards
Doing more research on-line before buying in-store
Doing more online shopping
When considering your internet sales and marketing over the holiday season, you definitely want to take a number of factors into consideration. Although holiday trends are difficult to predict at this point in time, it’s important to get ready by being prepared. The message for online retailers this holiday season is clear: remain optimistic, but be ready for anything.
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