Top 7 Tips for Retailers this Holiday Season
#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.
#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
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 (https://growbydata.com/