It’s here, the holiday season, and we all know what that means, shopping sprees all around! An exciting time for many but a tricky time for retailers during a pandemic.
The pressure to get things right as they try and figure out what this holiday season will bring for them. How to manoeuvre their businesses and be as profitable as previous years or do even better. Did the pandemic change the spirit of shopping for many, and will retailers still do well this holiday season? These are some fundamental questions that some may ask. Retailers have some work cut out for them and need to ensure that they are well ahead of the game. This may mean immense innovation and stepping out of the box.
The holiday seasons were the peak for many retailers in previous years, but it’s not so easy anymore. With new Covid variants emerging frequently and people staying indoors more, retailers need to step up and come up with brilliant ideas suitable for their consumer base. We are now seeing many stores transitioning from the traditional methods of marketing and taking advantage of digital marketing platforms. Primark is an excellent example of a big retailer using more modern methods to engage its consumers. Last year, they launched a video game ‘Primark Legends’ where gamers mop the floors, tidy and refill shelves. This was all in a bid to engage millennials who are currently the most lucrative market in the UK.
Here are a few more tips that could help your business boost sales during the holidays:
Reviewing 2020 and Making Projections
It is a common thing for companies to use data from previous years when planning for the upcoming future. This helps in the decision-making, purchasing, and spending of the business. The Covid-19 pandemic has changed things a lot because patterns are no longer the same. Retailers can now refer to 2020 to try and analyse the series of events that would have occurred in their business, as well as their clients’ behaviours. There may be a few changes, like the vaccine being in the picture now, but the pandemic had started in 2020, so reviewing patterns and sales from then can give a clear view on how to plan for this year as well.
Once you are done planning and making projections, the next step comes. Make sure you are prepared for the sales. Nothing hurts a client more than the words “Out of Stock”. This is not acceptable. These words mean worse for the retailer because the client will most likely purchase from your competitor, which means you would have lost a sale or even more a client. Being prepared means buying adequate stock in good time, as you might know, the pandemic brought about a lot of delays in shipping all over the world, so you don’t want to be stranded when it’s the busy season.
Yes, having a physical store is quick and easy but let’s talk about the digital platform. Going digital is something most retailers are trying. Our good example Primark, experienced shutdowns of many of its stores because of the pandemic and decided to delve into the digital space. Going digital can help with boosting sales and getting your name out there, and with people shopping more online, it is a bonus. There are many ways to advertise using these new methods and what better time to do it than now. Having both a physical and digital store means two lines of revenue.
The holiday season might mean you pulling out the best marketing ideas and ending the year with a bang. Every retailer will have some sort of Christmas advert to draw attention to consumers, so coming up with unique ideas is crucial. Take for instance this year, Very, a British online retailer started the Christmas campaign in October because of the current supply issues in the UK and used it to get their customers shopping early. They put out a funny video that showed trick or treaters being given mince pies by a family singing carols- blending Halloween and Christmas together. How fun and innovative! This drew more clients for them and will continue to do so until the holiday season is over.
The pandemic might have brought so much uncertainty in the retailing industry, but when the right steps are followed, success can be achieved. Knowing your consumers and what they want is a must. Most importantly, preparation and planning are essential.
Sales Strategies: How retailers can take advantage of the holidays