The most important yearly shopping season for retailers might be a make-or-break period for many in 2020. It’s going to be hard, but it isn’t too late to act now and implement strategies to make this year a success.
The events of 2020 will alter the joyous holiday season as we understand it. COVID-19 has disrupted the retail industry in ways that we’ve never experienced. Besides the unprecedented volatility, customer behaviors and tendencies also have accelerated faster than expected.
We realize the past six months have been hard, but it’s essential that retailers double down planning and preparation for the 2020 holiday season. There are positive signs for a powerful shopping season providing the chance to recover lost revenue and more importantly to obtain new client relationships that will set up your business to get a solid start to 2021.
It’s going to be impossible to accurately predict based on past years but as we’re learning how to live from the new normal there is recent data and insights combined with a few retail best practice which will help retailers plan for achievement.
Online sales growth will be significant
2020 will deliver more than only a steady growth, the growth will be exponential and ecommerce ecosystems and infrastructure is going to be pushed to its limits. It isn’t too late to put in place the ideal system that will guarantee you can increase sales during this holiday period and set up your business for future expansion. Select a partner who can provide a quick implementation support and has expert support to ensure your employees are trained and onboarded punctually.
FOMO will induce an early start to the season
Buyers have experienced delivery flaws in their online shopping over this past period. “FOMO” will induce a substantial number of internet shoppers to begin earlier and most those have indicated they will be starting in early November. Click Frenzy 2020 officially launches on the 10th November at 7pm and is shaping up to be larger than Black Friday/Cyber Monday. The season is very likely to be a sustained period of internet shopping throughout the month of November as consumers are going to want to make sure their deliveries will arrive in time.
Consumers will be bargain searching and comparison shopping
The principal reason that shoppers will be raising their online spend^ would be to take advantage of deals. This is over and above preventing COVID-19 exposure from other shoppers in physical shops. Concerning the discount thresholds which you would like to think about, 36 percent is the average discount necessary to activate an immediate purchase. What’s also important to comprehend ^, 50% of online shoppers will buy at a 25% reduction and extra discounting above 50% accomplishes minimal additional sales.
Black Friday could become Pack & Ship Friday
With the further surge in e-commerce, it is almost sure the cut-off date to guarantee product delivery by Christmas will be sooner than ever. The early start to the holiday season may provide some advantage to retailers giving them more time to convert clients sooner and process and fulfill orders to get ahead of demand. As opposed to sending online orders from a central warehouse, retailers may decentralise fulfilment and send out of a nearby store with available inventory that’s in exactly the exact same area as the customer. With the ideal systems, your software finds the ideal socket with available stock to match the order. Offering this in combination with’Live Stock In Store‘ and’Click & Collect’, you are providing shoppers with the entire assortment of convenience and choice to receive their products in time.
Provide an omnichannel customer experience
The truth is that we are living in an omnichannel world where users expect to have the ability to bounce easily between different stations and have the identical experience. They wish to investigate and find available products on the internet (and see”live stock in shop”) as a way to instantly pick up from a nearby physical shop (“instant click & gather”). Your gift vouchers and exclusive offers also have to be omnichannel for both purchase and redemption.
Customer acquisition is the real chance
The greater volume of online sales will allow a enormous collection of data which will power new customer development programs in the new year to drive repeat sales. While there could be people packed into shopping malls this season, people that are shopping instore will be there with intention to buy. Make sure your POS system makes the shooting of customer data simple and easy for your staff so that you can create a database for continuing personalisation, loyalty programs and promotion to drive repeat shop visits and maximum lifetime value to the new year. A client is for life, not just for Christmas.
It Isn’t too late to Prepare for the 2020 season
The unprecedented nature of the year is guaranteed to generate a holiday season that’s unlike any other. If you’re looking for ideas or to find out how other retailers are preparing for this holiday season our team of retail experts are always happy to talk and discuss what we’re seeing across the thousands of merchants which we associate with.
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