It’s true, consumers are planning to start their holiday shopping… before November. Sleigh, what!?
An Optimove survey found that 50% of consumers expect to start their holiday shopping before the calendar turns to November. As shoppers begin to cross off their holiday shopping lists, getting the best deals will definitely be top of mind: 80% said price would inspire them to try a new brand or store, while 59% stated better prices would motivate them to shop at an unplanned location.
Knowing that consumers are cashing in on discounts and shopping earlier in the season, retailers have a unique opportunity to create personalized campaigns, offers and experiences that truly resonate. A few key areas retailers should consider include:
- Pricing and promotion strategies: While store-wide or site-wide sales might bring in a rush of traffic, they are more likely to erode margins than more targeted promotions — both in terms of which items are promoted and which customer groups get those offers;
- Turning new customers into repeat customers: While this is a year-round mandate, it needs to be intensified during the holidays when consumers “sample” new brands more often; and
- Taking advantage of a longer holiday season: Smart retailers can use the elongated season both to make promotional and inventory course corrections, if they’re needed, and to smooth out the sales spikes that stress both in-store and online retail systems.
For more retail industry insights, download the 2023 Holiday Guide from Retail TouchPoints!