For anyone watching the retail calendars, it would come as no surprise that we are in the midst of a comparatively short holiday season. In fact, 2019 has the shortest holiday season since 2013. With Thanksgiving falling on November 28, retailers have a mere 27 days between Thanksgiving and Christmas, down from 33 last year. That means 6 less days for specials, announcements and shopping, even with an expected 4% growth in overall shopping too.
The retail industry has addressed this problem by lengthening the holiday calendar, improving shopping experience, and raising product awareness.
Lengthen the Holiday Calendar
This is a natural solution, by adding more days to the calendar, retailers can reduce concerns about per-day sales. Many retailers have taken this approach with Walmart deals starting in late October, and many other retailers starting as far back as August.
The concern for this technique was consumers not embracing earlier shopping and therefore deals not their desired strong effect. However, increased Black Friday sales, especially in ecommerce this year show this concern was not the case for many businesses.
Improve Shopping Experience
Companies have used this shorter holiday season to improve the shopping experience easier for consumers in an effort to reach more customers and ease consumers’ purchasing decisions.
With mobile technology accounting for 70% of 2018’s ecommerce purchases, many companies are advancing their mobile-friendly sites with faster load times, easier searching and greater product selection. Some companies have started embracing virtual reality and augmented reality to better showcase their products. Companies are further encouraging online sales through free next-day delivery, with Walmart, Best Buy and Amazon leading the charge.
Raise Product Awareness
By making more consumers aware of your product, businesses can reap rewards through higher transaction rates and increased consumer spending. Branded content, affiliate programs, and product videos have shown success in delivering higher consumer transaction rates. Branded content platforms are led by Instagram, making this an affordable and viable option for many businesses. Affiliate programs such as Weebly, Shopify and Fiverr offer diverse affiliate programs for retail business.
Through strong marketing and utilizing all avenues of customer interaction, successful companies have developed a sense of urgency with their customers and learned how to better understand and develop customer interactions. This ability to shift marketing as needed will not only be helpful in this holiday season, but also in 2020 and beyond, combating with strengthening ecommerce, improving customer experience, and raising product awareness.
Performing these pivots require both effort and money, as well as an experienced partner to help your company focus its message and brand to where it’s most valuable. At Midas Exchange, we provide just that partnership, giving your company unparalleled access to new customers and new opportunities. As a wholly owned subsidiary of WPP, Midas Exchange’s leading corporate asset trade program can restore your unused assets to full book value and credit them toward a personalized marketing plan that helps your business reach the next level. To get started on your new marketing success story, please reach us at firstname.lastname@example.org or call us at (212) 474-0083.