Sales Strategy
Enhancing End-of-Year Retail Strategies: Insights from Top Executives for the Holiday Rush December 26, 2023 (0 comments)
New York, NY--With the holiday shopping season in its climax, retailers grapple with cost-conscious consumers looking for discounts. This trend poses a challenge for businesses aiming to maintain profit margins while clearing stock. In response, WWD has compiled advice from leading solution providers, fintech firms, and brands on how to drive sales and maximize conversions during this crucial period.
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Innovative Tactics to Boost Sales
Prerna Bhushan of cart.com emphasizes the effectiveness of offering expedited, two-day shipping to last-minute shoppers. This strategy, especially when linked with higher purchase thresholds or additional discounts, is expected to yield a strong return on investment. Additionally, shifting marketing focus from gifting others to self-gifting post-holiday shopping, coupled with extra incentives, can keep customer acquisition strategies effective.
For brands not focusing on expedited shipping, utilizing data from customer acquisition throughout the fourth quarter is key. This includes leveraging tools like PMAX for Google and Adv plus for Meta for dynamic remarketing efforts.
Kristen D’Arcy from True Religion highlights the significance of influencers in acquiring new customers. She suggests engaging content spread across social channels and in-store touchpoints can attract new audiences and stimulate last-minute purchases.
Leveraging Technology and Engagement for Success
Rohan Deuskar, founder of Stylitics, recommends providing customers with outfit suggestions for various holiday events, enhancing the shopping experience through thematic product collections.
Will Eadie of WorkJam points out that addressing staffing challenges and employee engagement can substantially improve retail productivity and customer satisfaction. Investing in technology and training for the frontline workforce, including app-based solutions for real-time communication and task management, is beneficial.
Purva Gupta, CEO of Lily AI, suggests using AI to tag items in the product catalog with trend-based themes. This approach can quickly inspire customers to search for the latest trends, reducing the likelihood of returns.
Nandan Sheth, CEO of Splitit, advises focusing on fast shipping and late-stage discounts to appeal to last-minute shoppers. Ensuring timely delivery and value for money is crucial at this stage of the shopping season.
Neha Singh, founder of Obsess, points to the growing trend of gamification in retail. Incorporating gameplay elements like digital scavenger hunts for exclusive items can significantly enhance customer engagement and sales.
Learn more in the article published on WWD.