Being one of the most lucrative times of the year, coupled with the fact that half of consumers still have the majority of their planned shopping to do, brands need to prepare for the influx of savvy holiday shoppers.
Holiday promotions can be an effective way to drive sales, attract new motivated customers and clear out excess inventory:
The holidays are an excellent chance to increase sales and boost revenue. While shoppers already have a strong intent to purchase, offering attractive sales can encourage them to buy more than they planned to.
By using inventory management analytics, you can prepare for the increased demand by stocking up on popular products from the months before. Having the right amount of stock can be the difference in seeing a “green” Christmas.
Attract new customers
The increased foot traffic the holiday season brings can be a great opportunity for businesses to attract new customers. But as the malls begin to fill with busy shoppers, retailers need to be ready to compete for their dollar. An enticing promotion is a great way to grab their attention and business during a key time of the year. And considering 92% of shoppers expect reduced pricing to continue throughout the holiday season, not offering a discount can mean losing out to your competition.
Clear out inventory
Carrying excess inventory over the holiday season can be especially costly when you consider the missed opportunity costs of using stock space for unpopular products. Sales are a reliable way to get slow-moving inventory off the shelves and to free up space for new incoming products. By using sales and inventory management data, you can better determine what products to sell and at what price to best incentivize your customers.
All in all, holiday sales can be a very useful strategy in driving traffic, boosting revenue and acquiring new customers. By tactfully planning your sales promotions, you can start the new year off on a positive note.
The only thing left to do will be preparing for the dreaded season of returns.