Hey Retailers

Hey Retailers, Prepare for the Toughest Retail Season on Record.

For reasons we all know and understand, a marked shift in consumer spending has drastically changed in the last two years.  Even though many consumers are craving the tactile aspects of shopping–online deals are still growing in popularity.

As Q4 approaches, new issues like long lines without masks, and gas prices have taken a toll on our brick-and-mortar retailers and have consumers anxious.   More than 68% of consumers prefer online shopping over in-store shopping. They enjoy the immediate gratification from push notifications and digital engagement, plus, they love sharing their deals and steals with their friends on social media. Online shopping isn’t just for the young demographic anymore—over 28% of the shoppers are over 60 years young. 

A few years back, the online shopping space was dominated by women—now it is almost 50/50.  When interviewed, 64% of consumers had not finished their shopping for this year’s holiday; of those, 68% said they will be online shopping more this holiday season than ever before. Consumers revealed their two favorite ways to receive information is via email marketing and social media.  Further, online shopping has shifted from mostly soft goods to larger items such as sofas, window coverings, kitchen counters, pet food, and food.

Ideas:

Steal some market share by focusing on aggressive advertising campaigns and in-store events. Hopefully retailers have a strong list of customers they can reach out and talk to now, before the fourth quarter is in full swing.  I have said this over and over in my blogs: customers want personalization and human touch in all social, print, and email marketing.  Use your loyal customer database to pinpoint your customers and start talking to them. 

It is way easier to get those customers to your store, rather than targeting a new consumer to come to your location.  Make sure you have Google reviews that support your services and product reputation with photos supporting your business.  Claim your business on Google now, don’t wait. Consumers don’t want to waste time and money traveling to your location not knowing if you have the goods they want to purchase.  Here are a few other thoughts:

• Talk to your customers about inventory updates. Upload photos to all platforms showing what just arrived in store.  Pay models to show off all you have in store.
• Create in-store events that provide special shopping hours with food, wine, coupons, and a bounce back when they leave so they can’t not return to your location!
• Let them know when their Wishlist item is in stock—call them and leave a “real-time” message.
• Provide a flexible return policy.
• Promote Ubering to your store—show your Uber receipt and receive 15% off your purchase. Or work with your neighboring restaurant and offer a free glass of wine or appetizer if they UBER.  This is a win-win; they save on gas and get rewarded for doing so.
• Create a rewards program—you track it for the customer, so they don’t have to.  I love when I have points at my favorite store, and they take the reward off my current purchase.
• Email updates—but not too many updates.  Customers prefer a monthly update.  They will unsubscribe if you over do the messaging. Your email database is the lifeline to your future successes.
• Pimp your social media to be perfect and ready to sell product—learn how to have a cart online for pick-up in store.
• Provide free giftwrap.
• Provide curbside pick-up.

This is going to be the toughest holiday season on record for all retailers.  Make sure you get your inventory ready and start talking about it now.  So far retail sales are trending flat for 2022; let’s find ways to get consumers to shift and want to go out and shop until they drop.