Wow, summer has come and gone, and we are well on our way to Fall. As back-to-school demands settle down, many retailers are setting their sights on Holiday. This period of heightened spending can be the key to finishing the calendar year on a high note. With major retailers starting their Black Friday and Holiday messaging earlier each year, now is the perfect time for smaller businesses to start setting themselves up for success.
Here are a few tips for finishing the year strong:
1) Exit stale inventory:
Now is the perfect time to free up shelf space and budget for more seasonally relevant items. Identify older inventory or products that are unlikely to sell in the coming months and move them with compelling pricing and "buy-now" messaging. This not only helps make room for fresh stock but also reinforces a sense of value to your customers as the holiday season approaches.
2) Assess Holiday budget
Take some time to review your holiday budget. Knowing what you can spend on inventory and marketing will allow you to make smart decisions on how to optimize your Holiday success.
3) Set yourself up for success
Consider the possible outcomes of a strong, average, or slower-than-expected holiday season. Set clear targets and checkpoints to enable quick adjustments as the season progresses. Ensure you’re fully prepared with the right resources in place—such as extended hours, additional staff, and sufficient inventory—to meet the demands of this crucial time and optimize your results.
4) Consider atmosphere
Especially during the hectic holiday season, it’s essential to create a warm and welcoming atmosphere. A well-crafted environment can encourage customers to linger longer and help them imagine how your products could fit seamlessly into their lives.
5) Think through your customers’ lens
One of my favorite things about data is it enables objective observation about customer behavior and preference. Putting yourself in your customers’ shoes allows you to deliver an assortment that aligns with their spending habits and an array of shopping preferences. Thinking through their lens allows you to create a great shopping experience that serves their needs as a customer.
6) Identify ways to streamline
As sales pick up, planed efficiencies can keep you in control of the heightened demand. Making sure to have easy, and abundant gift-wrap options, and ready access to shipping will keep you out of the weeds and will help ensure a great customer experience.
7) Start messaging now
While it feels like summer has barely ended, now is the time to start building customer expectations. Let them know how you can support them in the holiday season, and the offers you will feature throughout the holiday season. This will keep you top of mind as seasonality picks up and customers start planning for their holidays.
The transition from summer to fall is a key moment for retailers to set holiday strategies in motion. This timeframe serves as a runway to ramp up to peak sales and enables smaller businesses to contend with larger retailers who are rolling out their holiday promotions earlier each year. Establishing a realistic budget, having a clear game-plan, healthy inventory and seasonal resources enables you to provide a positive customer experience and finish the calendar year strong. While you may still be saying your goodbyes to summer, it’s also a critical moment to start building your holiday strategy, which will ultimately offer peace of mind, and opportunity for success during the busiest time of year.
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