Six Ways Retailers Can Increase Revenue for the Holidays
Undoubtedly, the holidays are stressful for retailers, but it’s important to remember how stressful it is for shoppers too. Here are six tips to increase sales and improve the experience for your customers during the holiday shopping season.
The busiest shopping days of the year are rapidly approaching. Although the last quarter of the year is great for sipping eggnog, it’s also when both large and small retailers make or break their revenue goals. With the average shopper purchasing 16 gifts during the holiday season, retailers often make 20-30% of their total annual sales during the holiday shopping season, according to the National Retail Federation.
In the spirit of the season, we’ve assembled six ideas for retailers to increase revenue this holiday season — and keep customers coming back for more.
1. Understand your customers’ shopping behavior
Buyers are inundated with information on their social media channels, through ads, and in their emails. Make sure you take steps to evolve with the new buying experience with:
- Product reviews on your website
- Posting regularly on your social media channels
- Training retail sales associates
- Build an omnichannel strategy
Today’s consumers want a better buying experience. They expect to view your products online, view them in-person at the store, download offers to their phone, and share their experience on social media. By aligning your message and design across many channels (referred to as omnichannel marketing) and at every touchpoint, you’re enhancing your marketing efforts while giving your customer a better, “seamless” experience.
2. Educated retail sales associates sell more—Invest in your sales associates
Since the holidays consist of extended hours and more foot traffic, retailers often hire additional team members for the busy season. Find sales associates who bring value, and once you’re staffed adequately for the season, set them up for success on the sales floor. Eighty-nine percent of retail sales associates say they spend more time assisting customers during the holiday season; and 61% of consumers claim it’s important or extremely important that stores have educated and informed associates to help them. So, give your sales team the tools they need to exceed customer expectations. Empower them with the knowledge and experience required to help your customers buy more confidently.
3. Turn shoppers into advocates
Every shopper who walks through your door is a potential advocate. They could love their experience enough to connect with you on Facebook, endorse you to friends and family, or even post a glowing online review. Turn buyers into store promoters; remind customers why their visit was special enough to share with their friends. A good plan of action could look something like this:
4. Offer amazing customer service → ask for feedback → implement it
Show your customers that you care. Ask them to share their shopping experience, satisfaction level, and any additional thoughts. Gather and study these insights and, most importantly, implement any necessary changes or great ideas.
5. User generated content (UGC) is worth a thousand ads
Seventy-six percent of consumers trust content shared by “average” people more than by retailers, and more than 90% of consumers trust recommendations from others.
When customers do you the honor of sharing what they love about you on social media, you should engage with their posts. Engaging with genuine UGC not only increases your customers’ visibility — which they’ll appreciate — it also boosts your credibility.
6. ‘Tis the season for giving, so something good
Seven in 10 consumers plan on being charitable during the holidays, so show customers that you care about more than just sales. Let them know that by purchasing from you, they’ll be serving the greater good. According to a Nielsen survey, “66% of people are willing to pay more for products and services that come from companies that are committed to positive social and environmental impact.”
Undoubtedly, the holidays are stressful for retailers, but it’s important to remember how stressful it is for shoppers too. Use these six tips to increase sales and to improve the experience for your customers during the holiday season.
