Holiday shoppers aren’t letting a turbulent economy steal this season’s cheer. With inflation rates that haven’t been this high in 40 years, 83% of consumers plan to adjust their holiday shopping to account for the state of the economy — but one-third of shoppers expect to spend more on gifts than they did last year.
Overall, though, shoppers plan to be more judicious in where they spend their dollars, seeking opportunities to save to stick to their holiday budgets.
So how can retailers keep their oh-so-important Q4 revenues flowing? We’ve identified five strategies to make the 2022 season as merry as ever.
Capture early shoppers’ dollars
The early bird gets the worm and in the case of shoppers, that comes in the form of early holiday steals. Holiday shopping is starting sooner with 46% of shoppers starting before Halloween to stretch their holiday budgets.
That’s why so many retailers have already started launching promotions to appeal to shoppers’ desire to save. Amazon created an early Black Friday of sorts by holding an October edition of Prime Day in 15 countries, and Walmart countered with their own deals event. Target deployed a similar tactic, with a “Deal Days” promotion from October 6-8 that offered discounts online and in-store.
With 57% of holiday shoppers looking to offset rising prices via sales, deals, and coupons, don’t wait until the leaves fall to launch your offers. Make the most of your customer engagement ecosystem by sending shoppers a text, in-app notification, or email about a holiday promotion you’re running that lets them beat the seasonal shopping traffic while saving money.
Digitize your offers
Holiday shoppers have already marked their calendars for Cyber Monday on November 28th. In 2020 alone, Cyber Monday generated recording-breaking revenues at $10.84 million — and online shopping continues to soar. Compared to last year, 34% of holiday shoppers plan to use more online retailers this year.
Lean into the holiday season by offering a new promotion or discount each week, like a single use code for 50% off your new peppermint hot chocolate. Then, have shoppers redeem their rewards via your store’s customized mobile app, giving shoppers a convenient way to stay updated on your freshest deals.
‘Tis the season for savings
This holiday season, more families and friends plan to celebrate together. Compared to last year, 94% of holiday shoppers plan to gather with either the same amount or more people. More people means more shopping — and more demand for savings. This year, 41% of holiday shoppers are looking for coupons, discounts and deals and 66% say deals or promotions inform where they decide to shop.
Offer digital coupons with a cross-promotion like “Get one free side for every large pizza you order using code, SEASONSGREETINGS2022.” Have shoppers save the offer to their digital wallet to drive a seamless shopping experience. This convenience and savings will delight shoppers who can accommodate their guests without breaking the bank.
Go the distance
Reach customers wherever they’re heading this holiday season. This year, 33% of holiday travelers said they’re venturing a longer distance than in previous years. Consider broadcasting your promotions in an out-of-home ad, like a billboard highlighting your seasonal sweater sale. Out-of-home ads are significantly more effective than other mediums in getting customers to take online action, like searching your website, downloading your app, or making a purchase. Boost holiday sales by connecting with on-the-go shoppers on the road.
Don’t let the season pass you by
Don’t wait until we’re ringing in the New Year to see if a seasonal promotion was a success. Use real-time technology to track a holiday campaign from offer distribution to actual sales. Provide your loyal customers with a personalized offer, or expand a current promotion that’s generating double-digit revenue growth. With these data-driven insights, retailers can pivot their current strategies and make an ever bigger splash in 2023, while rewarding their most loyal shoppers along the way.
Gift yourself with a joyous season full of good cheer and even better profits. After all, it is the season to be merry.