If you own a business, then you know that the holidays are the most important time of year for annual sales and revenue. Here are the trends you need to know about in order to have a successful season:
- Buyers are going local: Deloitte's seasonal survey reported that more than two-thirds of consumers are planning to shop locally this year. Most of those respondents expressed that their wish to support the local economy was the strongest factor driving their decision.
- Electronics are making a comeback: Most consumers are expected to purchase electronic gifts this season, giving the sector a much-needed revival. Wearable technology and the new Apple products will most likely be contributors.
- Online shopping will surge: According to a holiday shopping survey conducted by consulting firm Simon-Kutcher, e-commerce sales are expected to spike by 15 percent. Shoppers are beginning to take omni-channel retail services for granted, so it's time to update your website and get a mobile friendly app up and running.
- Shoppers are looking for unique items: Forbes recently reported that shoppers are focused more on finding one-of-a-kind gifts this year rather than zooming in on the lowest prices and best deals. This could be good news for local businesses that sell hard-to-find products.
Now that you know the trends of this season, here are some tips to help you capitalize on them:
- Know your inventory: Make sure your sales team is familiar with the products you're offering during the holidays, and are prepared to suggest gifts that are appropriate for kids, wives and teachers.
- Send out your holiday cards: Send out Thanksgiving cards to the customers on your contact list to tell them about seasonal products, invite them to a special event or offer them a VIP discount.
- Wrap it up: Consider offering free gift wrapping with any purchase.
Finally, make sure your credit card pos software is up-to-date and ready for the influx of holiday transactions you're sure to see soon!