According to NBC News, luxury retail sales will be strong this holiday season, both online and in brick-and-mortar stores.
This represents the luxury market's fifth straight year of double-digit growth, Nate Forbes told NBC. Retailers are already preparing for the Christmas shopping season, and many stores will begin their Black Friday sales on the Monday before Thanksgiving. Businesses hope to attract a greater number of customers by pushing forward their sales dates, even sacrificing potential revenue to gain higher sales figures.
Business Insider estimated that $100 billion worth of sales will be generated online this season, which is a 16 percent year-over-year increase. And regardless of whether a transaction actually occurs online, consumers are expected to use the internet to research products before entering a store.
Mobile commerce has done especially well this year, with purchases made on a smartphone or tablet increasing 48 percent in the second quarter, to about $8 billion. Companies that have not traditionally been web-focused have been strengthening their mobile programs in an effort to compete with larger e-commerce establishments. Target, for instance, has been aggressively pursuing a mobile campaign, even more so than Amazon.
Another trend this holiday season is that large companies are starting to handle their own shipping. Google and Amazon, for instance, are both moving towards an internal logistics system.
This Christmas, the most important factor for retailers to consider is how to make transactions seamless experiences for customers, whether online or in-store. This involves having a sophisticated point of sale system and credit card payment processor to avoid consumer frustration or order delays. If your company is prepping for the holidays, make sure that you have an efficient plan in place to service your customers during the checkout process.