Get Your Fashion Business Ready for Holiday Season Selling
Holiday season are coming, and you know what that means: a shopping frenzy! As Christmas and Hanukkah and Kwanzaa and New Year's gifts are exchanged, hordes of shoppers will be eagerly buying up presents for loved ones as we close out this year and go into 2019.
But the holiday shopping season has been changing—what can fashion retailers do to prepare themselves to get the most out of the season and boost their sales?
Understand the statistics, and put them to work for you:
Shopping Statistics and Forecast
According to Deloitte's annual retail sales forecast, sales are expected to grow between 5 and 5.6 percent compared to a year ago, meaning that holiday retail sales could top $1.10 trillion this year. Although this forecast is heavily focused on the US retail market, Europe is not that far off: Adoption of specific holiday dates such as Black Friday is rising rapidly and Christmas-related purchases start even before November begins.
According to V12 Data, digital shopping has an edge over in-person sales. 96% of Americans have shopped online at some point in their lives, and 51% prefer to shop online. The Millennials and Gen Xers, in particular, prefer online shopping to in-store shopping (67% and 56%, respectively). Even Baby Boomers and Seniors are getting in on the online shopping wagon (41% and 28%, respectively.)
Other trends include the increased use of video to explain and sell products: 73% of consumers are more likely to buy if they see a video of the product or service before hand.
V12 Data also reports that 75% of customers are more likely to buy from retailers that know their names and purchasing history, or recommend options based on past purchases.
What Do These Trends Mean For Your Business?
Based on the tips and trends above, here are several tips you can implement into your overall marketing strategy to boost your sales potential during the holiday shopping season:
Know your customer, personally
The most effective retailers engage with their customers by offering information, convenience and entertainment. Retailers who know their customers' behaviors and preferences through big data and CRM programs can tailor the way they engage with said customers in new and innovative ways to encourage sales.
An example of this would be Harvey Nichols, who has replaced loyalty cards with a state-of-the-art loyalty app offering product recommendations, ideas, and secret sales specifically personalized to individual customers. Make sure you check out these strategies and pick the ones you prefer to optimize your sales ability and reach your full selling potential this holiday season!
Adopt the Right Technology
Before the holiday season swings into high gear, make sure you have optimized your online and offline media strategy, perhaps incorporating special features like videos for your products or landing pages for special promotions.
For example, the mega-retailer Zappos sells its shoes using 360-degree view showcase videos that allow prospective customers to view their purchase before buying it.
And fashion retailer Zara has created a dedicated online platform which will open sales to 106 new countries, bringing its total number of markets to 202.
Revamping or creating new online platforms, incorporating new elements to your online marketing and product displays, or creating fun and engaging customer rewards programs to encourage sales are all ways to get ready for the 2018 holiday season: 66% of consumers who belong to a loyalty or reward program are willing to modify their purchase in order to maximize their rewards. Offering unique promotions and repositioning items or collections in your brick-and-mortar shop are easy-to-implement steps that can lead to an increase of sales in your fashion retail business.