Retail in 2020 has already been unconventional, to say the least. The holiday season will be no different. Brands that plan ahead and adapt to retailers’ own holiday strategies will come out ahead on sales.
There is reason to be optimistic about consumer spending this quarter, as retail sales have increased by an average of 2.9% since February. However, the bounce-back has been uneven so strategic-minded brands will employ creative methods to finish the year strong.
One way to win holiday sales this year is to adapt brand retail strategies to what big-box retailers, like Target, are doing.
Strategy 1: Be Early
The early bird not only gets the first worm, it gets most of them. Brands that can get on people’s gift lists early will be “stickier” in people’s memories and will be better positioned for a strong sales quarter.
Don’t be afraid to advertise, generate publicity, and heavily market your holiday promotions early this year. This includes promotional displays and in-store signage that retail merchandisers like RMS can help ensure are set correctly and timely to attract shoppers.
Strategy 2: Digital-Only Offers
We’re all for in-store shopping, most years. We love the magic of walking down decorated aisles, filled with potential gifts. But this year isn’t like most. The National Retail Federation announced their official slogan this year is “Shop Safe, Shop Early.” People will be doing more online shopping, out of health concerns, and time constraints. Reach them where they’re at with “digital-only” offers to entice them to do a little more online shopping this year.
These offers may take place completely online or may be geared at helping shoppers make pre-purchase decisions that shorten their time in-store.
Strategy 3: Curbside Pickup
For those of us who are grateful for a drive to the grocery store, even if we stay in the car, don’t forget about curbside pickup. Remember that retailers will be pushing drive-thru service. Consider how that impacts your packaging, marketing, and promotional materials. Incentivize people to choose curbside over in-store with “curbside-only” coupons.
Consider surprise “goodies” too that can delight customers and build brand loyalty. Partner with retailers to add a little extra holiday cheer into someone’s pickup bag and add a coupon or small item.
Strategy 4: Plan for Social Distancing
And speaking of coupons, don’t forget about Instant Redeemable Coupons (IRCs). These eye-catching tags and stickers will help draw the eyes of in-store shoppers to your products.
Don’t forget that people will be at least 6 feet apart. There will be less time spent shopping and standing in front of products deciding. Your shelf presentation must be impactful.
Customers will be more informed, having done their research ahead of time. You must give them a demonstrable reason to not purchase what’s just on their list.
They’ll be looking for a deal. Consumer behavior is a fickle thing in the best of times. In the midst of the uncertainty of 2020, even financially secure consumers will be looking to save a few percentages off where they can.
Strategy 5: Build a Great Team
Any successful sales season takes a whole team of partners to pull together. One of the most efficient ways to do that is by having a retail merchandiser you can rely on for crucial in-store execution.
Retail merchandisers help drive sales by ensuring promotions and displays are set timely, in-store marketing is engaging, and shelves are fully stocked.
When you partner with a retail merchandiser, you want a partner you can trust. We deliver for our clients with a 97% completion rate, keeping items fully stocked and engaging while providing sound ROI.
BONUS: Retailers’ #1 Plan for Black Friday
Online deals are the name of the game this year. Many retailers, like Target, are launching their own special deal days like Target Deal Days in October.
This trend might be here to stay. Black Friday has been losing interest over recent years and 2020 might just tip it over the edge. Brands that adapt to this year’s change can set themselves up for further success in future years.
Change is always tricky, especially when dealing with consumer behavior. But people will always need home necessities and they’ll always want to give gifts. Brands that can adapt to retailer’s strategies and meet shifting consumer behavior will not only come out on top in 2020, they’ll be the leaders of 2021 and beyond.
Schedule a free consultation with a retail merchandising expert to see how we can complement your team and help increase your profit margin.
