A big chunk of every retail brand’s gross annual income comes from holiday spending, and since inflation affects how people spend their money, they will be under even more pressure in 4Q22.
A business’ corporate finance spending must focus on key digital marketing efforts, including hybrid commerce, search optimization, and customer experience. Doing so will increase brand awareness, customer acquisition, and revenue growth.
Corporate digital marketing leaders must alter strategy based on current trends and consumer spending habits. Here are some retail marketing strategies to consider during the holiday season.
Always be available
Holiday shopping has progressed far beyond Black Friday and Cyber Monday. Consumers are already buying early to mid-fall to prepare for the year-end festivities. Nearly half of customers will begin buying in October or November, with 16 percent purchasing year-round for holiday goods. Only 9% will wait until December.
Consider developing an online gifting category available all year to target the “always purchasing” or “early” consumer. This establishes a destination for shoppers to visit anytime they want while increasing long-term SEO value for gifting-related keywords. Before the autumn season, consider ways to enhance this category on the site and app and increase traffic through digital performance channels and in-store.
Emphasize pricing, value, and free shipping
Consumers are also encouraged to shop early due to inflation and the possibility of supply chain disruptions. With average costs growing, customers would likely have to spend more money to buy the same products they did a year ago. As a result, they will either buy fewer things or choose the generic, store-brand, simpler, or inexpensive versions.
Show buyers how to stretch their budgets. Eighty-two percent of buyers who expect to spend more say the increase is due to rising costs, not an increase in disposable income. Sort products and digital gift guides by price and emphasize free shipping.
Improve your wish list and search capabilities
Consumer surveys show that wish lists are the primary source of present inspiration for recipients. In addition, 22% of customers go to Google first before looking at online reviews or brand communications.
Make your offerings visible in search results. Optimize your paid and organic search techniques to ensure you’re visible to shoppers. Improve and integrate digital wish-list capabilities so that customers can quickly build and share their desire lists via social media, SMS, or email. This not only encourages customers to buy from your business but also allows you to acquire valuable first-party data to adjust product suggestions and foresee inventory restrictions or surplus.
Reduce omnichannel friction
Sixty percent of customers intend to shop mostly online this holiday season, with 21 percent planning to do so more than last year. Thirty-eight percent intend to use a hybrid method, combining digital and physical purchasing, such as shopping online for curbside pickup or same-day delivery.
Optimize the omnichannel experience. Promote your omnichannel digital products by including on-site filters for finding in-stock inventory and delivering targeted emails about goods available at a consumer’s local store. Increase online conversion by expanding mobile payment and expedited shipment alternatives. Consider the following: PayPal, Apple Pay, Google Pay, and Amazon Pay. Using these online and in-store technologies may reduce customer friction and boost purchasing speed.
The end-of-year holiday season is important for retail firms to reach annual revenue targets. Consumers’ purchase values have altered due to inflation and economic concerns, influencing how retail digital marketing leaders should approach marketing activities. Use additional corporate finance products to accomplish these goals. With these practices in place, your business will begin to encourage hybrid purchasing across digital and physical channels, extend the gifting season through search, provide options for people to share wish lists, and promote overall loyalty.