Blockbuster Holiday Strategies
The economy might be on shaky ground but this doesn’t mean that your holiday sales have to be. Here are some strategies to make the 2010 holiday season one of the most profitable for your business.
As a specialty retailer you know success in the business is more than about picking good product and hoping the customers will bite. Especially this year, your success depends on going the extra mile—in terms of promotions, pricing, upselling and customer service—to make sure your sales goals are met.
To figure out when to staff appropriately, when to expect peak sales and when to phase down inventory, it is important to take a look at past years’ statistics so you can plan wisely for this year.
Holiday Sales Stats
As is evident from the graphs published by the National Retail Federation, holiday sales numbers took a sharp dip in 2008. By most estimates the 2009 numbers showed some kind of recovery. It remains to be seen what the sales numbers will look like this year.
When to shift into high gear
According to the latest data published by the NRF, a significant percentage—38.6%—of consumers started their holiday shopping in November. Even more interesting are the numbers at the opposite ends of the spectrum: 13.4% of consumers started holiday shopping before September while only 4% waited until the last two weeks of December.
It is probably an indication of how the December season has systematically pushed up earlier every year and it’s something to keep in mind as you plan your holiday sales and promotions.
Despite the fluctuations shown in the chart, Black Friday continues to dominate the holiday shopping season. Planning for inventory and staffing to be prepared for this rush is a smart idea.