NRF: Retail is Detail, Especially for the Q4 Holiday Sell
October 24, 2008
You’ve seen the statistic a thousand times if you’ve seen it once – the holiday/Q4 retail sales numbers usually represent as much as 30-40 percent of what retailers do for the entire year. Okay, we know you get it – the holiday sell is REAL important to your yearly bottom line.
With that said, here’s a few additional tips based on NRF/BIGresearch surveys done over the last few years.
• Most consumers shop from a list of people they’re going to buy for, not from a list of items to specifically buy. There are certain items they know they want to buy but with almost every customer there is an opportunity to suggest additional products for people on their lists. The key to maximizing your holiday opportunities is to find out who is on the list and then suggest products for them. Focusing on increasing the number of products sold per sale during the holidays isn’t just smart business, it is great customer service. Customers want and need help with their list. All we have to do is ask.
• As is the case most years, it is expected that shoppers will take advantage of sales and discounts during the holiday season to spend an additional $100 or so on themselves.
Over the last few years the amount a person spends on him/herself during the holidays has increased. Obviously this offers retailers a considerable opportunity to grow their sales if they make “buy yourself a present” part of their overall holiday strategy. First, focus on increasing the amount customers buy for themselves when you’re training staff for the holiday. Teach the staff that approximately 13 percent of a total purchase is for the buyers him/herself. Have them ask every gift buyer, “How about one for you?” You might also offer a savings on the second item. While many customers may pass on “one for themselves,” you have planted a seed and they may very well come back post-holiday and purchase the item then.
• According to the last several NRF/BIGresearch shopping surveys, over 40 percent of consumers will begin their holiday shopping this year before Halloween. At this point, this statistic should surprise no one and clearly tells us all that there is no need to wait until Santa hits the mall to help customers complete their list and maximize our holiday opportunities. If retailers properly engage customer when they are in the store they can learn why they are in the store and if they are holiday shopping.
With that said, here’s a few additional tips based on NRF/BIGresearch surveys done over the last few years.
• Most consumers shop from a list of people they’re going to buy for, not from a list of items to specifically buy. There are certain items they know they want to buy but with almost every customer there is an opportunity to suggest additional products for people on their lists. The key to maximizing your holiday opportunities is to find out who is on the list and then suggest products for them. Focusing on increasing the number of products sold per sale during the holidays isn’t just smart business, it is great customer service. Customers want and need help with their list. All we have to do is ask.
• As is the case most years, it is expected that shoppers will take advantage of sales and discounts during the holiday season to spend an additional $100 or so on themselves.
Over the last few years the amount a person spends on him/herself during the holidays has increased. Obviously this offers retailers a considerable opportunity to grow their sales if they make “buy yourself a present” part of their overall holiday strategy. First, focus on increasing the amount customers buy for themselves when you’re training staff for the holiday. Teach the staff that approximately 13 percent of a total purchase is for the buyers him/herself. Have them ask every gift buyer, “How about one for you?” You might also offer a savings on the second item. While many customers may pass on “one for themselves,” you have planted a seed and they may very well come back post-holiday and purchase the item then.
• According to the last several NRF/BIGresearch shopping surveys, over 40 percent of consumers will begin their holiday shopping this year before Halloween. At this point, this statistic should surprise no one and clearly tells us all that there is no need to wait until Santa hits the mall to help customers complete their list and maximize our holiday opportunities. If retailers properly engage customer when they are in the store they can learn why they are in the store and if they are holiday shopping.
