The holiday season is the biggest retail sales period of the year, accounting for up to 30 percent of annual sales (National Retail Federation). Retail is at a transition point with evolving customer purchase behavior and increased competition. Here are two of the biggest challenges retail brands are facing this holiday season and how to conquer them:
1. Declining efficacy of holiday offers:
Consumers are no longer responding to traditional emails with discounts and deals. A recent NRF study reveals that 70% of consumers don’t feel pressure to jump at holiday deals because they’re confident that deals will last throughout the season.
How retailers can rekindle the excitement and drive sales:
Quikly’s unique approach, urgency marketing, leverages the combination of scarcity, anticipation, empowerment and competition to drive immediate incremental holiday sales. Retailers can amplify their holiday outreach through social sharing with up to 60% of Quikly campaign participants referring an average of 8 friends.
2. Competition for share of wallet continues to increase:
A recent Ipsos/Google survey found that over 50% of holiday shoppers are willing to buy from a new retailer, and 41% completed purchases from new retailers.
How to stand out from the crowd:
Last holiday season, leading craft retailer, JOANN, leveraged the Quikly platform to retain customers that were most vulnerable to competitor conquest through targeted retention strategies. To learn more about JOANN’s retention efforts, as well as view case studies from brands such as American Eagle Outfitters, Express and more, check out our 2017 Holiday Look Book.
The Quikly Lookbook provides solutions to successfully navigate the changing retail landscape and drive immediate sales. It details how to acquire new customers for the holiday season, engage current customers, and retain customers at risk of lapse. To download the full Lookbook, click here.