The Thanksgiving is almost here and it bears all the reasons for retailers to rejoice. This very day unlocks the doors to start with Holiday shopping. It is retailers’ time to be back in black as they are immensely hopeful of profiting. Yet, a stumbling block remains and it bring back sort of bitter memory from the last year. The 2013 Thanksgiving and Black Friday failed to deliver as per the expectation. It is significant from another angle that since 2009 last year was the only occasion when the Thanksgiving purchase was below the average.
This year, however, retailers have high hopes that ghosts of the past will not haunt them anymore. The findings of retail leaders, in this context, have also matched with leading retail analytics report. Conjointly, they have pointed at several factors that will not spoil the Thanksgiving for retailers. Here they follow:
- Customers, this year, are more confident about their earning and purchasing capacity
- The economy, compared to last year, has improved significantly
- Brick-and-mortar retail stores have taken proactive measures to attract customers and turn footfalls to conversions
Experts, however, have cautioned that retailers who are sticking with the traditional models and haven’t taken aggressive measures to introduce multichannel marketing and purchasing facilities. In order to create win-win situation for both retailers and customers, the brick-and-mortar stores are required to implement the following improvements to the existing infrastructure:
- Mobile-friendly Website: It is not enough to have a website; instead the website should be perfectly responsive in mobile devices. Modern customers prefer multichannel interaction. So, it is equally important that the mobile site contains features like online payment and in-store collection.
- Personalized In-store Experience: The onus is on retail stores in guaranteeing personalized shopping experience to customers. Customers appreciate such efforts, consequently the chance of converting footfalls to conversion increase.
- Mobile POS Deployment: Store owners should take the daring steps towards turning their store employees into smart consumer ambassadors and mobile check points. That’s who customers will receive instant information about the products they are searching for, and instant payment without a boring queue (something that tech savvy, multi-channel experience loving customers absolutely despise).
The Key Insights:
Overall understanding of 2014 Thanksgiving and Black Friday has helped experts in catering threefold insight for brick-and-mortar retailers, such as
- Customer engagement is a must and newer strategies to launch mobile friendly marketing campaigns should initiate
- In-store customer empowerment will win the game for retailers and this again, should be done with special attention to mobile users (predictions say that almost 19% of all Thanksgiving sales will generate from mobile users)
- Delivering quality customer service should be provided with equally sincere attention as failure to deliver this would bear a wrong message to them and profit earning opportunities will suffer
We wish everyone a very happy and successful Thanksgiving! Let this be the hour when you gear up and make the best use of opportunities lying ahead.