The holiday season is a goldmine for retailers. In the weeks between Thanksgiving and Christmas last year, Americans spent a whopping $850 billion. This year, the average Canadian plans to spend CA$1,593, which is 1.9% more than last year. The average Briton spends around £567 for Christmas every year.
If you are a retailer, the holiday season is the time of the year when you will be running helter-skelter to fulfill orders, boost sales, and provide better customer experience. Making a checklist to plan out this holiday season will put it on a more organized path
If your business is small or growing, it is even more critical that you plan out your holiday season in advance. We wanted to help you make the most of this holiday season, so we’ve prepared a checklist for you.
Do thorough market research
Data is always the strongest tool in your arsenal when it comes to your holiday prep. Data provides you with the ideal insights on
1) your performance for the last couple of years
2) where your competitors have an edge over you
3) why one particular product sold better than the rest
4) why a specific promotional campaign did particularly well
Having these insights helps you identify opportunities for increased earnings and ascertain why certain strategies didn’t work as they were supposed to.
With awareness in hand, be open to repeating the strategies that did serve you well in the past.
In case you’re planning to launch a new product for the holiday season, data can also help you in
- identifying the current trends in the market and
- analyzing customer pain-points.