A year defined by unprecedented events, it’s difficult to predict how 2020 will close. Although susceptible to the future’s uncertainty, businesses should still prepare for this holiday season.
The last several months hit a majority of businesses hard. Yelp’s Local Economic Impact Report found that nearly 100,000 businesses permanently closed as a result of the COVID-19 pandemic.
A majority of businesses that remain afloat worry about the financial impact of additional economic closures. This holiday season, therefore, may be especially important for businesses’ operations.
Various organizations predict an increase in consumer spending this holiday season. The International Council of Shopping Centers, for example, projects a nearly 2% growth in spending.
Deloitte, on the other hand, offered a K-shaped scenario. One part of the scenario predicts a 0%–1% growth whereas the other predicts a 3.5% increase in consumer spending.
To activate this growth, businesses will need to meet consumers’ higher service expectations. Whereas 70% of customers will abandon their purchase after a bad customer service experience, 74% would spend more money on good customer service.
70% of customers will abandon their purchase after a bad customer service experience.
Businesses should implement the following strategies to meet higher customer service expectations during the holiday season and secure greater financial returns.